Over the weekend, Bitcoin briefly dared to reach the $58,000. However, the BTC bulls were not really able to counter the selling pressure, which is why the number one digital asset is currently trading just below it again at 57,200 dollars.
Regardless of the unimpressive price action, however, “BlockTower Capital” CIO and co-founder Ari Paul believes Bitcoin is in a full-blown bull market – and could increase in value tenfold within the next 24 months.
That would take Bitcoin to around $400,000 per coin based on current prices. In a new tweet, the blockchain investment firm CEO explains his take on the current bull run to his nearly 150,000 Twitter followers. Paul believes the bull market can last until the end of 2022.
With corresponding consequences for the bitcoin price: it could settle between $100,000 and $400,000, starting from its current price of $57,200. And: Paul believes that altcoins will do even better.
By that, Paul could mean that he thinks it’s likely to see returns of 1,000 percent or more on many altcoins. Paul:
“TIME-WISE, MY GUESS IS WE HAVE 9-22 MONTHS. PRICE WISE – MY GUESS IS BTC WILL END THE BULL RUN BETWEEN $100K-$400K AND ALTCOINS WILL DO BETTER.”
7th inning of the crypto bull market. This is where we get ongoing, dizzying rotation. BTC up, then when BTC takes a breather, ETH and some largecaps (and in this regime, defi bluechips), then smallcaps, rinse and repeat. Of course, throw in some 30-60% retracements for fun.— Ari Paul ⛓️ (@AriDavidPaul) February 4, 2021
The entrepreneur has expressed this altcoin optimism in previous interviews. In his estimation, simply buying and then holding coins like Bitcoin might be the best crypto strategy. Paul:
“IF I’M EVEN CLOSE TO BEING RIGHT, IT WILL BE HARD TO BEAT A BUY-AND-HOLD STRATEGY UNTIL THE END OF THIS BULL MARKET.”
PlanB sees bitcoin at $100K or $288K.
In parallel with Paul’s bitcoin forecast, pseudonymous top analyst PlanB has also updated his bitcoin price target. He currently considers two variants likely: the S2F target at an average of $100K and the S2Fx target at an average of $288K.
If the bull run continues in 2021 and follows a price path like 2017, the S2F target takes hold and PlanB considers $100k per bitcoin likely.
#bitcoin price track after 2020 halving is between 2012 and 2016 tracks. I added S2F ($100K) and S2FX ($288K) model targets. Targets are average prices, actual BTC price will oscillate around targets. If 2021 bull market follows 2017 then $100K it is, if we follow 2013 .. $288K🚀 pic.twitter.com/RdRP7VUqqF— PlanB (@100trillionUSD) February 5, 2021
However, the bull run could also be more similar to that of 2013. In that case, PlanB updated its Bitcoin S2Fx price target to $288,000.
Either way, a Bitcoin price target in the six-digit range still sounds like dreams of the future for many investors at the moment. However, the past has shown how quickly Bitcoin can rise parabolically in its valuation.