Crypto influencer Pierre Rochard says predictions that Bitcoin will reach a top of about $100,000 in the next cycle are way off base and far too low.
Rochard, who is now a Bitcoin strategist for the crypto exchange Kraken, explains to Altcoin Daily why he believes low six-figure predictions for BTC significantly underestimate its potential.
Maybe we’ll have a correction at $100,000 and then it’ll ‘crash down’ to $80,000. But then I think it’s going to make another run. I think the ultimate top for this cycle, it’s impossible to know ahead of time, and this is what makes me worried about people trading. The top might be $200,000. It might be $400,000 or it might be $600,000, and each one of those is multiples of the other.”
With institutional investors increasingly entering the market and legendary investors like Paul Tudor Jones, and Stanley Druckenmiller buying BTC, Rochard says he expects a crush of money to enter the space in a bull cycle that could last as long as three years.
“Trying to time [the market] to me is kind of futile because we’re talking about literally billions, tens of billions, hundreds of billions of dollars flowing into Bitcoin over the next 18 months or 36 months if we have a very long cycle. So where that moves the price, a lot of it is going to depend on how many coins are actually lost versus coins that are waiting for a very big price to come onto the market versus coins that are not going to come onto the market at all because the owners have a long-term view.”
Rochard also questions the point at which Bitcoin investors will begin selling. He believes wealthy investors entering the space will have less incentive to sell as BTC rises because they have already made their fortunes.
So these people don’t sell. They might rebalance, but even then, if they understand Bitcoin’s value proposition they understand there’s no need to rebalance until we’re much further in the future because all of the other markets are dramatically overvalued. Stocks and bonds are hugely overvalued if you look at earnings or if you look at yields.”