- According to Tuur Demeester, BTC will not revisit the £2,450-£3,260 level.
- He believes the next bull rally will be triggered by an influx of institutions in the crypto market.
- Arthur Hayes says BTC can plunge below £2,450, but believes the coin will hit £16,330 by the end of 2020.
Tuur Demeester, a renowned bitcoin (BTC) investor and analyst believes that the leading cryptocurrency regarding market cap will not plunge below £4,900 again. As a matter of fact, he is adamant that BTC will surge to reach £40,840 in the near future. Demeester shared these sentiments during an interview on May 18 with Messari, a crypto research firm.
In the interview, Demeester said that Bitcoin was back in a bull market following the recent halving of its mining rewards. Referring to the March bloodbath that saw the crypto market plunge significantly, he added that BTC was well past the £2,450-£3,260 level. Demeester then proceeded to speculate on how the recent inflationary actions by the Federal Reserve could potentially affect the price performance of cryptocurrencies.
The BTC bull is concerned that a low buying power of the US Dollar could pose a threat to a more valuable BTC price. However, he is convinced that a price target of £40,840 is not insane at all. Expressing how bullish he is on BTC, Demeester noted that the coin has what it takes to rise above £40,840 and trade as high as £81,680.
BTC will only reach this price with the involvement of institutional investors
According to Demeester, institutional investors will play a key role in pushing BTC’s price to the aforementioned value. He went on to note that companies seeking a market decoupled from traditional assets will rush into the crypto market. Per the BTC analyst, this rush will be similar to the land-grab phase.
After the interview, Demeester took to Twitter to say he believes that if institutions and whales can accumulate enough BTC, they will likely trigger another parabolic rally in BTC’s price.
The tweet read,
“12 months ago bitcoin broke out of its accumulation phase, and re-accumulation started. A break out of this band will likely ignite another parabolic rally.”
Crypto experts varying sentiments
While Demeester went all out while airing his BTC predictions, other crypto experts are taking a more conservative stance. For Instance, Arthur Hayes, BitMEX’s CEO thinks BTC could easily slip below £2,450 again. While Hayes notes BTC plunging is a possibility, he also believes that the coin could rise above its all-time high as well. However, his prediction is not as high as Demeester’s. Hayes predicts that BTC will hit £16,330 by the end of this year.
Do you think BTC’s price could surge as high as Demeester’s prediction of £40,840? Share your thoughts in the comment section below.
