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A 2000% Increase in Bitcoin Price is “Really, Really Low” Target, says Prominent Analyst

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  • Bitcoin back to around $10,000, every time it happened since it was hit two months back, altcoins bled even more
  • After the shitcoin carnage, alts may be heading into a region of support,” said analyst Willy Woo
  • BTC long term price target: Easily 100x

Bitcoin has dropped below $10,000 yet again. The $10,000 level was hit first time since March 2018 two months back on June 21st. During this time, we dropped around this “FOMO” level about four times.

And every time Bitcoin returned to $10,000, altcoins bled out. With 50% fall, EOS suffered the most among the top cryptocurrencies followed by Litecoin, XRP, and Ethereum.

The flagship cryptocurrency went down to $9,755 level on Bitstamp today at one point but is back to $9,900 level.

Currently, BTC/USD is trading at $10,050 while managing the daily trading volume of $1.1 billion. Altcoins are currently in the green with Ethereum Classic in the lead by more than 15% gains and Basic Attention Token almost 15%.

BTC dominance, however, is still holding strong at 69.6%.

However, things might be about to change.

After all the “shitcoin carnage,” that has top altcoins like XRP (93%), Bitcoin cash (93%), Stellar (93%), Cardano (96%), Tron (94%), Dash (95%), IOTA (96%), NEO (95%), ZEC (95%), and VeChain (95%) among many others still down more than 90% from their all time high, finally, “alts may be heading into a region of support,” said analyst Willy Woo.

But it is yet to be known which cryptocurrency will finally make it to new highs this time.

As for Bitcoin, it’s the sky’s the limit. Popular analyst, planB shared yet another interesting chart where he talks about how after each all-time high that Bitcoin hits, its price drops until a lot of miners aren’t profitable anymore.

As miners switch off hardware, the hash rate drops and difficulty adjusts downwards. This is until miners become profitable once again and difficulty rises. As difficulty hits bottom (100%), a new bull market starts.

On the basis of the lower high trend, a crypto enthusiast found the top out at around 2,000% increase. With BTC price difficulty low at $3,500, he found the price top at about $70,000 around 2020-2023.

However, planB says this 2000% increment in price is “really really low.”

Bitcoin price, he says could very well go up by 10,000%, 100x as an average of the last two ATH. This puts Bitcoin price at $350k. But this isn’t the craziest prediction by planB. He has projected $1 million per BTC as well.

Bitcoin’s price is $10,144.12 BTC/USD exchange rate today. The real-time BTC market cap of $181.48 Billion currently ranks #1 with a chart dominance at 67.57%, daily trading volume of $5.6 Billion and live coin value change of BTC 1.48 in the last 24 hours.

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