Kraken’s Bitcoin Strategist: A $100,000 $BTC Cycle Top Is Too Conservative
In a recent interview, Pierre Rochard, Bitcoin Strategist at crypto exchange Kraken, said that the current Bitcoin bull ran could take the BTC price a lot higher than $100K.
Rochard, who is also the co-host of “Noded Bitcoin Podcast“, as well as Co-Founder of Satoshi Nakamato Institute, made his comments during an hour-long interview (that took place on November 26) on the very popular “Altcoin Daily” YouTube channel.
When asked if $100K was a realistic price target for Bitcoin, he replied:
“I think that’s unrealistic. I think that’s way too low. $100,000, I mean, that’s a 5x from where we’re at basically now, and I think that’s not even really a parabolic top if you were to look at the chart…
“One of my theories is that this cycle is going to be longer than all of the past cycles. And so, it’s going to take us longer to get to the top.
‘Maybe we’ll have a correction at $100,000, and then it’ll ‘crash down’ to $80,000, but then I think it’s going to make another run. I think the ultimate top for this cycle, it’s impossible to know ahead of time, and this is what makes me worried about people trading. The top might be $200,000, it might be $400,000, or it might be $600,000, and each one of those is multiples of the other.
“Trying to time it to me is kind of futile because we’re talking about literally billions, tens of billions, hundreds of billions of dollars flowing into Bitcoin over the next 18 months or next 36 months if we have a very long cycle. So where that moves the price, a lot of it is going to depend on how many coins are actually lost versus coins that are waiting for a very big price to come onto the market versus coins that are not going to come onto the market at all because the owners have a long-term view.
Read more here (https://www.cryptoglobe.com/latest/2020/12/krakens-bitcoin-strategist-a-100000-btc-cycle-top-is-too-conservative/)