- Lark Davis remains bullish on Bitcoin as he said the crypto-asset could reach $100K in few weeks and $200k in 2021 Q1.
- The analyst noted that a Bitcoin ETF approval will serve as a major catalyst for Bitcoin to pull the high numbers.
Ever-bullish Bitcoin fan Lark Davis believes Bitcoin can get to a $100K price level in a few weeks and hit somewhere between $180K and $280K. The Youtuber gave his prediction on Bitcoin and when it is expected to pull the number in a video posted on the 10th of October. Davis spoke on the possibilities for Bitcoin to spike to a new ATH.
Davis highlights precedents that position Bitcoin for massive gains
Noting that predicting such high numbers seems impossible, Davis added that several precedents have positioned Bitcoin on the line of exceptional gains. According to the Bitcoin bull, a Bitcoin exchange-traded fund (ETF) could be the catalyst BTC needs to soar. He added that Bitcoin adoption by more public companies like Facebook and other top companies could fuel a jump in the value of the top cryptocurrency.
In his explanation, the crypto investor made a reference to the stock-to-flow model whose creator also placed a prediction on Bitcoin. The stock-to-flow creator said Bitcoin would reach $135K in a worst-case scenario by December. If BTC lives up to the $135K expectation, it would be about a 150 percent gain from its current price of $56,475.
In addition, the analyst pointed out that the year after a Bitcoin halving, there’s usually an increase in the price of the crypto asset price.
What happens with the Bitcoin halvings is that it tends to be the year after the Bitcoin halving is when you have the big price rally- the final price rally for Bitcoin before the markets cool off and enter into a bearish phase.
BTC approaches new ATH
Starting with 2013, the year after the first Bitcoin halving on the 28th of November 2012, Davis noted that there was a 9,529 percent gain. Following the second Bitcoin halving on the 9th of July 2016, there was a bull run in the price of Bitcoin as the cryptocurrency saw 2,888 percent over 75 weeks. Using the same cycle, Davis said we could see about 2,000 percent gains, pushing BTC to around $200k in 2022 Q1. He said we could also watch out for Bitcoin at $100K in December based on the same analysis.
In his latest YouTube video, Davis said that we are getting “very close” to Bitcoin’s new ATH. He added that the major next area of resistance is at $60K. The analyst reiterated that an ETF approval would easily push Bitcoin through the resistance. To people who think we are currently in a bear market and not a bull market, Davis asked that they look back in history to check the trend. He pointed to the fact that BTC is currency about 12 to 13 percent away from ATH.
This is a big deal we’re seeing right now, we’re getting ready to push up for new all-time highs. The only question in my mind is are we going to hit $60k first, or are we going to hit $50 k first before that happens?