I can't remember exactly where I first read of this $388,000 BTC forecast, but I guess it was one Rrektcapital youtube video. It's not the only crypto analyst/trader calling for such a high top for this bull market. It's an interesting number though. Almost 20x from the 2017 peak.
Now we're at around 2.5x the 2017 bull market peak and it doesn't look like more than a bump in the road. At least that's how I see it. Tops in crypto are usually outrageous and a bit over 2x from the last cycle's peak is nothing outrageous imo.
What would take BTC to $388,000 though?
I'd say the same factors that pushed it from around $10,000 after the halving to $60,000 as the local top, namely investment funds and big name companies/financial institutions starting to invest in it, or at least announce their entrance in the crypto space.
We only had Michael Saylor, MicroStragey, Grayscale, PayPal and a few others that disclosed their involvement in this industry, and with a bit of help from retail, look where we currently are. There's much more to come and announcements such as the Tesla one are on the way.
Such news will create more FOMO and will probably take BTC to around $388,000 by the end of the bull market. I like this number because it's not a round one. It's not like $500,000 or $1 million. Nope, it's $388,000.
I'd say that retail has already lost the train of Bitcoin. It's more of a shark's asset now and the last resort for plebs are altcoins. I don't have much reasoning for that statement though other than the fact that average people around the world will find BTC more and more expensive. Let alone get your hands on a whole piece of it.
What's your take, will BTC reach a peak level of $388,000 this bull market and how much of a sense that peak would make. What's your math behind such a potential ATH for Bitcoin this cycle?
Thanks for attention,
Adrian