Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of?
$100,000 has long been a popular Bitcoin (BTC) price target amongst cryptocurrency investors and analysts, but there is much debate as to whether or not this is a realistic target for the cryptocurrency.
Although the calls for an imminent $100k Bitcoin keep pouring in, there is a limited number of events that could catalyze this type of movement, with the most imminent event being BTC’s upcoming mining rewards halving.
But the question remains, will the halving be enough to send the cryptocurrency’s price skyrocketing to fresh all-time highs?
Industry Leaders All Setting $100k Bitcoin Price Targets
2019 has proven to be a rocky year for Bitcoin and the aggregated cryptocurrency markets, with Bitcoin incurring some bullish momentum throughout the first half of 2019 before beginning a multi-month downtrend that has extended throughout the latter part of the year.
In spite of this bearishness, major figures within the cryptocurrency industry are all still setting relatively near-term price targets in the six-figure price region.
Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital and a prominent Bitcoin bull, recently noted that he believes BTC will be trading at $100k by December of 2021.
“Bitcoin Price At $100,000 By December 2021: Anthony Pompliano – CRYPTOS | Dec 09, 21:49 GMT,” Jason Williams, the other co-founder of Morgan Creek Digital, noted in a recent tweet.
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Bitcoin Price At $100,000 By December 2021: Anthony Pompliano
CRYPTOS | Dec 09, 21:49 GMT
— Jason A. Williams (@JWilliamsFstmed) December 10, 2019
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What Could Make This BTC Prediction Come to Fruition?
Naturally, Pomp is not alone in his bullish price target for the cryptocurrency, as there are other prominent industry leaders – including John McAfee – who have set near-term BTC price targets within the seven figures.
In order for any of these lofty predictions to actually come to fruition, it will likely require some sort of major catalyst – beyond just another cycle of market frenzy – to stimulate this movement.
One potentially bullish event that could spark this type of movement is Bitcoin’s upcoming mining rewards halving, which has historically been a bullish event for the cryptocurrency.
PlanB – a popular cryptocurrency analyst on Twitter – recently shared a chart based on Bitcoin’s “stock to flow” (S2F) model that shows that Bitcoin could end 2019 above $10,000 before climbing up towards $100,000 in the first part of the new year.
“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+… opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare,” he said while pointing to the S2F model seen below.
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Call me crazy, but it wouldn't surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare. pic.twitter.com/ADwqixd9EF
— PlanB (@100trillionUSD) November 25, 2019
It remains unclear, however, if this bullish theory will be invalidated if Bitcoin fails to end the year above $10,000, as the cryptocurrency’s near-term price action remains firmly bearish.
Featured image from Shutterstock.
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