In August, Preston Pysh predicted that shortly afterwards the price of Bitcoin would soar: $20,000 by Christmas?
Will Bitcoin (BTC) reach a new high by Christmas? It seems to be an overly cautious forecast given the latest developments, but an analyst had estimated the current levels already in August.
Preston Pysh, co-founder of The Investor’s Podcast Network, predicted that the value of the BTC/USD pair would increase by 90% by the end of the year when the cryptocurrency was still fluctuating around $11,000.
Pysh: year-end growth will be „crazy
In particular, during an episode of the Swan Signal podcast, Pysh had stated:
„It should reach a new all-time high by Christmas 2020. This means that, from current levels, we will see growth of 80-90%. This is crazy, because there aren’t many months between now and Christmas.
So I think there could be a leap between now and the end of the year […] for which few people are prepared“.
He then added that gold will not be able to match Bitcoin Trader growth: a forecast that proved to be accurate, since after the U.S. elections the price of precious metal has not increased.
This Tuesday the BTC/USD reached a peak of $18,400, ending the day in positive 10%. These excellent performances allowed the cryptocurrency to reach its highest market cap ever.
Pysh was already in the spotlight thanks to a discussion on Twitter, where he highlighted the most common errors on Bitcoin and its security. This week he cited another statement from him in August, in which he expressed support for PlanB’s Stock-to-Flow model.
As pointed out by the PlanB analyst himself, Bitcoin is currently behaving exactly according to S2F’s expectations.
„I remember publishing this tweet in August, and all the traditional financiers thought I was crazy. Guess what, it’s simple math,“ Pysh commented this week.
The opinion of traditional finance is changing
Speaking of traditional financiers, recently Ray Dalio, an investor known for his criticism of cryptocurrency, admitted he did not understand Bitcoin. „Something may be unclear to me about Bitcoin and I’d like to be corrected,“ he commented on Twitter.
U.S. billionaire Stanley Druckenmiller also changed his mind about Bitcoin, claiming that cryptocurrency has the potential to be an excellent store of value for future generations:
„Bitcoin could be a very attractive asset class as a store of value, both for millennials and new money on the West Coast … partly because they already have a lot of it. It has existed for 13 years, and day after day its brand is becoming more and more stable“.