Reshab AgarwalBitcoin has been in a tough spot for the last 2 months. After it crashed below $40k and even momentarily touched $28k, things didn’t look very bullish. But now the price is back up again and is trading at $47k. This is still 25% below the all-time high, but the markets have recovered significantly before the crash. Now some are speculating that we are going to fall back again while others are giving a target of $100k for Bitcoin. And one of these super bullish people is the Midas Touch Director.
Bitcoin target of $100k
Considering that the adoption of Bitcoin is rising, more people are investing in it, and the number of coins is limited, it is surely going to cross $100k. The question is, when will that happen? Some are saying we might see a double top pattern and reach $100k by the end of 2021, while others think we will get there in 2022. In fact, Midas Touch Director’s prediction also puts the $100k target in 2022 as he says it will take 6 months to get there.
Image source: Cryptoglobe
He also thinks that it is not wise to buy at these price levels. Bitcoin might see a pullback below $40k again, and $34,000 to $38,000 will be a good price range to buy and stack more tokens. This pullback could be due to the greed forming in the market after the latest price jump of Bitcoin, which has made the market a lot more bullish as compared to 4 weeks ago.
Could we reach $1,000,000?
If Bitcoin’s adoption rate continues in the same way, then the news we can definitely reach $1,000,000. It will be important to see how the laws are formulated and if central banks release digital currencies that compete with BTC. Almost every big Bitcoin bull has given a $1 million per coin target by the end of this decade. At this point, it does seem unlikely, but I do remember $50k also seemed unlikely when BTC was at $200 half a decade back.
What are your thoughts on the $100k Bitcoin target given by Midas Touch’s director? And do you think in the next 10 years, we will be able to see BTC trade at $1 million per coin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Jim Cramer suggests 5% allocation to crypto and buying Coinbase stock.