Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s Why
08 Febrero 2024 - 12:00PM
NEWSBTC
Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV
Capital, recently elaborated on the reason for his price
predictions for Bitcoin and Cardano. As part of his predictions,
the crypto analyst had, at the beginning of the year, stated that
Bitcoin was going to hit $100,000 soon enough. Why Bitcoin
Will Rise To $100,000 In an interview with Scott Melker, Dunleavy
alluded to the Bitcoin Halving as the reason why he believes
Bitcoin will hit $100,000. Interestingly, he stated that this
prediction was a “bit light” if the past post-halving numbers are
to be considered. He noted how Bitcoin’s price usually sees at
least a 4x increase once the Halving event takes place.
Related Reading: XRP Price On The Brink: This 10-Year Trendline
Could Lead To A 4000% Surge Bitcoin Halving continues to be
predicted as the event that will spark the next bull run, ushering
in these price increases for Bitcoin. Skybridge Capital CEO Anthony
Scaramucci also referred to this event as the reason for his
prediction that Bitcoin will rise to $170,000. Like Dunleavy, he
also noted how Bitcoin usually sees at least a 4x increase after
miners’ rewards are cut in half. Indeed, Bitcoin is known to
have experienced a big rally after the Havling took place.
Historically, Bitcoin’s price has seen an 8,000%, 284%, and 559%
gain one year after the Halving in 2012, 2016, and 2020
respectively. Furthermore, Bitcoin’s price has hit a new all-time
high (ATH) in each of these instances, making the $100,000 price
prediction very feasible. Source :MilkRoad Dunleavy also
highlighted the Spot Bitcoin ETFs and macroeconomic factors like
the expected interest rate cuts as other reasons why he thinks a 2x
increase in Bitcoin’s price is a “solid base case.” These ETFs are
expected to keep contributing to an increased demand for the
flagship crypto token, while a rate cut is usually bullish for
Bitcoin. Why Cardano Is Dead In his predictions for 2024,
Dunleavy boldly claimed that Cardano would lose its relevance and a
new chain would take its place. Elaborating on the reason for this
assertion, he alluded to the network’s lack of a stablecoin and
that DeFi (Decentralized Finance) was basically “non-existent” on
it. Related Reading: Bitcoin Miner Reserves Drop To June 2021
Levels, What This Means For Price The crypto analyst went on to
call Cardano’s founder, Charles Hoskinson, a “megalomaniac” who is
“unwilling to change or adapt to the ecosystem.” He suggested that
this was the reason why projects on the network are looking to
migrate to other networks, a move which he believes is going to
cause Cardano to fade off in the long run. Dunleavy also
noted how Cardano’s lack of Venture Capital (VC) has handicapped
the network, considering the recognition and users these VCs bring
“directly through their capital.” This was another reason why the
crypto analyst wasn’t so hopeful about the network’s future.
BTC bulls reclaim control | Source: BTCUSD on Tradingview.com
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