Experts: Bitcoin Price Can Go Up 1000 Percent
Clem Chambers believes that Bitcoin is algorithmic asset. British entrepreneur, author, journalist and blogger known for his involvement in ADVFN, says that charts don’t explain everything about cryptocurrency.
If you have a look at any diagram of Bitcoin you will see that this cryptocurrency is on the bear market. Current price of «digital gold» is 6 250 USD which is much lower than 20 000 USD in December last year. Technically Bitcoin went down 68% within 7 months.
Another good example is Nasdaq that went down 78% within 31 month in 2000-2002. BTC crisis is similar but the time frame is much shorter.
Logarithmic diagram shows BTC Exponential annual growth
According to Chambers, careful logarithmic diagram study shows something you wouldn’t be able to see in a line graph. When BTC price is put into logarithm we see 26% growth. To understand how profound this revelation is, Chambers says such logarithmic growth mirrors that of Warren Buffett’s investment portfolio.
Next price could be $4000-5000
If Bitcoin is an logarithmic asset then the bear market obser-vation holds true.
Chambers thinks that the next price floor is somewhere be-tween $4000-5000. The bulls cannot provide a consistent push to a new high until the next price fall is reached. He also predicts that 1000% growth is not impossible. However, short term investors might lose a lot of money.
Recently Chambers said that Bitcoin price might go down to $2000 and then go up to $20 000.