‘Power Law’ Signals Bitcoin Will Eventually Shatter $1 Million, Says Crypto Analyst – BTC, Ethereum, XRP, Litecoin Forecasts
Crypto influencers are sharing new analysis that shows $100,000 will become Bitcoin’s new bottom by 2028.
ShapeShift CEO Erik Voorhees posted the analysis on Twitter, which uses the “power law” distribution model to track BTC’s potential trajectory in the years ahead. Starting in 2010, the model compares the relationship between BTC’s “normal” price mode and its “bull” mode by creating two corridors.
By comparing the relationship between the two bands, analyst Harold Christopher Burger says the numbers show BTC will hit $100,000 no sooner than 2021 and no later than 2028. Thereafter, he says BTC will begin a long-term climb to $1 million.
“After 2028, the price will never drop below $100,000. The price will reach $1,000,000 per Bitcoin no earlier than 2028 and no later than 2037. After 2037, the price will never drop below $1,000,000.”
Right now, Bitcoin is down 0.79% at $10,548 according to COIN360.
Ethereum is down 2.88% at $171.42, XRP is down 1.98% at $0.2553 and Litecoin is down 4.87% at $64.44.
CoinDesk analyst Omkar Godbole says BTC is looking indecisive after climbing above $10,000.
“A bullish close above $10,956, if confirmed, would open the doors to $12,000.
Meanwhile, a close below the spinning top’s low of $10,378 would indicate that the rally from the recent low of $9,320 has ended and the bears have regained control. That could yield a sell-off back to $9,755 (Aug. 22 low).”
Here’s a look at the latest analysis from across the cryptosphere.
Bitcoin
CoinDesk – Bitcoin market turns indecisive after rally stalls around $10,600
Bitcoinist – Strong chance price levels will break above $10,800
Ethereum
Cointelegraph – $180 ETH now critical for the bulls
XRP
NewsBTC – XRP struggling to continue higher against the US dollar
Litecoin
FXStreet – LTC/USD retreats below $67, vulnerable for further losses
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