The founder of Albright Investment Group says the price of Bitcoin is far from reaching its full potential.
In a new article at Seeking Alpha, Victor Dergunov calls Bitcoin’s recent rally “very likely only the beginning of Bitcoin’s next bull market”, noting the leading cryptocurrency’s market cap pales in comparison to other assets.
“Currently, only about 0.56% of potential users have exposure to Bitcoin, which implies nearly 99.5% of the potential market is still untapped…
As Bitcoin’s popularity continues to increase, more users should continue to join the Bitcoin network. Moreover, Bitcoin and other digital assets act as alternative currencies and payment systems relative to the current fiat financial status quo. Yet, Bitcoin’s market cap is only $90 billion, and the entire cryptocurrency complex is valued at just $180 billion, while the world’s fiat money supply is worth around $90.4 trillion.”
Dergunov believes history will rhyme, and BTC’s “clear pattern of bull cycles turning into bear cycles and vice versa” will continue, with a rise above $100,000 on the table.
“If we use the bottom end range of 500% on a peak to peak basis Bitcoin could top out at around $117,000 in its next cycle. Therefore, a possible top out range in this wave could be between $76,000 and $117,000, and it will likely take several years to unfold.”
Dergunov’s bullish outlook contrasts with the chief investment officer of wealth management firm Creative Planning, who recently said digital assets like Bitcoin are far too dangerous to invest in.
In addition, the founder of the blockchain identity platform Civic says he’s not at all convinced the bear market is over. In a new interview with CNBC’s Crypto Trader, Vinny Lingham says,
“I’m not buying any bounce right now that doesn’t go to around $6,200 and stays there for at least 24-48 hours as being the end of the bear market cycle.”
Right now, the crypto market is mostly in the red. Bitcoin is up 0.67% at $5,250. Ethereum is down 0.84% at $177.09, and XRP is down 1.34% at $0.3538.
Meanwhile, technical analysts are plotting the course ahead, looking to see if Bitcoin can stay above $5,000.
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