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Bitcoin (BTC) hitting new all-time highs by Christmas is starting to look conservative, but an analyst called current levels in August.
As noted by the consumer investment service Swan Bitcoin on November 18, the co-founder of The investor podcast network, Preston Pysh, expected 90% year-end return for BTC / USD when the pair traded at $ 11,400.
Pysh: 2020 earnings could be “crazy”
“You should hit a new all-time high by Christmas 2020. That means we have an 80-90% rise from here, which is crazy, precisely because there aren’t many more months between now and Christmas,” Pysh said at a episode of the podcast of the company Swan Signal.
“So to think that there could be a big leap between now and then is going to be a dramatic and dramatic storytelling that I think very few are ready for.”
He added that gold would fail to match “anything like” Bitcoin’s growth, something that has since come true when the precious metal was reported after the US presidential election.
BTC / USD hit highs of $ 18,400 overnight on Tuesday, ending 24 overtime hours that saw 10% gains. The performance accompanied new all-time highs for Bitcoin’s market capitalization.
Pysh himself was already in the spotlight thanks aa Twitter discussion in which he highlighted common mistakes about Bitcoin and its security. This week, him remembered another August statement, in which it approved quantitative analyst PlanB’s stock-to-flow price prediction model projections.
Like PlanB itself keep noticing, Bitcoin is performing exactly in line with expectations after it began its third halving cycle in May of this year.
“Remember posting this tweet in August and all the traditional financiers thought I was crazy. Guess what. It’s just math, ”Pysh commented on Wednesday.
Dalio receives offers of education
Speaking of traditional financiers, a renewed sense of satisfaction surfaced across much of social media on Tuesday when Ray Dalio, the well-known investor who had just despised Bitcoin, seemed to admit he didn’t understand it.
In a now infamous update, Dalio admitted that he was willing to learn the facts about cryptocurrency.
“I might lose something on Bitcoin, so I would like to be corrected,” he wrote.
Among those who offered to do so were Pysh himself, along with Avanti Bank CEO Caitlin Long.
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