While Bitcoin is fluctuating in the $5,200 zone, analysts and trading experts are sharing their predictions as to where the price of ‘digital gold’ may head next. While short-term forecasts range between $6,000 and well below $4,800, some are also sharing their take on the chance of BTC skyrocketing in the short term, despite the recent 50-percent plunge.
‘50K relatively quickly is possible’
The chief executive of Three Arrows Capital, Su Zhu, believes that Bitcoin has a chance of reaching the $50,000 level ‘relatively quickly’. In a recent tweet, he talks about several emerging markets that are about to face sovereign defaults.
He also reminds the community about the recent $700-bln QE initiative by the US Fed. This has set the US on an inflationary course, he tweets, which will be hard to reverse later on.
Due to the economic situation that is currently forming in the world, Su Zhu tweets, the price of BTC may surge to hit $50,000 if Bitcoin manages to hold its current levels.
He then adds:
“Whether you believe Bitcoin scarcity is socially enforced or absolute, in many emerging markets it will no longer be possible to even audit the money supply.”
Some in the comment thread to Su Zhu’s tweets find this assumption hard to imagine, considering that just last week Bitcoin lost 50 percent of its value as the stock markets, gold and oil prices started to plunge.
User ‘Bitmexican’ tweeted:
“We just had Bitcoin drop 50% in a day during a period of turmoil in the traditional markets destroying its narrative of non correlation and being used as a hedge. Yet you're already talking about 50K relatively quickly? Please supply me with some of that hopium.”
Twitter user ‘Comeenw’ said:
“To go to 50K someone has to buy at 20 30 40. I’m wondering who would be crazy enough to buy these levels when $BTC has crashed easily by 50% in a day... guess you are over confident on your thesis.”
$50,000 this year predicted by ‘the prophecy’
A screenshot by an anonymous person that has been circulating on the Internet for a long while already, offers exact predictions for the Bitcoin price for 2019 and 2020.
It stated that in February 2020, Bitcoin was to hit $29,000, which failed. However, it says that in July this year, the Bitcoin price will hit $59,000.
However, in November 2020 the price should collapse to just $87, as per the anonymous prediction.
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