Bitcoin Could Surpass $500,000 by 2026, Predicts Analyst Despite Market Reversal Fears
Summary:
Popular analyst and early Bitcoin advocate Tuur Demeester predicts Bitcoin will reach a minimum of $200,000, and potentially surpass half a million dollars by 2026. His bullish forecasts focus on macroeconomic factors, including global bailouts and stimulus. However, renowned trader Il Capo of Crypto warns of potential market reversal, suggesting that the $50,000 mark could hint at an alternative turning point, leading to the whole market's downturn.
In the next few years, Bitcoin (BTC) is anticipated to hit a minimum of $200,000, with potential to surpass half a million dollars, as forecasted by a renowned analyst. Tuur Demeester, an advisor and early Bitcoin advocate, has predicted a price range up to $600,000 for BTC/USD by 2026 in his latest long-term price update.
This week, with Bitcoin reaching $50,000, a renewed optimism for higher levels prevails. Bullish projections for Bitcoin's price are centered on the combined effect of April’s halving of block subsidies and the newly launched spot Bitcoin exchange-traded funds (ETFs). The former decreases new Bitcoin production, while the latter is adding more demand to the existing supply.
For Demeester, macroeconomic factors seem more crucial. He succinctly stated, “Bitcoin hit a peak of $69k in 2021. I'm targeting between $200k and $600k by 2026, powered by trillions in global bailouts and stimulus.”
Demeester, in a chain of comments on X (previously Twitter), referred to systemic issues in the U.S. banking system and the anticipated need for governments to supply liquidity to prevent their downfall, mirroring current developments.
Responding to queries about Bitcoin's next multi-year peak, Demeester mentioned it could be anytime post 2025. He stressed that the $50,000 threshold is significant in attracting mainstream interest, which has been lacking despite a nearly $12,000 rise over less than a month. He suggested that retail investors would take note soon, adding, “There's no fever like Bitcoin fever.”
Demeester has been instrumental in the Bitcoin realm over the past decade. Impressively, in 2019 and 2020, he accurately projected the recent all-time BTC price record falling between $50,000 and $100,000.
However, not everyone is optimistic about Bitcoin and other cryptocurrencies' future. Predictions of a long-term market downturn, potentially dropping to $30,000, were emerging even last month. Famous trader Il Capo of Crypto, currently a bearish voice in the discourse, suggested that the $50,000 mark could hint at an alternative turning point.
In a recent analysis shared with Telegram channel subscribers, he expressed doubts about what lies ahead after the $50k milestone. He indicated potential divergence with altcoins continuing to surge after Bitcoin's probable rejection at the $50K level, leading to a subsequent market reversal.
Despite these okay speculations, let's note this article isn't an investment recommendation or advice. Every investment and trading move holds a certain risk, and it's advised that readers do their thorough research before making any decision.
Published At
2/13/2024 1:05:00 PM
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