{"id":5774,"date":"2020-12-02T02:00:54","date_gmt":"2020-12-02T02:00:54","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451262"},"modified":"2020-12-02T02:00:54","modified_gmt":"2020-12-02T02:00:54","slug":"this-economic-model-predicts-a-200000-bitcoin-price-by-2022","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/this-economic-model-predicts-a-200000-bitcoin-price-by-2022\/","title":{"rendered":"This Economic Model Predicts a $200,000+ Bitcoin Price by 2022"},"content":{"rendered":"

Bitcoin has been on a wild ride throughout the past few days, with bulls sending the cryptocurrency rocketing up to fresh all-time highs yesterday around $19,800 before losing their strength and succumbing to bears.<\/p>\n

From here, the cryptocurrency’s price<\/a> saw a vicious decline that sent it all the way down to lows of $18,200. The buying pressure here was quite intense and sparked a nearly instant rebound.<\/p>\n

It rallied as high as $19,400 this morning before facing an influx of selling pressure that slowed its ascent and caused it to see a slight retrace. Nevertheless, it has still been able to post what appears to be a “V-shaped” recovery from these lows.<\/p>\n

Where it trends next will likely depend largely on whether or not buyers can firmly reclaim $19,000 and establish this price as a long-term bottom. If it remains stuck below here, it could see continued weakness in the days and weeks to come.<\/p>\n

Despite this short-term turbulence, one economic model is still forecasting an incredibly bullish year for the benchmark cryptocurrency.<\/p>\n

The on-chain analyst who developed the metrics that this model is premised upon concluded in a recent tweet that $200,000 per Bitcoin by the end of 2021 is a “conservative” prediction and that it could rally even higher.<\/p>\n

Bitcoin Rebounds from Overnight Lows, But Bulls Lose Momentum<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down just over 4% at its current price of $18,920. This marks a notable rebound from its overnight lows of $18,200 set following the recent rejection at $19,800.<\/p>\n

From here, the crypto rallied as high as $19,400 before bulls lost their steam and the crypto’s price broke back below $19,000.<\/p>\n

Where it trends next will likely depend fully on its continued reaction to this key level.<\/p>\n

Economic Model Forecasts a 10x BTC Price Rise in 2021<\/strong><\/h2>\n

One respected on-chain analyst explained in a recent tweet that one of his economic models predicts that Bitcoin is about to see some massive momentum.<\/p>\n

He is now pointing to one of his economic models, which forecasts that Bitcoin could be trading between $200,000 and $300,000 by the end of 2021.<\/p>\n

\n

“Views on 2021: My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins.”<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Willy Woo.<\/pre>\n
This prediction<\/a> does seem to be a bit far-fetched, but if Bitcoin breaks above its all-time highs and sees price action similar to that seen during previous bouts of price discovery, a six-figure BTC could be right around the corner.<\/p>\n
Featured image from Unsplash.\nPrice data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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