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Crypto Report
You wrote: "My prediction of $1 mil/bitcoin by the end of 2023....still stands". I may be reading more into this than you meant but for bitcoin to move that high so fast, it sounds like you are predicting a very serious economic event. Can you address that?
I made this prediction in 2017 so no serious economic events were part of this calculation. I base it on the overall price trend in bitcoin. When it reaches new highs, it tends to have at least 10-fold move. It also tends to overshoot during climax tops. Taking this all into account, a 10-fold move from prior highs of roughly 20,000 suggest a price of 200,000. If it overshoots by 2-3 fold, this places it halfway to $1 mil. This could happen within the next couple of years, which would put it somewhere in the year 2022, giving it until end of 2023 to reach $1 mil.

Add in the tailwinds of QE, $1 mil seems achievable. That said, with bitcoin, 2-3x factors are tiny as its price is exponential thus it tends to evolve in price by orders of magnitude rather than factors.

First published: 8 Jun 2020
Last updated: 8 Jun 2020