Bitcoin Price to hit $400k a prediction by an analyst *face palm*

[Juggy777]

Dave the Wave the analyst who this article author claims correctly predicted last years bitcoin crash, has made a wild speculation again this time as he claims that Bitcoin prices will hit $400k which is an absurd prediction in my personal opinion. Further the author of this article wants us to believe that just because Dave got it right once he’ll get it right again, and I do hope that newbies don’t fall for such gimmicks and avoid making investment decisions based on such analysts views.

In the crypto world, Dave the Wave’s predictions always carry significant weight. This is after he predicted in July last year that BTC would enter a parabolic downtrend, and Bitcoin price fell from $11,600 to $6,425 as he predicted.

With Dave the Wave’s previous prediction coming true in the past, this lends credence to this forecast.

Author is a newbie first he claims it’s a reliable prediction, and then goes on to questioning it :

As to how BTC would increase to these prices remains a mystery, especially for greenhorns in the industry. However, it is not the first time Bitcoin hikes by a seemingly unthinkable amount.

Source:

https://www.cryptopolitan.com/btc-price-to-hit-400k-dave-the-wave/

[jackg]

If you came to me in 2016 and told me, when we were at $1k a bitcoin, that we were going to 20- would I have called you stupid? Probably.

If we continue on the last trajectory $300k is what I targeted us at I DO NOT THINK WE WILL HIT THAT but I made it an "optimistic target" and rubbed out my whiteboard...

Tbh I also think if we don't hit $150k in the next 30 months, bitcoin may be as good as dead for being a strategic investment choice... Which is good for me as it'll mean the price will become more stable and we can see more adoption.

(I really thought we were botooming out at 6k too)

[figmentofmyass]

If you came to me in 2016 and told me, when we were at $1k a bitcoin, that we were going to 20- would I have called you stupid? Probably.

If we continue on the last trajectory $300k is what I targeted us at I DO NOT THINK WE WILL HIT THAT but I made it an "optimistic target" and rubbed out my whiteboard...

$300-400k is what i have in mind, if bitcoin enters another bubble like 2013/2017. when extrapolating from the previous ATH, that's conservative based on the average of those two runs.

a lot of people assume every bubble will keep getting smaller in % terms. they might be surprised the next time around. don't be fooled by market cap---bitcoin's lack of circulating supply can do wonders for the price! that's what makes it so hard to to predict.

at the risk of sounding overly bullish, it's mostly not a question of if but when. will we go below $3k and stay in a bear market for another year or more? maybe so if the world economy keeps crashing.

[jackg]

a lot of people assume every bubble will keep getting smaller in % terms. they might be surprised the next time around. don't be fooled by market cap---bitcoin's lack of circulating supply can do wonders for the price! that's what makes it so hard to to predict.

This is especially true if we collide with a recession.

If anyone with spare funds starts putting $5 or 1-5% of their net worth into bitcoin then we're going to see something weird happen.

I saw an influencer complain that they had put everything into bitcoin and randomely brought it up (and to be honest they were a real random and looked to have very little technical knowledge - the dude had a iPhone 🤣).... We saw retail pull out 5 trillion dollars and most likely put it into accounts with bad interest rates (that could soon turn negative or already have).

Warren buffet also seemed to think bitcoin was a good long for 5 years in 2018 I think but long term didn't look like the best investment (and he's probably disappointed he can't put much in it with Berkshire since market cap here is low)...

[coinfinger]

$400 will be possible for bitcoins but when? Around the current pandemic scenarios I doubt it may not be even in 2021 (previously I was confident about having a new ATH by end of this year and another ten to 20 fold growth in 2021 but corona spoiled everything, it seems).

If there will be any curing and preventing vaccine against corona then we again need to do all new math.

@davthewave could turn again accurate as they expect $400 on next spike which may be in 2021 or later on. I am always having no doubt about the long term targets for bitcoins as my ten year speculation on bitcoin price levels would be twenty millions. The difficult one is what is going to happen in short term like what would be the bitcoin price by end of this April or May.

[LFC_Bitcoin]

I think we’ll go above $100,000 & probably before 2022 but $400,000 is pushing it in this cycle. I mean fucking hell, I’d love to be wrong but I think $400,000 will be after the 2024 halving so you’re looking at in 2025 or something.

[n0ne]

What we are experiencing at present is the growth that has taken place in around ten to twelve years of time. During those days very few believed that the price will reach high as we experienced during the previous bull trend. Likewise is the prediction by the experts. We can hit higher and higher, as the user community and access keeps widening.

[ScamViruS]

Giving a target doesn't matter. But how much of that is a matter of reality. If someone said in 2013 that Bitcoin would go 20k in the future, would you believe it? But in reality it has. I'm very optimistic about bitcoin. I don't want to say anything about price prediction at this time. I want to see the previous ATH cross. Because if the ATH crosses, I think the real game will start.

[exstasie]

It's in the realm of possibility.

Look at the last bull market, 2015-2017. Bitstamp hit the bottom at $152.40 and topped at $19,666. That's a 12,900% gain. If we use $3,850 as the bottom, a 12,900% gain = $496,650.

[pixie85]

I've read some predictions that I agree with and those were basically saying that Bitcoin is an all or nothing asset and in the next 10 years it will go to a million dollars or almost 0.

If you compare the value of a typical payment platform or an international bank it can be many times more valuable than Bitcoin. If bitcoin relally becomes the digital gold that people want it to be it's going to become more valuable than some small countries and a million dollars per coin is not going to be out of reach.

On the other hand it can like many technologies become abandoned and forgotten. 400 thousand is not much really.

[24Kt]

It's in the realm of possibility.

Look at the last bull market, 2015-2017. Bitstamp hit the bottom at $152.40 and topped at $19,666. That's a 12,900% gain. If we use $3,850 as the bottom, a 12,900% gain = $496,650.

Good numbers that are great to see. I wonder how near we will achieve that number in the next couple of years. But at the moment, I am curious how much will be the bitcoin price after this halving in May.

[Kelvinid]

It's in the realm of possibility.

Look at the last bull market, 2015-2017. Bitstamp hit the bottom at $152.40 and topped at $19,666. That's a 12,900% gain. If we use $3,850 as the bottom, a 12,900% gain = $496,650.

That was close to reality.
2015-2017 has a 2yrs gap.

So if we consider that $3,850 (this year) therefore, we can expect that Bitcoin will reach $400k 2 years from now and that is 2022. That is totally amazing and I hope DAVE is right and I have to write this on my notebook for me to capture what will happen in the next two years.
But we should also think about volatility that makes things work differently as we expect to happen in the future. Even though there is a possibility but I'm not really confident about it.

[The Sceptical Chymist]

If you came to me in 2016 and told me, when we were at $1k a bitcoin, that we were going to 20- would I have called you stupid? Probably.

Same here.  I never would have even imagined bitcoin would touch $10k back in 2015-16 when it was less than $1k--but it did.  However, $400k is another story.  Having been so wrong in the past, I now wouldn't rule anything out but that level seems like it would take a long time to reach, especially when the health of the world economy is questionable (at best) because of the coronavirus outbreak.

Personally, I'm just happy bitcoin didn't sink more than it did in the past month and a half.  I doubt it's going to reach $10k this year, and if it ever does go to $400k it's going to be years--or at least, that's my best guess, which is probably as good as anyone else's.

[pooya87]

$400k price itself is not a strange or impossible price to reach, predicting it is also not a terrible thing to warrant a "face palm"!
but starting the so called "prediction" with preceding the person saying it is some sort of expert is the absurd part. if you check all the newbies who make wrong predictions you can see a lot of them make similar claims to this dude that OP mentions, they first start claiming they have made perfect predictions in the past to try and fool the reader into thinking they are "experts" then continue by making some nonsense prediction for the future.
otherwise the real experts don't need to pretend anything, their history speaks for itself not to mention that they don't waste their time making public predictions in first place!

[adaseb]

Bitcoin has a tendancy to have these bubbles simply due to the fact of short supply. If you were around in late 2017 you would of realized that many people wanted to buy bitcoin but couldn't because bitcoin ATMs and certain foreign exchanges simply ran out of bitcoins left to sell.

So what happens when there is huge demand and absolutely no supply, prices skyrocket. Eventually people who are holding BTC realise that they are "rich" so they send their coins from cold storage to an exchange and sell it, and then the price starts to go down.

Its possible for this to happen again. If we break $20K, we will slowly go to $25K but once $50K is broken, we can easily go to $100K from there since almost everybody sold and no more sellers.

[Wexnident]

Well, it isn't impossible. Though adopting an attitude of believing one guy after getting one prediction right might be the wrong one instead. There are talks of the recession coming in after the latest events/damages of the virus impact were finished. If traders/financers adopted to use BTC, believed it to be a safe asset then really, the amount that BTC would blow up would be more than what we can imagine. It may even exceed the said price of $400k. Not to mention that most of the current supply out there hasn't been moving that much, leading to the situation where the current supply that is being circulated in exchanges is actually much less than the released supply after a decade of its release.

[jossiel]

Not impossible but that's too much prediction. It doesn't mean just because he got right about the bear market means that he can have it guess perfectly again.

This makes people greedier of such high claims. I'm ok with the lesser amount that we might see within the next few months or a year or two. With those realistic prices, that will make the adoption better but if it bubbles again, we will see.

[sheenshane]

snipped-
It doesn't mean just because he got right about the bear market means that he can have it guess perfectly again.

You have a point there, it might be also that moment was a coincidence that he predicted perfectly with his price prediction. And now, he again claimed a prediction of Bitcoin price on his own. But if you really deeply think, the Bitcoin price is unpredictable.

We are now in a global economic crisis and probably we're already at recession stage but look at the price of Bitcoin it is showed us an improvement in the market. So I don't think it will drop again below $5k. However, it might be also he was right, but who knows. Let just see what will happen, if will predict again the third time, and I will believe that guy.

[davis196]

And how this "Dave the Wave" predicted the last year Bitcoin price crash?Any good detailed analysis posted by this "analyst" somewhere online?I'm sure that he was just guessing and he got right by almost pure luck.
A 400K USD Bitcoin price means trillions of dollars invested in the cryptocurrency markets.It also means mass BTC adoption across all major and middle-sized companies,banks and investment funds.
I simply can't see this happening.

[Gozie51]

Giving a target doesn't matter. But how much of that is a matter of reality. If someone said in 2013 that Bitcoin would go 20k in the future, would you believe it? But in reality it has. I'm very optimistic about bitcoin. I don't want to say anything about price prediction at this time. I want to see the previous ATH cross. Because if the ATH crosses, I think the real game will start.

Somehow too you seem to be pessimistic at the end too to wait for ATH before believing or expecting bitcoin to get as high as that  
To say the fact , from your earlier sentence, nobody really believed bitcoin to hit 20k but it did in 2017. Now it is still possible to have a major run above and higher than the already hit ATH and who knows the next price high.