A widely followed cryptocurrency strategist is expressing long-term bullish sentiment for Bitcoin (BTC) as the next halving approaches.
The host of crypto YouTube channel InvestAnswers tells his 444,000 YouTube subscribers that Bitcoin could rally by nearly 380% from current levels en route to printing a new all-time high at the top of the next bull market.
“I’m sticking with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024.
I do believe we could hit about $61,000, $62,000 by April 2024 – and that is right at the halving of April/May 2024.”
Citing Metcalfe’s Law, the crypto analyst says that Bitcoin could hit a price of $1.5 million by 2030 once the number of wallets increases to 3.4 million.
Metcalfe’s Law states that the value of a network is directly related to the number of users it has.
“If Metcalfe’s Law holds, which it does for all other industries, the conservative model has Bitcoin reaching… 3.4 million [wallets] by the year 2030.
But that assumes the increase in usage follows the trend that we’ve had since the beginning of time over the past 11, 12 years. Now that also assumes over one billion users, active users, on the actual chain.
Now cutting that in half, from one billion users down to 500 million, this would get us to $1.5 million Bitcoin price.”
According to the pseudonymous crypto strategist, Bitcoin adoption needs to rise exponentially for the flagship digital asset to reach a seven-figure price.
“Adoption is the key and the adoption needs to go up 500x from today for that price [of $1.5 million] to be achieved.”
Bitcoin is trading at $16,822 at time of writing.
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Featured Image: Shutterstock/Jorm S
