Bitcoin (BTC) will see a minimum $200,000 in the coming years and could pass half a million dollars, a popular analyst predicts.
In his latest update on long-term BTC price action, advisor and early Bitcoin evangelist Tuur Demeester put BTC/USD at up to $600,000 by 2026.
Demeester: Bitcoin will react to "trillions" of dollars in bailouts
Bitcoin hitting $50,000 this week comes amid renewed belief in higher levels to come.
Bullish BTC price arguments focus on the cathartic effect of both April’s block subsidy halving and the newly-launched spot Bitcoin exchange-traded funds (ETFs).
While the former reduces the emission of new Bitcoin, the latter is already exerting additional pressure on the available supply.
For Demeester, however, it is macroeconomic factors on the radar.
“In '21 bitcoin topped at $69k,” he summarized.
“I'm targeting $200-$600k by 2026. Fueled by $ trillions in global bailouts/stimulus.”
Of banks and governments. For example, US government today is already spending more on interest payments than on their military. Only way to keep going is to print an ocean of money.
— Tuur Demeester (@TuurDemeester) February 12, 2024
A series of subsequent comments on X (formerly Twitter) referenced systemic problems in the U.S. banking system and governments’ future obligation to supply liquidity to halt their decline.
This reflects a process that is already ongoing, with Cointelegraph reporting on potential risk-asset price volatility hitting in March as a result.
Asked where he expected Bitcoin to hit its next multi-year peak, Demeester added that anywhere from 2025 onward is possible.
On the topic of mainstream interest — so far lacking despite Bitcoin being up nearly $12,000 in under a month — he argued that $50,000 represents a watershed.
“I expect for retail to start waking up soon,” he wrote.
“Remember, there is no fever like bitcoin fever.”
Demeester is well known for his decade-long contributions to the Bitcoin sphere. In 2019 and 2020, meanwhile, he correctly predicted the most recent BTC price all-time high lying between $50,000 and $100,000.
Notorious trader sees "entire market" going lower
Not everyone believes that the future is bright for Bitcoin and altcoins.
Related: Best weekly close since 2021 — 5 things to know in Bitcoin this week
As Cointelegraph reported, even last month, bets on a long-term market reversal were building, including a drop to $30,000.
One bearish voice continues to stand out. In his latest analysis shared with Telegram channel subscribers, popular trader Il Capo of Crypto warned that the $50,000 mark represented a turning point of a different kind.
“I was bullish short-term from $40k because there were possibilities of reaching $50k. It just got hit. Now what?” he queried.
“I'm expecting a rejection of BTC from the $50k level while alts keep pumping more, forming a divergence. After that, the entire market should reverse.”
For most of the past year, Il Capo of Crypto has maintained a BTC price target of just $12,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.