In the recent Bitcoin run-up, there’s been quite a bit of cheerleading.
One set of remarks by an experienced analyst is turning heads today as tech reporters talk about future Bitcoin gains.
Murad Mahmudov, a former Goldman Sachs analyst, is predicting what he calls “steady accumulation” of Bitcoin value before a peak of $100,000 per coin.
Right now Bitcoin stands at just over $11,000.
A tweet today reveals Mahmudov’s assertion that short-term volatility belies big gains on the long-term horizon.
“At first glance this looks like a weak chop for the next week or so, but my intuition tells me there is steady accumulation happening at these levels,” Mahmudov tweeted. “Don’t try to outsmart yourself on short timeframes, zoom out & think big. In my view, BTC is going to $100K per orangecoin.”
As reported by Marie Huillet at Cointelegraph, Mahmudov cites 200 day moving averages and other metrics that support much higher values by 2021.
“Isolating $10,800 as an emergent key support level on the BTC/USD daily chart as well, (Mahmudov) said that — with the caveat that he is not purporting to give financial advice — ‘If I were a betting man, I would be patiently and slowly adding at every key support,’” Huillet writes.
With these rosy takes on Bitcoin’s future, Mahmudov joins figures like Anthony Pompliano, also quoted in Huillet’s story, who said that central bank activity around the world will be “rocket fuel” for Bitcoin value, and cybersec magnate John McAfee, recently released from detainment and incarceration in the Dominican Republic, who has been clear about his bitcoin bullishness for a long time.
It’s all part of a growing body of predictions based on much, much higher Bitcoin values. Many cite institutional buy-in around the world as a driver; some, like Pompliano, get more specific. Watch the markets!