Naeem Aslam, the chief marketing analyst of ThinkMarkets predicts that the price of Bitcoin could hit somewhere between $60,000 to $100,000 before the next halving in May 2020. Aslam’s previous prediction that he made on June 17th regarding the leap of Bitcoin prices to $10,000 proved to be correct. On June 22nd, the prices of Bitcoin successfully reached the five-figure mark breaking the previous year’s records.
The Crypto analyst sites the stock-to-flow ratio of Bitcoin as the key indicator to map Bitcoin’s path ahead. The stock-to-flow ratio is typically used to forecast the price of gold. It is calculated by dividing the current supply by the total yearly production in that particular year. Anchor Joe Kerner, of the popular news channel CNBC, brought this statistical tool into the forefront and since then it has become a very important benchmark.
Bitcoin will move to its next bull run at an increased pace breaking all the previous records and hitting an all-time high of $100,000. The fundamental and technical crypto analyst also added that it is going to be the best valuation model till date. The major price points to look forward are $20,000 and $50,000. When Bitcoin will hit $20,000, the prime focus will shift from the conservative estimates of hitting the all-time high to forecasts of $50,000. From there the Bitcoin’s target will shift to $100,000.
Aslam points out political unrest going on in the Middle east to be the main cause for this sudden growth of the Bitcoin prices. He says that the Bitcoin Bull run has reached its horizon and that it will give Bitcoin far more maturity as an asset. He believes that this is the last parabolic bull cycle for Bitcoin and the Bitcoin price is likely to close at $21,000 in this year.
Bitcoin has by now owned a reputation for being a safe haven for storing wealth. Investors now don’t mind parking their capital in this leading cryptocurrency.