Cryptocurrencies traded lower Thursday with bitcoin slumping to fall below the $6,900 level, but that hasn’t stopped a mega bullish bitcoin price prediction.
Some crypto market observers believe the long-term outlook remains encouraging for the largest digital currency.
Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“Initial coin offering advisory firm Satis Group believes bitcoin’s price might jump to $96,000 over the next five years, according to a new report,” reports CoinDesk.
Assuming that price target is reached, it would be more than quadruple bitcoin’s previous all-time of around $20,000, which was seen late last year.
The leading digital currency reached a high of $20,000 late last year, but has since fallen over 60%. Technical analysts are closely watching whether the digital currency can break through its current price levels–specifically, a move past a resistance level of $6,800 could signal another bullish trend.
Inside the Bitcoin Price Prediction
“Satis Group published the latest report in its five-part analysis of the cryptocurrency ecosystem Friday, this time examining how the cryptocurrency market is valued and whether this valuation matches the actual assets underlying token prices. The report, written by researchers Sherwin Dowlat and Michael Hodapp, also created predictions for how the market might look over the next few years,” according to CoinDesk.