Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, recently discussed the rationale for his Bitcoin and Cardano price predictions. As part of his predictions, the crypto analyst had declared that was Bitcoin will reach $100,000 soon enough.
Why Bitcoin will rise to $100,000
In a interview with Scott Melker, Dunleavy alluded to the Bitcoin halving as the reason why he believes Bitcoin will reach $100,000. Interestingly, he stated that this prediction was “a bit light” when looking at past post-halving numbers. He noted that Bitcoin’s price usually increases at least four times Halving event occurs.
Bitcoin halving continues to be predicted as the event that will trigger the next bull run and usher in these price increases for Bitcoin. Skybridge Capital CEO Anthony Scaramucci also cited this event as the reason for his prediction that Bitcoin will rise to $170,000. Like Dunleavy, he also noted that Bitcoin usually sees an increase of at least four times afterward Miner rewards will be halved.
Indeed, Bitcoin is known to have experienced a major rally after the Havling took place. Historically, Bitcoin’s price has risen 8,000%, 284% and 559% a year after the halving in 2012, 2016 and 2020 respectively. Furthermore, in each of these cases, Bitcoin’s price has reached a new all-time high (ATH), making the $100,000 price prediction very feasible.
Source :MilkRoad
Dunleavy also highlighted the Discover Bitcoin ETFs and macroeconomic factors such as the expected interest rate cuts among other reasons why he thinks a doubling of Bitcoin’s price is a “solid base case.” These ETFs are expected to continue contributing to increased demand for the flagship crypto token, while a rate cut will mostly bullish for Bitcoin.
Why Cardano is dead
In his 2024 predictions, Dunleavy boldly claimed as much Cardano would lose its relevance and a new chain would take its place. In elaborating the reason for this claim, he alluded to the the lack of a stablecoin in the network and that DeFi (Decentralized Finance) effectively ‘didn’t exist’.
The crypto analyst continued calling Cardano’s founder, Charles Hoskinson, a “megalomaniac” who is “unwilling to change or adapt to the ecosystem.” He suggested this was why projects on the network want to migrate to other networks, a move he believes will cause Cardano to disappear in the long term.
Dunleavy also noted how Cardano’s lack of venture capital (VC) has handicapped the network, given the recognition and users these VCs bring “directly through their capital.” This was another reason why the crypto analyst was not so hopeful about the future of the network.
BTC bulls reclaim control | Source: BTCUSD on Tradingview.com
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