Bitcoin has been getting back on its feet. In 2017, we’ve seen Bitcoin hit almost $20K. Unfortunately, the top cryptocurrency had a correction and lost more than 80% of its value. But this time around, Bitcoin has been able to cross the $13K level. And though Bitcoin slipped back under $11,000 today, it is undeniable that Bitcoin took a massive jump since the start of the year.
Is it possible for Bitcoin to beat its all-time high? According to Tom Lee, he believes that this is actually possible. He also predicted that $10K is the start of FOMO for the industry. For those who followed Tom Lee’s predictions especially last year, Lee’s prediction never became reality last year. But this time around, Gin Chao who is the Strategy Officer of Binance believes that Bitcoin could still shoot up by 750%.
If other cycles are considered, the Binance executive believes that Bitcoin could actually hit $50,000 to $100,000 range.
Why Bitcoin is Going to Hit $100K?
There is a reason why the executive believes that Bitcoin is going to still go up. He believes that there is likely a “turning point” when it comes to the adoption of cryptocurrencies in order for this to happen. In the past, many believed that cryptocurrencies are a bad investment due to the volatile nature of the digital asset.
But this time around, there are institutional investors that are seriously looking at crypto assets. For one, it seems that even JP Morgan is now looking to explore the possibility of using blockchain technology with their JPMorgan Coin.
Growing Number of Believers
Gao and Lee are not the only ones who believe that Bitcoin is going to still move up. According to Naeem Aslam of Think Markets UK, he believes that in the short term, reaching $20K is not far from reality. But if it is about the long-term prediction for Bitcoin, Aslam believes that it can range between $60,000 to $100,000.
These numbers are just not mere guesses. For Josh Rager, he mentioned that with Bitcoin’s three cycles, peaks were followed by 80% correction every time. And each and every time that this happens, Bitcoin is able to beat its all-time high.
Bitcoin recently experienced a recent jump after Facebook announced its cryptocurrency, Libra. Libra is said to be a project by different companies including that of Uber and PayPal. Regulators were alarmed by the news thinking that Facebook could potentially have an impact towards different economies given the decentralized nature of blockchain technology. As for other crypto observers, they believed that Libra could popularize the use of cryptocurrencies. And because of this, Bitcoin even reached $13K.
Where is Bitcoin headed next? There is no denying that Bitcoin is now back in the spotlight. But could Bitcoin really go and reach its all-time high any time soon? Is Bitcoin going to reach a new all-time high? What makes the current bull run different from 2017’s bull run is the fact that regulations are now gaining a better understanding of how to handle the digital asset. Also, unlike 2017’s ICO Mania, Bitcoin today is more mature given additional regulations and the interest of institutional investors.