Here Come the Million-Dollar Price Targets for Bitcoin. Should We Believe Any of Them?
Due to all the bullish enthusiasm around Bitcoin (CRYPTO: BTC) and the new spot Bitcoin ETFs, it's unsurprising that we're starting to see some very aggressive price estimates for Bitcoin. The one that is getting all the attention, of course, is the new $1.5 million forecast from Cathie Wood and Ark Invest.
While $1.5 million might sound like an impossibly high pie-in-the-sky number for a single cryptocurrency token, you'd be surprised at how easy it is to find million-dollar price estimates for Bitcoin. In fact, you can find $10 million, $100 million, and even $1 billion forecasts for Bitcoin. So, just how realistic are any of these price estimates?
The most common approach for coming up with a $1 million price target, quite simply, is to look at how Bitcoin has behaved in the past and then extrapolate how it might behave in the future. Once you examine the price history of Bitcoin, you'll quickly see how easy this is. For example, it took Bitcoin approximately six months to 10x in value from $1 to $10, another six months to 10x from $10 to $100, and another six months to 10x from $100 to $1,000.
Source Fool.com
