A pair of predictions on the future price of Bitcoin just hit the cryptoverse.
A trader and analyst who goes by the name Crypto Rand says he’s feeling extremely bullish. The strategist tells his 217,000 followers on Twitter that Bitcoin’s movements below $20,000 are a mere sideshow as the leading cryptocurrency gears up for a big rise to $100,000.
Price movements under $20,000 have only been a distraction to shake you out before $100,000 #Bitcoin
— Crypto Rand (@crypto_rand) February 14, 2020
Former Coinbase chief technology officer Balaji S. Srinivasan is also contemplating Bitcoin’s rise to $100K.
On Friday, Srinivasan compared the rising price of Bitcoin to the emergence of Covid-2019, also known as the coronavirus. Srinivansan says the stochastic method applies to both BTC and the virus.
Mathematicians use stochastic models to estimate the probability of an outcome as variables randomly change. In the case of Bitcoin, the variable is price. For Covid-2019, the variable is the number of cases.
According to Srinivansan’s analysis, BTC is far more likely to reach $100,000 after surpassing $10,000. The same is true for Covid-2019. The virus became exponentially more likely to cross 100,000 cases after topping 10,000 cases.
“In 2009, it was unlikely that BTC would cross $100k. But conditional on BTC having *already crossed* $10k, it was more likely to cross $100k.
On Dec 1, 2019 it was unlikely the virus would cross 100k cases. But having *accelerated* past 10k, it was more likely to cross 100k…
Despite very different underlying dynamics, the general concept of ‘conditional on this improbable event having already happened, we need to update our probability of the future’ is applicable.”
Bitcoin has yet to return to its all-time high of just over $20,000, set in December of 2017. Although many influencers and analysts in the world of crypto are predicting BTC is just getting started, a number of economists including Nouriel Roubini say it will never return to its former days of glory.
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Featured Image: Willyam Bradberry
