Crypto analyst and influencer Tyler Swope is unveiling the exact date on which he believes Bitcoin will hit his target of $150,000.
In a new video, Swope tells his 251,000 subscribers that he does not believe Bitcoin will manage another 10x before the current boom cycle is over.
“$300,000 by December is a tad bit crazy bullish to me. Why? Well, from the last cycle’s top to top, end of 2013 to end of 2017, for the sake of math, we will call it $1,000 to $20,000. That is a 20x. The cycle before that, 2011 to 2013, for the sake of math, we will say from $10 to $1,000, a 100x.
From a 100x to a 20x, that is an 80% decrease in multipliers through the cycles. So if we say from the end of 2017’s $20,000 to December 2021 we hit $300,000, that would be a 15x. From a 20x to a 15x from this cycle to cycle would only be a 25% decrease. I don’t know about that.”
The popular YouTuber highlights that he sees Bitcoin rallying nearly 320% from its current price of $35,790 by the fourth quarter of this year.
“The top for this cycle will be between $100,000 to $200,000 by December 2021. This is and has been my prediction for a long time. But if I had to give you a specific number and day, how about right here: $150,000 by December 15th, 2021.”
In the short term, Swope believes that current price action is designed to trap bears.
“Some bears got locked out, and they won’t let them out because this pattern may be a triple bottom and not a top… Three clear bottoms and after that, according to my TA, Tyler Analysis, it means up.”