It didn’t take long. Bitcoin only needed to spend a few months in the plus and suddenly ‘the predictions’ are back. Of course everyone has their own thoughts on where Bitcoin might be in 6, 12, or 18 months, but there are some that just can’t seem to keep it to themselves. And these are the gargantuan, millionaire-making predictions that grab headlines that make season investors groan and less susceptible crypto fans take to Twitter with rocket emojis. They’re the kind that feel almost grubby – a bit like moonboy rocket fuel. But the crypto media loves them, so we have to endure them.
Predictions Back in Fashion Again
Back in November we suffered three such predictions in one week from Tim Draper ($250,000 by 2022), John McAfee ($1,000,000 by 2020), and Mike Novogratz ($20,000 by June 2019, three names that have become synonymous with Bitcoin price predictions, although to be fair, Novogratz wasn’t far off considering that BTC hit $13,900 on June 26. Novogratz himself is back among the predictions, stating Wednesday that Bitcoin was still on course for $20k, but some six months after his initial prediction, penciling the all time high in for the end of 2019. Another sucker for the prediction game is Bitcoin maximalist Anthony Pompliano, who predicted Tuesday that Bitcoin would reach the symbolic value of $100,000 by the end of 2021. Can you feel the hopium flooding your veins yet?
Even Tom Lee Is Back at It
The man who perhaps caught the most flak for his Bitcoin predictions is Fundstrat’s Tom Lee, who gained something of a reputation for being extraordinarily bullish on the Bitcoin price all the way through the bear market of 2018 as it fell lower, to the point where he stated that he was, perhaps wisely, leaving the prediction game. Well he just couldn’t stay away, although he has taken a step back from outright predictions, choosing instead to state that $50,000 would arrive “sooner than most people think”, giving a nice opened ended prediction that shows he, at least, has learnt something from 2018.
We will cross that level sooner than most think…
— Thomas Lee (@fundstrat) July 4, 2019
If history is our guide we can be sure to see more outlandish predictions come our way should Bitcoin’s value continue to rise – in fact when such predictions reach a critical mass is probably a good indicator of when the top might be in.