In a tweet today, famous crypto entrepreneur and CEO of Ballet Bobby Lee predicted that bitcoin [BTC] price will be in range $500k-1 million in next 10 years. The crypto guru stood firm on his earlier Bitcoin price prediction of $500k by the year 2028. He made this prediction in a chat with his peers in his circle when asked about Bitcoin price over next 10 years.
— Bobby Lee – Ballet: World’s EASIEST crypto wallet! (@bobbyclee) August 11, 2020
Will Bitcoin [BTC] Price Hit $25,000 By December 2020?
Bobby Lee is one among most successful personalities in crypto space, he is a board member at BTC foundation and also co-founder of a crypto exchange and a crypto wallet company. From time to time the expert has predicted Bitcoin prices based on his analysis, today let’s dig deeper and analyze expert’s past predictions.
In April 2020, in a quote to cointelegraph Lee predicted Bitcoin prices to rise by 25%-50% post halving in May 2020. He predicted the Bitcoin prices to be $10,000 by May 2020 and $25,000 by December 2020.
Well, the prediction by Bobby Lee was up to the mark and Bitcoin price reached $9,913 on May 8th, 2020 and later surpassed $10,000 mark on June 2nd, 2020.
His next prediction for Bitcoin to hit $25,000 by December 2020 is already on track with strong bull support and rising world wide economic panic due to pandemic.
Earlier his prediction was on the basis of cut in Bitcoin supply due to halving and as demand remains same the prices will increase for sure. But, now his prediction is further supported by rising supply of money by Fed as well as economic uncertainty among investors due to Covid19 pandemic.
His prediction is also supported by an important stock to flow model used to predict the price of assets based on their supply & demand.
As per the recent data from glassnode studios, the stock to flow chart as on Aug 5th, 2020 shows Bitcoin is currently undervalued and is well below the predicted price. It also shows that prediction made by Bobby Lee is well in range as Bitcoin may cross $30,000 by December, 2020.
As of now the rising geopolitical and economical tensions definitely support Bobby Lee’s predictions and fundamental indicators like Stock to flow ratios are also supporting crypto expert’s analysis. Though the market cap of bitcoin is still very less as compared to other store of values like Gold but lucrative return on investments with Bitcoin makes it worth a try asset for investors. Recent adoption news like grayscale Bitcoin trust accepted as SEC reporting company are also indicating mass market support from traditional wall street players for bitcoin is on its way. In all, this bull season is here to last and may pave the way for rapid bitcoin adoption.