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‘Power Law’ Signals Bitcoin Will Eventually Shatter $1 Million, Says Crypto Analyst – BTC, Ethereum, XRP, Litecoin Forecasts

by Daily Hodl Staff
September 5, 2019
in Trading

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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.

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“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.”

Source: Harold Christopher Burger/Medium

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.

Source: COIN360

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.

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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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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