A widely followed crypto analyst is expressing bullish sentiment on the native token of a blockchain oracle network that launched its permissionless mainnet earlier this week.
In a new video, the anonymous host of the InvestAnswers channel tells his 453,000 YouTube subscribers that he is bullish on Pyth Network (PYTH) after modeling PYTH’s future price based on Pyth Network’s market cap share relative to its competitor Chainlink (LINK).
According to the analyst, PYTH could surge by 188% from the current level as its market cap share relative to Chainlink’s grows beyond 20%.
“The bear case is $1.48 by 2025 [when PYTH’s market cap share relative to Chainlink’s is 20%]. If it goes to 30% of Chainlink’s market cap, it could go to $2.78. If it goes to half of Chainlink’s market cap, it could go to $5.16… if PYTH goes to Chainlink’s market cap, which is technically feasible, and Chainlink hits the Super Bowl target at $27-$28 billion, the price of PYTH could be $10.74.
Or you could take an average of all of these, by the year 2026, PYTH could hit $5.04. That’s why I am bullish.”
PYTH is trading at $0.514 at time of writing and would have to rise by around 880% to reach the InvestAnswers host’s price target. Chainlink’s market cap is currently just under $8 billion while Pyth Network’s sits at nearly $813 million.
According to the InvestAnswers host, whether or not PYTH’s price targets will be achieved “all depends on how Chainlink performs and how Pyth competes”.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses 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.
Generated Image: DALLE3