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Bitcoin can reach $ 90,000 within five years?

Recently, two analysts from the ICO consulting firm, Satis Group, have predicted that bitcoin prices will reach $ 96,000 over the next five years.

In making this prediction, Sherwin Dowlat, head of research, and Michael Hodapp, research analyst, have exploited fundamental analysis.

"Currently, the overwhelming majority of the total capitalization of the crypto market is held in the traditional deposit of value markets, with offshore deposits accounting for almost 40% of the total," they stated in the report.

Looking ahead, the growth of this market capitalization will come "mainly from the increase in the penetration of the value of use case", analysts said.

In addition, they anticipate that custody solutions "arrive online", the "penetration" of offshore deposits will increase "dramatically".

Analysts have predicted that the broader digital currency market would enjoy robust growth, reaching a total value of $ 3.6 trillion in 2028, about 1.700% more than its current value of about $ 210 billion on CoinMarketCap.

Mixed views of analysts

When analyzed, analysts offered contrasting responses to the prediction of the report that bitcoin prices could reach $ 96,000 by 2023.

Some have criticized the forecast as excessively bullish, while others have stressed the difficulty of accurately predicting what the price of a digital currency will be in five years.

"The price of Bitcoin can be anywhere in five years, from $ 10,000 to $ 100,000," said Joe DiPasquale, CEO of the hedge fund cryptocurrency fund BitBull Capital.

"It is difficult to provide an exact prediction because there are numerous fundamentals that could change between now and 2023."

He added that:

"Digital currencies and resources are the future of transactions and value storage, and Bitcoin is driving this revolution, but that does not make it easy to guarantee a specific price five years down the road."

A pricing forecast is ambitious & # 39;

Marouane Garcon, CEO of the Crypto-to-crypto derivatives platform Amulet, said the $ 96,000 "price forecast" could be a bit ambitious ".

"I do not think we will reach $ 96,000 by 2023," he said.

Yazan Barghuthi, CEO of Jibrel Network, also threw cold water on forecasts, stating that:

"I think BTC has an irresistible case of use as a store of value, particularly in countries suffering from hyperinflation (Iran, Turkey, Venezuela), but presuming it will gain considerable market share from private banks in markets like the US United, Switzerland, Singapore, Germany, the Netherlands, etc. In the next 5 years, it is extremely optimistic ".

Bitcoin bullish predictions "entirely possible"

While the aforementioned analysts looked skeptical, some market observers have said that the bitcoin could very well reach $ 96,000 by 2023.

Eric Ervin, CEO of Blockforce Capital, said that "a valuation of $ 100,000 per coin for bitcoins is entirely possible".

"The current market capitalization of $ 112 billion of Bitcoin represents only 0.1% of the entire global money supply, which is currently valued at around $ 90.4 trillion," he added.

Marius Rupsys, a digital money investor, offered a similar grip on the issue.

"Reaching the price of $ 96,000 seems possible if we consider bull markets," he said.

Rupsys added the following:

For example, bitcoin has risen from less than $ 1,000 per coin to over $ 16,000 per currency in 2017 alone. What is more than 16 times the increase in 1 year. Bitcoin is trading at $ 6,450 today, which means it must increase 15-fold over the next 5 years to reach $ 96,000. Assuming that the bitcoin survives so long and volatility maintains similar levels, it should be realistic enough to do so during the next bitcoin run.

Digital assets & # 39; Here To Stay & # 39;

Oliver Isaacs, blockchain investor, advisor and influencer, has also provided bullish contributions on the digital currency markets.

"Digital resources are here to stay," he said.

Isaacs pointed out that while the market capitalization of cryptocurrencies is about 200 billion dollars, "the demand for money is about 200 trillion dollars".

"If the cryptocurrencies are really solving the problems of paper and fiat currencies that I believe, we will see that 200 billion start to rise up to 200 trillion and that close gap (which is a gain of 100,000%)."

As a result, bitcoin prices could reach $ 96,000 during "during a strong upward trend leading to Bitcoin" Halving "in 2020," he said.

We thank Matt Chambers for this post.

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