There have been a lot of speculations around the price of Bitcoin, and they seem to be getting more and more bullish.
Since the bulls came back to the crypto market back in April, there’s been a positive sentiment floating in the market, and the optimistic predictions about the price of BTC began popping up.
BTC to reach a market cap of $8 trillion
The latest one comes from an important crypto analyst who said that he believes BTC is heading to an $8 trillion market cap by 2026. This means that the price of BTC would be of around $381,000.
Willy Woo is the one who invented the Network Value Transaction Ratio (NVT), and he told Venture Coinist that BTC has the target of reaching $1 trillion market cap and he believes that this will happen in this market cycle that we’re into.
The NVT ratio is a number which measures the utility value of Bitcoin according to the number of transactions on the network relative to the price.
“I think we’re on track. I think that this cycle will get us past $1 trillion. And then the next cycle will be the one that takes us to breaking the gold market cap,” Woo said.
BTC to reach $100k by 2021
The prediction that Bitcoin (BTC) has the ability to hit as high as $100,000 by 2021 has been floating around in the crypto space for quite a while now, and more important names have been suggesting it.
Morgan Creek Capital CEO also believes that BTC can hit such high numbers in 2020 or 2021.
“I look at it like this. If I think about network growth and Metcalfe’s Law, sometime around 2020, 2021, I think we could easily be somewhere between $50,000 and $100,000. That’s a pretty wide range. But I think the challenge of day-to-day price is that the price doesn’t reflect the value,” he said.