Bitcoin May Reach $667,000: Satoshi Nakamoto's Allies Explain Why
11/12/2024 21:44
Bitcoin could reach $667,000, say top analysts like Adam Back and Tuur Demeester
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
As the price of Bitcoin (BTC) continues to hit all-time highs and the cryptocurrency has not left news headlines, a new prediction of Bitcoin's potential value has emerged based on the analysis of some major cryptocurrency players, who believe that Bitcoin could eventually hit the impressive $667,000 mark.
In particular, Adam Back, a major proponent of Bitcoin who was mentioned as far back as Satoshi Nakamoto himself in the whitepaper, mentioned the possibility of the cryptocurrency reaching the $667,000 mark in his latest post. He cited what analyst Tuur Demeester, also one of BTC's early proponents, believes about how the cryptocurrency will grow in the future.
Related
Demeester believes that when Bitcoin hits $100,000, people will probably think it is too good to be true, just like they did in early 2017, when it was worth $3,000. Back then, many investors and observers thought it could not go any higher. If such skepticism is repeated, the market will once again fail to appreciate Bitcoin's ability to grow, eventually setting the stage for a spike above $600,000, suggests the analyst.
For those asking to explain:
— Tuur Demeester (@TuurDemeester) November 12, 2024
- I suggested bitcoin at $100k now will create similar reactions of disbelief and ‘top’ calls as when bitcoin was at $3,000 in early 2017.
- If the market will be similarly wrong this time around, indeed we would then rally to +$600k.
Based on Demeester's assumptions, Beck has made his own calculations showing that Bitcoin could reach $667,000.
Bitcoin price
Meanwhile, as the crypto market is a bit volatile right now, there is still a lot of optimism, judging by what is happening on the price charts. Yesterday, Bitcoin's price hit a new high of just under $90,000 but then corrected slightly and is now trading around $86,000.
Related
However, if Demeester and Beck's analysis is correct, what is happening to Bitcoin right now may be nothing more than a minor fluctuation.