Wednesday, August 4

Popular Analyst Tyler Swope Announces Year End Bitcoin (BTC) Price Target

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Cryptocurrency analyst and phenomenon Tyler Swope has revealed the exact date he believes Bitcoin will reach its $150,000 target. In a new video, Swope tells his 251,000 subscribers that he doesn’t believe Bitcoin will rise 10x before the current boom cycle ends:

“$300,000 by December is kind of crazy high for me. Why is that? Well, from top to bottom of the last cycle, late 2013 to late 2017, in the name of math, we’ll call it $1,000 to $20,000. This is a 20x. The cycle before that, from 2011 to 2013, in the name of math, we’ll call $10 to $1,000, so 100x.

From 100x to 20x, i.e. 80% reduction in multipliers over cycles. So if we say we hit $20,000 at the end of 2017 to $300,000 by December 2021, that would be 15x. From 20x to 15x, that’s just a 25% reduction from cycle to cycle. I do not know.”

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The popular YouTuber revealed that he thinks Bitcoin will increase by about 320% from its current price of $35,957 by the fourth quarter of this year.

“The peak of this cycle could be $100,000 to $200,000 by December 2021. I’ve thought so for a long time. But if I had to give you a specific number and day: it could be $150,000 by December 15, 2021.”

In the short term, Swope believes the current price action is designed to trap the bears:

“Some bears are in and won’t let them go out because this pattern is not a top that could be a triple bottom… Three clear bottoms and then my technical analysis is pointing up.”

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