A popular crypto analyst, Yassine Elmandjra, has predicted that the value of Bitcoin could increase by almost ten times in this bulk cycle especially if the coin should copy its past behaviours.
Elmandjra, who is a cryptoasset analyst at ARK, said that the current bull run of the leading crypto asset has actually not commenced fully. According to him, when the current run is compared to those of 2013 and 2017, it would be noted that the run is still far off the moves made by the crypto king in the industry then. He added that if the current run was to dwarf the bull run of 2017, then the value of the asset would be around $390,000 per unit of the asset.
Presently, various indicators have shown that the asset could continue its bullish run which would push the value of the asset considerably higher than what was seen in previous times. Another analyst, Tuur Demeester noted that in terms of increases, 2013 in fact beat 2017. This means that if history were to repeat itself, the value of the asset would be aiming for the moon.
The ARK crypto analyst also pointed out that if Bitcoin price was to get to his prediction, the market cap of the asset would stand around $8 trillion which would be almost 80% of the market cap of the leading precious metal, gold. Presently, however, Bitcoin has just 2% of the market cap of gold.
Time for a Bull Run
Dan Tapeiro, a leading crypto investor, has highlighted the fact that Bitcoin’s moving average convergence divergence (MACD) as the latest metric to flip indicating that a bull run is on offing for the leading crypto asset.
Considering the drop in the value of the US Dollars, the increased institutional interest in the crypto industry and the asset consolidating its value at over $30,000, the asset could witness another round of a bull run that might culminate in new highs for the crypto coin.