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The pseudonymous Bitcoin trader who made the accurate call that BTC will fall by over 40% last year is back with another Bitcoin price prediction.
This time, he says Bitcoin may be on a long-term path to $540,000. Dave the Wave relies on a chart shared by on-chain market analyst Willy Woo to illustrate that Bitcoin (BTC) is still in the earliest stage of the adoption life cycle.
“If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve.”
According to Dave, Bitcoin’s growth in terms of market share is just getting started as those buying the number one cryptocurrency over the last 11 years are considered innovators which make up 2.5% of the total addressable market.
Using the S-curve, Dave predicts that Bitcoin’s value will skyrocket to $540,000 as it captures a bigger percentage of the market share in the next decade or so.
While Dave sees the possibility of Bitcoin meteorically rising 4,900% from its current value of $10,800 as extrapolated from the S-curve, the crypto strategist remains a skeptic of the stock-to-flow model (S2F) as he doesn’t expect Bitcoin to hit $100,000 by December 2021.
He says he managed to get a set of criteria from Plan B, the first to apply the S2F model to BTC, that would invalidate the wildly-popular model.
Dave highlights that the criteria are set to keep subscribers from blindly believing in the model.
“Insofar as people can be rational/ civil about the matter [both subscribers and non-subscribers to s2f] then this should be the crucial test. It’s generous enough to s2f price prediction while also holding it to account unless it become a dogma.”
In other trending Bitcoin News today:
Investors Ponder Big Crypto Question in Viral Post – Will Bitcoin Really Reach $100,000?
A new, viral post on Reddit centers on an oft-debated question in the world of crypto – will Bitcoin ever hit $100,000?
This year alone, numerous BTC analysts and traders, as well as top-ranking crypto entrepreneurs, have hinted at the possibility or issued formal predictions that the leading cryptocurrency will reach six figures in value in the next couple of years.
Many Redditors agree with their confidence, calling Bitcoin’s rise to $100,000 as “inevitable” and saying it is “just a question of how much time it’ll take.”
Others still think BTC is at the mercy of whales and will remain too volatile for that kind of sustained growth. Says one Redditor,
“I’ve been a BTC bull since the early days, but also recognize that ownership is concentrated in the hands of a minority early adopters who have good motivation to cash out at the right levels. I think price will remain a cycle of pumps and dumps ranging between $6k and $30k for the next 10 years.”
Others expressed worries about dollar depreciation and pondered “how much $100,000 will buy” at whatever time Bitcoin reaches that value.
Some Redditors predict it will either surpass $100,000 or go bust and plummet to zero, all dependent on adoption.
The list of crypto influencers who say the BTC price will hit six figures includes Pantera Capital founder Dan Morehead; Real Vision CEO and former Goldman Sachs manager Raoul Pal; Morgan Creek Digital co-founder Anthony Pompliano…
Kraken chief executive Jesse Powell; veteran analyst Tone Vays; popular Youtuber Nicholas Merten; Su Zhu, chief executive of fund management firm Three Arrows Capital…
Bitcoin Pioneer Max Keiser; Bitcoin Billionaires, Tim Draper, Chamath Palihapitiya & The Winklevoss Twins; and the pseudonymous strategists Dave the Wave and PlanB among others.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.