- Crypto analyst and commentator Lark Davis expects Bitcoin to add 300% by Q4 or early next year.
- As Bitcoin trades at $50,000, the crypto analyst noted that investors are not selling their crypto-assets as they remain positive that BTC will continue to climb higher.
In a recent video posted on YouTube, crypto analyst Lark Davis spoke about Bitcoin trading above $50,000. Referring to the new BTC value as a “nice thing to see,” the analyst did a technical price down of the price movement in the video posted on the 23rd of August. He added that Bitcoin would hopefully close above $50,000 at the end of the day.
Crypto analyst Lark Davis speaks as BTC crosses $50,000
According to Davis, the $50,000 price level is a psychological mark for Bitcoin, and several investors have been looking forward to BTC reaching the price level. He added that the current price of Bitcoin is in a significant position in terms of price resistance.
In addition, the crypto analyst pointed to the bull’s reaction to Bitcoin at $50,000. He noted that a lot of investors are not selling their crypto holdings for now. This suggests that crypto holders are optimists about the price of Bitcoin moving higher. Davis said that miners and the big wallet addresses are accumulating.
Although Davis noted that he may not be bullish enough on Bitcoin, the analyst is confident that BTC would reach 6-digits.
Everyone wants to see the price go higher. If you really think that Bitcoin is going to go to six digits, why would you sell now?
Speaking further, Davis talked about the recent 700 percent jump Bitcoin gathered over “a 200 day moving average.” Before now, Bitcoin recorded a 200-day moving average in April last year. At the time, BTC saw more than 718 percent gains. Now, the crypto analyst is predicting that Bitcoin may increase as much as 300 percent by late 2021 or early 2022.
Additionally, Davis mentioned how a 300 percent rally would pump Bitcoin market capitalization. Currently, at over $942 billion, Bitcoin will reach $4.5 trillion to $5 trillion if it surges 300 percent . At Bitcoin’s all-time high price of nearly $65,000, the cryptocurrency was at about $1.2 trillion market valuation.
By the end of the decade, I’m pretty certain that we’re gonna see Bitcoin trading in the upper hundreds of thousands of dollars, potentially even having reached a million dollars per coin by the end of the decade.
Lark Davis: Crypto is in the early stage
Furthermore, the crypto commentator spoke about how crypto is still in its early stages. Noting that cryptocurrencies are currently at $2.2 trillion, Davis said all crypto is worth less than Apple and Microsoft. He also stated that Bitcoin is worth less than Saudi Aramco, Alphabet, Amazon, and Facebook.
Davis encouraged investments in altcoins with low market caps. He reiterated that “altcoins are for making big gains and Bitcoin for keeping the gains.” He said investing in altcoins with low market valuations and taking profits off them as they pump up is a way to make money off in the crypto space.