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A global macro economist and well-known investor, has shared not one, or two, but three of what he refers to as “perfect” Bitcoin price charts.
Two out of the three charts point to realistic upside targets of $1 million per BTC. Can Bitcoin truly reach a valuation so high?
Realizing Bitcoin’s Long-Term Disruptive Potential
Bitcoin has incredible disruptive potential. It could one day replace all of the world’s money and become the global reserve currency, or it could fail and go to zero. It’s a risk that those who invest in cryptocurrencies are willing to take.
For anyone who did so earlier on, it led to life-changing wealth.
Bitcoin started its life virtually worthless, and over the course of the more than a decade in the market, has reached a peak price of $20,000.
The booming crypto asset after fell into a bear market, but ever since crypto investors have been salivating at what would be possible at the next peak.
Valuation models, charts, and more have all been produced to support theories that Bitcoin price could reach astronomical figures.
Related Reading | McAfee Just Backtracked From His Infamous $1 Million Bitcoin Price Prediction
Predictions reach as high as $1 million per BTC, although that’s been back tracked on since. Polls across the crypto community also support these incredible valuations.
Economist Shares Three Perfect Charts, Two Point to $1 Million Per BTC
For the most part, these predictions have been pure speculation. Thankfully, a highly-respected macro economist and investor, has shared what he refers to as three “perfect” Bitcoin price charts.
Two out of the three charts point to a valuation of $1 million per BTC.
Raoul Pal is the Founder and CEO of Real Vision Group. He’s known as a global macro investor, investment strategist, economic historical, and more.
With his credentials, it gives any charts shared by the investors that much more credence and validity.
Chart 3 – The Perfect Regression Channel
That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential). pic.twitter.com/YV1SUOKWjn
— Raoul Pal (@RaoulGMI) May 8, 2020
The first of the three charts is “The Perfect Wedge.” This formation on the linear scale offers a price target of just $40,000.
The next chart is the same perfect wedge, but “on a log chart.” This one, provides the potential to “run” to $1 million per BTC.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
The third and final chart, called the “Perfect REgression Channel” plots a standard deviation to $400,000, but with the second deviation to as high as $1 million.
With two out of three charts supporting prices of $1 million per BTC, could such valuations really be possible?
Bitcoin is incredibly scarce and was designed to only increase in value as the asset is adopted. Meanwhile, USD is heading toward hyperinflation. The perfect storm for Bitcoin to reach such prices is here and now.
