Do you need some holiday spirit on this Monday morning. Do not worry. Bitcoin could reach $120,000 by Christmas.
Canary Capital CEO Steven McClurg believes this.
“There’s a lot of appetite” He added that bitcoin and Bitcoin ETFs could be the fuel for this run.
This is the truth. It’s hard to see that type of rise happening right now. Over the weekend, bitcoin mostly sat below six figures, unable to take — and hold — $100k.
McClurg said that all the work he has done led him to think a rally might happen. Even if the $120,000 is elusive for another year, McClurg remains hopeful.
He’s confident that if the number isn’t reached by Christmas we will see it in time to ring in 2019.
McClurg’s Price Target is a little similar to Ledn’s John Glover’s PT (only $5k off).
Some analysts, as I mentioned last week are worried that bitcoin could reach a tipping point in late January.
Vetle Linde from K33, in an email, said: “The average distance between BTC’s first cycle ATH and its last ATH during its past three cycles is 318 days. Under the assumption that average trajectories hold, a peak would occur on January 17. This is not unlikely, given that Trump’s inauguration will take place on January 20.”
McClurg believes that the peak of the market won’t be next month. He believes that it may last between June and October. His reasoning is the historical fact that Bitcoin has historically lasted for about six months when a new President takes office.
When I asked whether or not the four-year cycle will hold moving forward, McClurg said yes…with a twist.
“I believe that cycle will still be there, but that being said, bitcoin will begin to follow the broader macroeconomic cycle closer over time than the typical four-year cycle,” He told me.
It is worth noting that we are going to have some macro events. This week we will get to see the crucial November CPI, and next week we have the Federal Reserve’s meeting. These two events could impact bitcoin positively or negatively, depending on data and statements.
There’ll continue to be a fluctuation of between $90k-$100k.
Who knows? In light of holidays, the market may feel bright and cheery. A $120k rally could be just around the bend.
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