Bitcoin is on track to reach a $2 million price within six years, according to wealth management guru Lawrence "Larry" Lepard.
In his latest talk on the Quoth the Raven podcast, Lepard said that BTCUSD could "easily" deliver 100x returns on current prices.
Lepard: "I personally believe that Bitcoin will grow 100 times"Since bitcoin has been in a downward trend for almost a year, bullish predictions for the main cryptocurrency are now few and far between.
Lepard, already known for his optimism about bitcoin and precious metals, was one of those who predicted a seven-figure BTC price in the current environment.
He also considers it a "risk" to not own bitcoin as insurance against what he calls a "sovereign debt crisis."
"I am not suggesting that anyone take all their money and invest it in bitcoin. But I think that anyone who does not have any position, takes more risk. The main cryptocurrency may fall to zero, but I personally believe that Bitcoin will rise 100 times."So when asked if he agreed that a single Bitcoin could end up worth $2 million — a hundred times more than the current spot price — Lepard didn't hesitate.
"Yes, easy," he replied, setting a time frame for the results to materialize at five or six years.Lepard added that the next macro high for BTCUSD should be up to $200,000, followed by another 70% drawdown.
Lepard added that the next macro high for BTCUSD should be up to $200,000, followed by another 70% drawdown.
This forecast is roughly in line with another version that has surfaced in recent days, according to which the next cycle bear market bottom will be $35,000.
$14,000 is a strong buy zoneThe lofty prospects for bitcoin price movement are historically nothing new, but few of them have come true in the long run.
Among those yet to be cleared is serial investor Tim Draper, who even recently maintained confidence that bitcoin would hit $250,000 in 2022 or early 2023.
In April, Cathie Wood, CEO of ARK Investment Management, increased the BTC price target to $1 million.
Prior to this, Thomas Lee, co-founder of Fundstrat Global Advisors, maintained a BTC price target of $200,000 despite the market already crashing.
Meanwhile, $14,000 has become a popular bearish target shared by Lepard himself. He believes that you need to buy more if the main cryptocurrency reaches this level.
$20,000 is the "new" $4,000 for BTCPopular quantitative analyst PlanB says that BTC's current price action reflects a pattern that preceded the major cryptocurrency's rally to all-time highs.
The trader claims $20,000 is the "new" $4,000 for BTC.
After breaking the $19,000 mark at the end of 2017, bitcoin fell below $4,000 by the end of 2018. It hovered around that $4,000 level until April 2019, after which it began to move higher.
The main cryptocurrency then continued to rise until November 2021, when it eventually reached its all-time high of $69,000.
PlanB also notes that bitcoin's loss percentage now reflects the levels it was at during the big buying opportunities in 2011, 2015 and 2019.
Looking at the correlation between bitcoin and the S&P 500, the analyst predicts that both BTC and the stock market index will eventually bounce back from the current bear market.
"It's only recently that people have started complaining about the correlation between bitcoin and the S&P 500, just because they both dropped in value. But the correlation has always existed as the S&P 500 went from 1,000 points to 4,000 points and BTC went from $1 to $20,000. And they will both recover."PlanB also notes that most of the selling in the past 12 months has come from traders who cut their losses after buying BTC at $60,000, as well as some older buyers who take profits after accumulating less than $15,000 BTC.
Bitcoin shows signs of a reversalPopular crypto tracking service Whale Alert, which tracks large crypto transactions, reported that just recently four consecutive transactions moved a whopping 47,846 bitcoins in four transactions.
Meanwhile, a recent report from Santiment shows that bitcoin is showing signs of a price revival, with the hashrate of the main cryptocurrency reaching another all-time high despite the price remaining low.
In total, these four tranches were valued at $939.8 million. All transactions were sent from different wallets to different addresses, with no address being used more than once. It looks like the whales are redistributing their capital.
A recent report published by data aggregator Santiment shows that the long-term performance of bitcoin has been showing signs of a reversal for several months, although the price remains at lows.
Indicators that show positive signs for BTC are MDIA (BTC distribution has not been happening for a long time) and MVRV, social volume and weighted sentiment, and Net Realized Profit Loss (NRPL).
Weiss Crypto, the cryptocurrency division of Weiss Ratings, said that despite the unimpressive market performance over the weekend, the main cryptocurrency may be on the verge of a breakout, judging by the behavior of technical indicators.
The report states that bitcoin is "very optimistic in a technical sense." In addition, the fact that the BTC hash rate reached a new peak the other day also confirms the likelihood of a breakthrough soon.
Bitcoin is trying to recover its recent losses after it fell from its $19,800 peak on October 14th. This rise followed a price drop to the $18,183 zone the day before following the release of the October CPI data.