The co-founder of cryptocurrency analysis company Blockfyre believes that a bull run will return, propelling Bitcoin (BTC) to a price of $150,000.
In a tweet on June 4, Simon Dedic suggested that these gains will not be reflected across the entire cryptocurrency market, although the more solid altcoins should also see impressive price action.
No return to the crypto-mania of 2017
Bitcoin’s dizzying ascent to its current all-time high of almost $20,000 in December 2017 came complete with a media frenzy around all things crypto.
Coupled with a boom in initial coin offerings, and fuelled by investor FOMO (fear of missing out), money was thrown at literally any project in the hope that it would mirror the gains of Bitcoin.
This became a self-fulfilling prophecy, and pretty much every altcoin posted a significant price increase during 2017.
The cream rises to the top
While Dedic warned that he believes this won’t happen again, he does envisage a Bitcoin bull run returning and “pumping the few solid alts out there.”
He even went as far as to make a number of price predictions, such as Bitcoin gaining over 1,400% from its current price of around $9,750 to reach his target of $150,000.
Ether (ETH) is set to fare even better according to Dedic, increasing more than 3,570% from current levels around $245 to a price of $9,000. And Binance Coin (BNB) is predicted to see a 2,750% rise to $500.
But this all fades into insignificance compared to Dedic’s prediction for VeChain (VET), with a seemingly modest target price of $1. However, this marks a massive 14,100% increase on its current price of $0.007.
VeChain has recently partnered with fresh meat suppliers in China to improve traceability, and Walmart’s Chinese subsidiary to track food products.