Crypto News

Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of?

$100,000 has long been a popular Bitcoin (BTC) price target amongst cryptocurrency investors and analysts, but there is much debate as to whether or not this is a realistic target for the cryptocurrency.

Although the calls for an imminent $100k Bitcoin keep pouring in, there is a limited number of events that could catalyze this type of movement, with the most imminent event being BTC’s upcoming mining rewards halving.

But the question remains, will the halving be enough to send the cryptocurrency’s price skyrocketing to fresh all-time highs?

Industry Leaders All Setting $100k Bitcoin Price Targets

2019 has proven to be a rocky year for Bitcoin and the aggregated cryptocurrency markets, with Bitcoin incurring some bullish momentum throughout the first half of 2019 before beginning a multi-month downtrend that has extended throughout the latter part of the year.

In spite of this bearishness, major figures within the cryptocurrency industry are all still setting relatively near-term price targets in the six-figure price region.

Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital and a prominent Bitcoin bull, recently noted that he believes BTC will be trading at $100k by December of 2021.

“Bitcoin Price At $100,000 By December 2021: Anthony Pompliano – CRYPTOS | Dec 09, 21:49 GMT,” Jason Williams, the other co-founder of Morgan Creek Digital, noted in a recent tweet.

What Could Make This BTC Prediction Come to Fruition? 

Naturally, Pomp is not alone in his bullish price target for the cryptocurrency, as there are other prominent industry leaders – including John McAfee – who have set near-term BTC price targets within the seven figures.

In order for any of these lofty predictions to actually come to fruition, it will likely require some sort of major catalyst – beyond just another cycle of market frenzy – to stimulate this movement.

One potentially bullish event that could spark this type of movement is Bitcoin’s upcoming mining rewards halving, which has historically been a bullish event for the cryptocurrency.

PlanB – a popular cryptocurrency analyst on Twitter – recently shared a chart based on Bitcoin’s “stock to flow” (S2F) model that shows that Bitcoin could end 2019 above $10,000 before climbing up towards $100,000 in the first part of the new year.

“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+… opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare,” he said while pointing to the S2F model seen below.

It remains unclear, however, if this bullish theory will be invalidated if Bitcoin fails to end the year above $10,000, as the cryptocurrency’s near-term price action remains firmly bearish.

Featured image from Shutterstock.

The post Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of? appeared first on NewsBTC.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

A minster’s look at regulation and innovation: A necessity to strike a balance
Without constant nurturing through communication and collaborative efforts, the pursuits of legislators and businesses would be fruitless. Repeatedly, proponents...
CEX.IO to Provide One-Click DeFi Access, Lists New Tokens, and Offers Instant 0% Fee Visa Deposits
LONDON, the United Kingdom, September 26 – CEX.IO, one of the leading international cryptocurrency exchanges, announces its plans for...
Bitcoin Remains Stuck Below Key Technical Level as Bulls Try to Take Control
Bitcoin’s price has been stagnant throughout the past several weeks and months, with buyers and sellers being unable to...
The UN’s ‘decade of delivery’ needs blockchain to succeed
Emerging technologies are essential to fasten SDGs, but this shouldn’t come at the expense of prudence and careful evaluation....
Crypto lending rates are low and DeFi is not competition says Nexo co-founder
It’s all about location and perception. Much has been said about attractive interest rates offered by popular crypto lending...
What price must Bitcoin reclaim for a renewed bull market in October?
Bitcoin remaining relatively stable despite a cryptocurrency exchange getting hacked over the weekend is a positive sign for the...

Featured Crypto News

A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin
The US dollar is on track for its most significant monthly performance since July 2019. But it continues to...
Chainlink up 30% following six-week downtrend and developer selloff
A Chainlink developer address appears to have been offloading tokens and putting downward pressure on prices. But things are...
The Pivotal Bitcoin Level Analysts Are Watching as End of September Nears
It’s been quite a boring month for Bitcoin. After plunging around $2,000 at the start of the month, the...
Uniswap’s UNI Token Could Rocket Past $6.00 as Bulls Defend Crucial Support
UNI – the governance token of the Uniswap platform – has been seeing some immense turbulence in the time...
100M people worldwide now use crypto-based assets, says Cambridge study
Skyrocketing figures show crypto’s growing global dominance.Skyrocketing figures show crypto’s growing global dominance Researchers at the Cambridge Centre for...
Why Top Global Brands Like the NBA and UFC Choose Dapper Labs’ Flow Blockchain
Developed by the team behind some of the most successful crypto applications in the world, Flow is a blockchain...