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Bitcoin’s Bullish Rally: Are Predictions of 20-50x Price Increase Now More Realistic?

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  • Jack Thomas
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    As Bitcoin has started to rise again so have the populist notions of massive price expansion, so can BTC grow 20-50x in five years?

Bitcoin’s Bullish Rally: Are Predictions of 20-50x Price Increase Now More Realistic?
Cover image via www.123rf.com
Contents

It is not too surprising that through the majority of 2018, when Bitcoin and the cryptocurrency market were deeply in a bearish trend, there were not too many outlandish predictions about where this market could be in a few short years.

However, now, with the sentiment shifting and Bitcoin back to climbing the price brackets, the predictions are once again coming out and being spoken about with much reverence. There have been predictions of Bitcoin to $1 million at the end of this year, but there are more plausible ones.

One of the cryptocurrency market’s more outspoken believers, Morgan Creek co-founder, Anthony Pompliano, has tweeted that Bitcoin has a “realistic chance of a 20-50x increase over a 5 year period”. Is it possible, or is he being too optimistic?

Big calls

Pompliano made mention of how Bitcoin’s market cap sits just under $1 trillion, and yet, he can still see that cap growing to be as big as $50 trillion in just five years.

It sounds outlandish to see Bitcoin at between $100,000 and $250,000 by 2024 with this massive market cap, especially for a currency that was created from essentially nothing but maths. However, with the increased interest in Blockchain by enterprises and institutions and the popularity returning to Bitcoin, it is not such a stretch.

A $50 trillion market cap based on something that is being subbed as important as the internet and a driver for the fourth industrial revolution is highly undervalued, however, the sticking point may be the time.

Steady growth

Bitcoin took eight years to be valued at $1,000 until a parabolic move sent it to $20,000. It’s growth towards $250,000 should be, and needs to be, slower than the last rally for its own sustainability.

Thus, Pompliano calling this possibility in five years may be a little ambitious, but there is every chance that this could occur over the next 10-30 years, and if that was the case, there’s a bigger chance of cryptocurrencies surviving and being integrated in mass adoption.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

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XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

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About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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