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Despite Return to $10,000 Analyst Suggests Bitcoin Won’t See $100,000 for Years

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September 3, 2019 | 

547 Views | 

Darryn Pollock | 

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Looking at a more long term view of the price of Bitcoin, the coin has had a good year in 2019 as it climbed from a low of close to $3,000 to above $10,000 and close to $14,000 at one stage. Now, however, it has slowed a little and has been stuck between $9,000 and $13,000.

Still, the predictions are that Bitcoin is heading towards bigger numbers in the next few months, if not the next year. Many still have outlandish predictions such as Bitcoin reaching $1 million dollars in less than a year. However, some are being a little more cautious. 

So, despite the price of Bitcoin bounding above the $10,000 mark again, it still has a long way to go to reach $100,000 - which is a popular market for market predictors. That being said, one analyst believes that the price of Bitcoin won’t reach that mark for a good couple of years.

The trader Dave the Wave has suggested that previous predictions that have put Bitcoin anywhere above $100,000 in the next few years should be disregarded. He believes that Bitcoin is bullish but only in the long term, now he sees Bitcoin as being medium-term bearish.

Not too encouraging

The first half of 2019 had the feeling of optimism and promise as the price of Bitcoin continues to grow and break through $1,000 barriers with ease on its way above $10,000. This was dubbed as the cryptocurrency Spring and helped get many traders and investors back into the market after the 2018 bear market. 

However, in recent times, the overall trading has been pretty sideways from the coin, even though most sentiments from many analysts are still reasonably bullish. Bitcoin’s current trajectory has not exactly been encouraging causing many Hodlrs to consider taking a step back from investment moves made with bullish sentiments.

Long term Bullish

As mentioned, the analyst Dave the Wave is still bullish, but it is long term as he sees big growth of $100,000 not even in the line of sight for the market. The trader has previously explained that the cycles Bitcoin has gone through in recent times hasn’t been as short-lived as they once were. 

Because they take a lot more time, any prognostication or forecast being made about quick short-term movements for the major coin might be a little too optimistic.

Big news coming up

However, some will argue that being medium-term bearish is a little misguided as there are some big occurrences on the horizon for Bitcoin - none bigger than the halving of the mining rewards. 

Bitcoin is set to slow its supply of new coins when the rewards for mining a new block cut by 50 percent early next year. Macroeconomic factors dictate that this tightening of supply should inevitably lead to an increase in demand which will push up the price of the coin substantially. 

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