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Blockfyre’s co-founder believes a bull market will return, seeing Bitcoin (BTC) price rise 1,400% to hit $150,000, and Ethereum (ETH) and other solid altcoins making even more impressive gains.
The co-founder of cryptocurrency analysis company Blockfyre believes that a bull run will return, propelling Bitcoin (BTC) to a price of $150,000.
In a tweet on June 4, Simon Dedic suggested that these gains will not be reflected across the entire cryptocurrency market, although the more solid altcoins should also see impressive price action.
Bitcoin’s dizzying ascent to its current all-time high of almost $20,000 in December 2017 came complete with a media frenzy around all things crypto.
Coupled with a boom in initial coin offerings, and fuelled by investor FOMO (fear of missing out), money was thrown at literally any project in the hope that it would mirror the gains of Bitcoin.
This became a self-fulfilling prophecy, and pretty much every altcoin posted a significant price increase during 2017.
While Dedic warned that he believes this won’t happen again, he does envisage a Bitcoin bull run returning and “pumping the few solid alts out there.” He even went as far as to make a number of price predictions, such as Bitcoin gaining over 1,400% from its current price of around $9,750 to reach his target of $150,000.
Ether (ETH) is set to fare even better according to Dedic, increasing more than 3,570% from current levels around $245 to a price of $9,000.
And Binance Coin (BNB) is predicted to see a 2,750% rise to $500. Bigger increases still are forecast for Chainlink (LINK) and Tezos (XTZ), both with a target price of $200, representing 4,450% and 6,800% gains respectively.
But this all fades into insignificance compared to Dedic’s prediction for VeChain (VET), with a seemingly modest target price of $1.
However, this marks a massive 14,100% increase on its current price of $0.007.
In other trending Bitcoin News today:
Top Crypto Analyst Flips Bullish on Bitcoin, Says Miners No Longer Selling Their BTC
Top crypto influencer and Bitcoin maximalist Tuur Demeester, citing data from the crypto analytics firm Glassnode, says Bitcoin miners are almost done selling their BTC.
Glassnode’s Miner Outflow Multiple metric tracks the volume of Bitcoin flowing out of miner wallets.
This multiple is currently at a trough point at .47 after a peak of 2.62 in mid 2019 and a previous low in late 2018 at .307.
On May 11th, the day of the halving, the reward for completing a block was reduced by 50% to 6.25 BTC, with revenue earned by miners initially plunging 48%.
The increased pressure to maintain profitability forced miners comprising up to 30% of the entire Bitcoin network hash rate to exit the market, according to data from the mining pool Poolin.
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