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Bitcoin to Hit Between $50K and $100,000, Multiple Correlated Models Say: Perianne Boring

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Mon, 24/01/2022 - 14:19
Bitcoin to Hit Between $50K and $100,000, Multiple Correlated Models Say: Perianne Boring
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During her interview with CNBC's Squawk Box show, president and founder of the Digital Chamber of Commerce Perianne Boring stated that 30-50% volatility on the crypto market is normal, and the Bitcoin network remains strong in its fundamentals.

She has also cited multiple models that show Bitcoin hitting between $50,000 and $100,000 this year.

"Bitcoin fundamentals are strong as ever"

Speaking to host Joe Kernen, who mentioned that Bitcoin has so far failed to become a currency due to its high volatility, the head of the Digital Chamber of Commerce assured him that the current Bitcoin decline is normal.

According to her, 30-50% volatility in the crypto market is normal; therefore, the market is behaving as expected. She also assured viewers that the fundamentals of the Bitcoin network are "as strong as ever" – the network is growing faster than the Internet in the late 90s and early 2000s, and the hashrate has hit an all-time high. Now, there is $32 million worth of Bitcoin being minted on a daily basis as more nodes are joining the network due to high incentives.

During the discussion, Joe Kernen praised Bitcoin for being immensely up even now at $33,000, despite that level being 50% down from the recent all-time high above $68,000.

Related

Multiple investor models show Bitcoin between $50K and $100,000

Another question the host asked is whether Bitcoin can make a round trip to the $8,000 level now that it has crashed to $33,500 already.

Boring stated that according to a number of models that professional crypto investors use, BTC is undervalued, and all these models project the Bitcoin price between $50,000 and $100,000.

More than 90% of these models are correlated, according to Perianne Boring. In 2021, she predicted that BTC might reach a whopping $288,000 by the end of that year.

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