Crypto trader Lark Davis says a 2013-style “double bubble” scenario could be the technical pattern that sends Bitcoin on a 300% rally.
In a new video, Davis tells his 419,000 subscribers he’s sticking to his presumption that Bitcoin finishes off its bull market in a similar fashion to 2013 where it formed two large peaks before entering a bear market.
“I do think that the end of the year is going to see some real fireworks coming in here for the cryptocurrency markets. We’re not going to get a 700% rally for Bitcoin but maybe we get another 100% or 200% or even a 300% rally, and I know there’s still a lot of people who are saying ‘Look Lark, a 300% rally, it’s just not going to happen. Bitcoin’s too big. The market cap is just too damn big. It’s just not realistic to see that playing out.’
And the current market cap of Bitcoin, yeah it is pretty big, right. We are at just a little under a trillion dollars for the market cap of Bitcoin right now. At its all-time high price, we were at $1.2 trillion. A 300% price rally from there would put us up near a $4.5 trillion to $5 trillion market cap.”
Long term, Davis sees Bitcoin reaching the six or seven-figure mark by the time 2030 rolls around, or about a 20x return from current prices over the next 8 years.
“But, I also wholeheartedly believe Bitcoin is going to be a $10 trillion-plus asset. I don’t know when that’s going to happen, but it’s going to happen. By the end of the decade, I’m pretty certain we’re going to see Bitcoin trading in the upper hundreds of thousands of dollars, potentially even having reached a $1 million per coin by the end of the decade.”
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