“Soon at 390,000” – Forecast chart indicates massive gains for Bitcoin
Bitcoin could still climb 10-fold in the medium term if the past repeats itself.
A respected crypto expert believes that Bitcoin (BTC) can still climb to $400,000 in the current uptrend. This would not even require a special effort, but merely a repetition of previous developments.
Yassine Elmandjra, an analyst at Bitcoin Superstar crypto asset management firm ARK, made the relevant assessments on 4 February, pointing out that Bitcoin is still only at the beginning of the current uptrend.
400,000 within reach?
Compared to 2013 and 2017, the 2020/21 cycle is still in the starting blocks, so to speak, resulting in a maximum price target of up to 390,000 US dollars in the forecast chart.
Referring to the chart (see below), Elmandjra writes: “This is how the bitcoin price would evolve if the current record run can outperform the 2017 record run to the same extent as 2017 compared to the 2013 record run.”
“The top price would then come out at US$390,000. Right now we are at the red point.”
With several other indicators also suggesting that Bitcoin has further to go in this uptrend, Elmandjra is not alone in his optimism. However, crypto analyst Tuur Demeester points out that the record run of 2013 saw stronger growth than the one in 2017.
The true “power” of the current uptrend depends on many different factors, and probably cannot be derived so easily. In turn, other comparative data suggest that the current strength should be placed between the past two record runs.
Elmandjra calculates that a share price of 390,000 US dollars would also represent a market capitalisation of 8 trillion US dollars. US dollars, which would be just under 80% of gold’s market capitalisation. However, as Cointelegraph reports, Bitcoin has so far only reached 2% of the precious metal’s market value.
Perfect starting position for further gains?
Either way, experts remain optimistic, at least about the price trend in the short term.
The combination of a weakened US dollar, increased interest from institutional investors and solid support at $30,000 could ensure that the market-leading cryptocurrency continues its upward trajectory.
In this context, crypto investor Dan Tapeiro points out that the convergence divergence of the moving average (MACD) is also turning positive.