Bitcoin to $400k

Bitcoin to $400k


Good day everybody,

Welcome to CryptoGod-1's blog on all things crypto. In this post I will be sharing my thoughts and opinion on the chances of Bitcoin reaching $400k or above this cycle.

 


Bitcoin Value This Cycle

The CEO of Bitcoin payment app Strike, Jack Mallers, has recently voiced his opinion on the potential for Bitcoin to reach $1 million during the next bull cycle.

Mallers noted this prediction in a recent interview with Anthony Pompliano on his YouTube channel. During the interview Mallers noted:

 

”We’re still so early in the Bitcoin story. I think Bitcoin will hit $250,000 to $1 million this cycle.”

 

He went on to outline several key factors as to why he is backing Bitcoin to hit the million dollar mark, pointing at the challenges facing the bond market and how this could lead to central banks injecting significant liquidity into the financial system to help stabilise the market. This in turn could push up asset prices, including Bitcoin. 

Mallers also noted that Bitcoin is a superior form of money given its capped supply and resistance to inflation. This is contrary to FIAT currencies, and his project for Bitcoin to reach $1 million is driven by increasing adoption by Wall Street. The recent increase in engagement and adoption by Wall Street comes with Bitcoin's position as a legacy system, according to Mallers. He pointed out Bitcoin’s role as a hedge against inflation and positioned it as a superior alternative to Gold thanks to its fixed supply and independence from government influence.

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Given the scarcity of Bitcoin and its potential as a universally accepted currency, Mallers explained that Bitcoin is the most rigid form of money. With its fixed supply schedule and halving events every four years ensuring the rate of new Bitcoin entering the market place will boost its long-term value. He also noted the importance of the Lightning Network, a layer-2 solution built atop the Bitcoin blockchain. This facilitates almost instant transfers of Bitcoin at a cost effective rate, meaning he thinks the Lightning Network’s adoption will enable Bitcoin to be used for everyday purchases globally and drive up the demand for Bitcoin and cryptocurrencies at large.

Now for my reasoning as to why I think Bitcoin will reach about $400k but likely no more. Looking at recent history, specifically from 2020 onwards, there has been a lot of hype and predictions made around Bitcoin and its potential to hit new heights. This happened in November 2021, when Bitcoin pushed the $70k mark, and the king of crypto has recently surpassed this level and currently sits at $68,816.39 at the time of writing (according to CoinGecko).

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On the 14th of March 2024, just over 2 months ago, Bitcoin reached a new all time high at $73,737.94. When looking at the bare figures of things, and taking into account how the hype impacts the retail market, I am safety of the mindset that Bitcoin will not reach $1 million during this bull cycle. It could, and if it did I think everyone would be delighted, but the reality of the matter is the predicted price often outreaches the actual price.

Lets look at the last bull run, where many were predicting $100k for Bitcoin and $10k for Ethereum. In the end Bitcoin almost got to $70k and Ethereum was less than $5k. Quite a bit off the hype and predicted amounts for "the end of 2021." Similar things happened in the NFT market, which collapsed and crashed as much as the cryptocurrency market did throughout 2022. The famous Bored Ape Yacht Club NFT collect was hyped to reach a price of around $1 million per NFT, but instead it topped out around the $400k mark.

This is the level of predictions compared to reality I am interested in. They want the retail market to enter the Bitcoin space once again off the back of hype, predictions, and FOMO. People won't want to miss out and will leap in hoping they can achieve the riches of the predictions. Meanwhile, those within the game already understand that the predictions are made to lure others in. While you're holding onto your Bitcoin hoping it will hit $1 million, others will be selling around the $400k mark as they understand the important of taking profit. 

Consider all angles and market plays when reading these predictions, because they want you to hold while they sell and make the profit. I am saying $400k, hopefully it will be more, but I will stick at the $400k mark if others are saying it could reach $1 million. Only time will tell if I was right or wrong, but either way we are in for an exciting bull market over the coming years.

 

 

Have a great day.

Peace. CryptoGod-1.

 

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cryptogod-1
cryptogod-1

Writer, designer, creator, and life enthusiast. I love to read and write and enjoy sharing my passion for crypto, sports, literature and everything and anything I can enjoy in life.


CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

Enthusiast here looking to share my ideas, thoughts, analysis, and experience when it comes to all things crypto

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