Market Analysis

Bitcoin Stumbles at $7k But this Study Declares BTC Price Gonna Hit $32,000

from Coin Gape 5 years ago 0 0 800

Bitcoin price is currently stuck at $7,000, but bulls are sure to take it to the moon as new study makes bold predictions while sharing the bright future of Ethereum (ETH), Litecoin (LTC) and Monero (XMR) but a stifling growth for Bitcoin Cash (BCH) and XRP.

Bitcoin bulls to skyrocket the price

Bitcoin might be stuck at $7,000 for now, but there is a good news for the crypto enthusiasts as the new study predicts Bitcoin to go beyond the moon in the coming years. For the last few days, Bitcoin is enjoying the bulls and soon expected to go on a rally, though it has been on a slight drop at $6,970 at the time of writing.

Last time, in December 2017, $19,500 has been the peak, but this time, Bitcoin is going to leave it way behind and achieve a new high. In the coming decades, Bitcoin will be jumping not 100 or 1,000 percent, but close to 2000% as per the latest study.

Satis Group, a research firm is making bold predictions for not only bitcoin but the entire crypto market. Authored by Sherwin Dowlat and Michael Hodapp, the report takes a deep dive into the market valuation of the top cryptocurrencies.

Also, read: Bitcoin Joins the League of Top Payment Processors as it Moves Ahead of Paypal and Discover

BTC & ETH are the winners while BCH & XRP have stifled growth

By using the top down, peer-based, and bottom-up models, the following has been revealed:

In order to support economic activities, the crypto market have to expand to the $3.6 trillion by 2028
The fundamental value will be derived from “store of value use cases” while over 90% of their value will stem from “penetration of offshore deposits in the next decade”
In the next 5 years, Bitcoin is reaching $96,000 while Monero will climb to $18,000 and Decred will go $535
Bitcoin Cash will drop down to $268 and a huge strike to XRP at $0.01 while explaining that “most “Other Utility” application-specific networks hold very little value”

The author does specify that the valuation methodologies are not that good of a way to predict the prices in the short term but over the longer period of time as the industry matures, “fundamental valuation techniques will begin to more closely approximate trading prices.”

According to the estimated value of top crypto assets, Winners are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), and Dash. Whereas, XRP, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Cardano (ADA) are going down in the long term.

The price hike of different cryptocurrencies are here:

However, according to the different methodologies used in the research, ADA, NEO, ETH, and ETC holds growing potential as well. The report also notes that the crypto market is led by speculation and is heavily skewed.