Another bitcoin price prediction is in the books. This time, the prediction comes from a popular crypto analyst who goes by the name of Galaxy BTC on Twitter, and he’s saying that BTC could spike by 1,000 percent in the coming months granted a few things happen.
Galaxy BTC Says $100,000 Is on Its Way
For bitcoin to experience such a surge, the currency would need to break past a trendline on a logarithmic chart. Once this occurs, the world’s number one digital currency by market cap could go “parabolic” and strike a value of approximately $100,000, thereby hitting six-figure territory.
Speaking to his 60,000 followers on social media, Galaxy BTC posted the following message:
Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early.
The message is meant to give people who are experiencing “fear of missing out” (FOMO) reassurance that the currency is still in something of a “low-end” stage, and that there’s plenty of time to get involved in bitcoin before it starts hitting the big numbers.
A follow up message explains:
$100K / $BTC. We all know it’s going to happen sooner or later. You can watch it from the sidelines, or long the biggest upcoming bull run of our lifetime. When it gains momentum, be ready.
Galaxy BTC is one of many individuals that have predicted bitcoin to strike it big in the year 2020. Some of the others include venture capitalist Tim Draper, who recently explained that bitcoin is likely to hit the $250,000 mark sometime this year. Originally, Draper believed this number would be struck sometime between 2022 and 2023, though he has since insisted that his prediction will occur much earlier.
At the same time, Draper fully admits that his prediction is not based on technical data but rather on instinct and past trends. Thus, while we’d certainly like bitcoin to reach this number soon, it may not be entirely realistic.
Others predicting high marks for BTC in 2020 include Charles Hoskinson – the co-founder of Ethereum – and former drug runner and Silk Road founder Ross Ulbricht. Both predict that bitcoin will strike $100,000 this year, suggesting their ideas are more along the lines of Galaxy BTC’s.
A Good Year for Bitcoin So Far
Bitcoin initially began the year on something of a mixed note, trading for just over $7,000 and then falling to $6,900 on January 2. The following day, however, saw the currency spike by nearly $400 following a U.S.-initiated drone strike that killed one of Iran’s leading generals.
The currency has been on a roll ever since, spiking approximately $1,700 in just two weeks, though at press time, the currency appears to have calmed down a bit and peaked at $8,600 (at least for now).