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

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Mon, 01/24/2022 - 14:19
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Yuri Molchan
Perianne Boring believes that Bitcoin fundamentals are as strong as ever and markets are behaving as expected
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.

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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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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.