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Meanwhile, PlanB has now reprojected his stance and extended the timeline for the $100k target to the year 2023.
Veteran crypto analyst and chartist, Peter Brandt has come out to express his belief once again that Bitcoin (BTC) price has a 50% chance of going to $0. While his predictions are not borne out of spite for the premier cryptocurrency but based on his charts and he has maintained this position since 2018.
According to Brandt, the 50% chance of Bitcoin retesting a zero level is complemented by the likelihood of it also growing to a price of $100,000 or even $250,000. For many in the crypto ecosystem, the bullish prediction is more likely to happen when compared to the bearish one.
“Dating back to 2018 I have without apology stated that Bitcoin $BTC has a 50% chance to go to $100,000/$250,000/whatever and 50% chance to go to $Zero. This I still believe, but it means that #BTCrepresents a highly asymmetrical reward-to-risk trade,” Brandt said in a Tweet he shared on Sunday.
Dating back to 2018 I have without apology stated that Bitcoin $BTC has a 50% chance to go to $100,000/$250,000/whatever and 50% chance to go to $Zero. This I still believe, but it means that #BTC represents a highly asymmetrical reward-to-risk trade pic.twitter.com/Iop7HIMkE3
— Peter Brandt (@PeterLBrandt) October 2, 2022
Predicting the future price of Bitcoin is now commonplace amongst crypto market leaders as most share their thoughts based on their conviction that the cryptocurrency’s inherent technology, capabilities, and intense adoption by institutional and retail investors will continue to drive its upward growth momentum into the future.
Most of the predictions regarding the Bitcoin price has not always come true as market condition typically change the narrative over time. Renowned Bitcoin analyst and creator of the Stock-2-Flow model, PlanB once predicted the price of Bitcoin will touch $100,000 by the end of the fourth quarter of last year, a prediction that never came to fruition.
PlanB has now reprojected his stance and extended the timeline for the $100k target to the year 2023.
Can Bitcoin Price Really Touch $100k?
Bitcoin shocked the world when its price grew to an All-Time High (ATH) of $68,789.63 as of November 2021. The growth at the time was unprecedented, and it has given many people hope that one day, the $100k price targeted can be breached, and surpassed.
The current crypto market winter has shed a lot of gloom and perhaps will elongate the timeline for the most promising of price predictions to come to pass. As most proponents believe, so long the digital currency continues to stay on the balance sheet of its most dogged adopters like MicroStrategy Incorporated (NASDAQ: MSTR), the coin’s scarcity will naturally make it more valuable over time.
Just like Bitcoin, other altcoins have hope of retesting their ATHs as recorded back in November when the market soared to its best points. The growth of altcoins is highly dependent on the price behavior of Bitcoin, and with their mutual exclusivity, the growth in the latter can always stir a bullish growth in the former.