The popular assertion that Bitcoin will get to a million dollar is generating different opinions among crypto experts and observers alike.
One of those believers in the assertion that Bitcoin will reach $1 million is veteran software programmer John McAfee who has started defending his points and reasons why Bitcoin could reach $1 million anytime soon.
As this speculation continues to get wide attention, observers are of the opinion that there are many odds of this prediction happening, as well, there are many potential problems.
Theelk Predicts Bitcoin at $1 million by 2025
Not long, a trading view chart analyst Theelk predicted that Bitcoin will reach 1 million by 2025.
What Theelk did in his chart analysis is that he projected every parabolic rise in Bitcoin in the past (previous bull market) and basically arrived at $1 million by 2025.
While some analysts keep on predicting the future of Bitcoin, the digital asset has not reached its all-time high in the past 1 year.
However, Peter Brandt who has been trading for close to 40 years has weighed in on the issue. Peter did not discredit the possibility.
Bitcoin at $1 million Subject to Chaos
Allessio Rastani, who interviewed Peter, first talked about Chaos theory, quoting Linda Bradford Raschke, who said: “I believe that only short-term price swings can be predicted with any precision. The accuracy of a prediction drops off dramatically, the more distant the forecast time. I’m a strong believer in chaos theory.”
This, Allessio said, is the reason he doubt the possibility.
Responding, Peter Brandt said there is no doubt Bitcoin could touch the mark, but he said. he’s trained to offer short term prediction.
“It could be, but I am personally trained for the 2020 Olympic in 100m game. The cow can also jump up to the moon…. If anything is possible, but it is probable.”
Peter, who claimed to be a Bayesian probability thinker, said if Bitcoin is going to reach $1 million, it is going to verify itself in the process.
Summation Against Bayesian Probability
Predicting that Bitcoin is going to reach $1 million is against Bayesian probability, and does not hold together.
Peter Brandt said, statements into the future are subject to Chaos theory. For Bitcoin to go to $1 million, it has to get to 10,000 first, then to 20,000, before landing to $50,000.
“As a trader I’m not interested in buying low and selling high.
He said If he get’s in at $8,000, and Bitcoin goes to a million, he’s only interested in the 60 percent in between.
Peter once claimed there’s 50% chance bitcoin goes to $100,000, the same way there’s chance it goes to zero. He said the $100,000 is not a prediction but a possibility.
Oliver is an online publisher, managing various blogs through the years.
He had contributed to multiple news portals in the US and the UK.
His interest varies from Political Agendas to recent Technological advancements.Oliver joined as the Chief Editor for Today's Gazette, before been releaved by another Editor. Contact: firstname.lastname@example.org.
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