March 27, 2024
Bitcoin's at $49,654, Bitcoin Veteran Predicts $600K Price by 2026
Bitcoin price today

Bitcoin’s at $49,654, Bitcoin Veteran Predicts $600K Price by 2026

Tuesday, February 13, 2024: The Bitcoin price rests at $49,654, showing a slight decrease. However, analyst Tuur Demeester predicts a minimum future value of $200,000, potentially surpassing $500,000.

In his latest update, Demeester suggests that BTC/USD could reach up to $600,000 by the year 2026. The recent milestone of Bitcoin hitting $50,000 this week is contributing to renewed optimism about higher price levels. Bullish arguments for Bitcoin’s price surge focus on the effects of the block subsidy halving in April and the introduction of spot Bitcoin exchange-traded funds (ETFs). The block subsidy halving reduces the emission of new Bitcoins, while ETFs put additional pressure on the available supply. Demeester, however, emphasizes macroeconomic factors in his analysis.

He notes that in 2021, Bitcoin reached a peak of $69,000 and now aims for a target range of $200,000 to $600,000 by 2026, driven by trillions of dollars in global bailouts and stimulus. On social media platform X, Demeester discusses systemic issues in the U.S. banking system and the potential need for the government to provide liquidity to prevent further decline. He sees this as an ongoing process, with potential risk-asset price volatility in March. When questioned about the timing of Bitcoin’s next multiyear peak, Demeester suggests that anywhere from 2025 onward is possible.

Regarding mainstream interest, he believes that $50,000 represents a watershed moment, expecting retail interest to increase soon. Demeester, recognized for his decade-long contributions to the Bitcoin community, accurately predicted the BTC all-time high between $50,000 and $100,000 in 2019 and 2020.

Despite Demeester’s optimism, not everyone shares the same sentiment. Some analysts, including Il Capo of Crypto, warn of potential market reversals. Il Capo of Crypto suggests that the $50,000 mark could be a turning point, anticipating a rejection of BTC from this level while altcoins continue to rise. He maintains a long-term BTC price target of $12,000, expressing a bearish outlook.

Image by frimufilms on Freepik

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