The Bitcoin maximalist, Dennis Porter, said that the price of Bitcoin could reach $100k in the next 6 months. Porter said this via a Twitter post on Friday, July 21 and added that those who do not believe this have not been in the crypto space long enough. According to him,
“If you think #Bitcoin can’t go on a tear from here to $100k in the next 6 months, you haven’t spent enough time in this market.”
He made the statement at a time that the price of BTC is trading above $23,500 after a mini rally that saw the cryptocurrency gain 13% in a week.
Reacting to the comment, the Patrik Patel of Aswath Damodaran said that a Bitcoin rally is a possibility, considering that interest rates will get higher while investment capital would dry up. Patel posited that this is a perfect scenario for the price of Bitcoin to rally.
If you think #Bitcoin can’t go on a tear from here to $100k in the next 6 months, you haven’t spent enough time in this market.
— Dennis Porter #355 (@Dennis_Porter_) July 22, 2022
Other Views On Twitter
Contrary opinion came from Danny Hudz of Hudson Football Show, who said that Porter didn’t take cognizance of the global economic realities in his projection for BTC price in coming months. According to him,
“I’m happy to bet with you that it doesn’t. You’re completely ignoring the Geo-political and global economic reality.”
Another user, @MojorisinUK, thinks that BTC trading around $30k in the next 6 months is more realistic. In his opinion:
“It can also hover in the $20ks with a breakout and correction into the high $30ks, which I think is more likely.”
What Market Analysts Think
The recent gains made by Bitcoin is responsible for the positive outlook of crypto enthusiasts such as Porter. Some market analysts believe that the asset will continue to make modest gains in the short term.
Most analysts believe that the coin would still be bearish in the medium and long term mainly because of recent systemic failures such as the LUNA crash and bankruptcy filing of the Celsius network. The effect of these will no doubt have a lingering impact on the coin market.