BTC Estimate From The Analyst Who Knew The Latest Moves: $ 50,000
Bitcoin’s price movements have long drawn a table in unpredictable ways and often move outside forecasts.
When Bitcoin (BTC) fell below $ 7,000 in December, the majority of analysts said they expected a pullback towards $ 5,000, citing the presence of the 200-week moving average, a key indicator. Then in February, with more than $ 10,000 seen, analysts and especially crypto commentators on Twitter were voicing that the $ 14,000 peak could be seen.
However, BTC gathered from the lowest levels in December and collapsed in February, did the opposite of what the majority expected.
In addition, Su Zhu, Three Arrows Capital CEO had confirmed that BTC will close January with $ 9,000. The analyst, who made the right guess at a time when everyone made false predictions, now says that Bitcoin can see $ 50,000 “relatively quickly”.
In a tweet that Bitcoin and $ 50,000 recently shared, Su Zhu noted that Bitcoin could rise to $ 50,000 “relatively quickly.” That means increasing the current price by about 730%.
When considering why such a serious growth could happen in such a short period of time, Su said several emerging markets are “priced at the risk of significant sovereign default at the moment”. He said that it would be difficult to achieve returns that are supported by trends in the bond market when the US dollar enters inflation.
So, in this case, Bitcoin may stand out with its deflationary aspect.
Bitcoin’s value and supply, on the other hand, this is not the only evidence that Bitcoin is going to be picking up extremely high and extremely fast.
In March 2019, analyzing Bitcoin as a personal passion, PlanB published a famous article titled “Modeling Bitcoin’s value with scarcity.” And Bitcoin could catch a rise in the $ 55,000 to $ 100,000 range after halftime, according to an analysis model included in this article.
However, CryptoBirb, a well-known analyst, said that the next few weeks are crucial for the future of Bitcoin.