Blockfyre co-founder Simon Dedic predicts that Bitcoin (BTC) prices will hit $150,000. However, he doesn’t think that this rise will be like the one we observed in 2017.
Blockfyre’s Co-founder Simon Dedic has predicted that Bitcoin (BTC) price could reach $150,000. He also said that Ethereum (ETH) could hit $9,000. Dedic believes that these events will occur in the next bull run. For Bitcoin (BTC) this represents a 1,400% increase. At the time of filing this report, Bitcoin (BTC) price was at $9,712.03 (2.1%). Ethereum (ETH) was at $243.37 (2.17%).
Simon Dedic mentioned this in a tweet on the 4th of June.
In 2017, you could have bought literally any alt and it was a good investment.
Imo this won’t happen again.
However, I still believe that the bull run will return, pumping the few solid alts out there.
— Simon Dedic (@scoinaldo) June 4, 2020
He also believes that most of the crypto space won’t see this rise. He does believe, however, that the bigger Altcoins will get their piece of the pie.
Bitcoin (BTC) Price Rose in 2017 Because of Emotions
The 2017 cryptocurrency bull run was driven mostly by the fear of missing out (FOMO). Most investors felt that they will miss out if they don’t join the space. As such, lots of funds went into as many cryptocurrency projects. This led to people investing in white elephant projects and when the bubble burst lots of hands were burnt in the process.
Dedic believes that the coming bull run won’t be like the 2017 situation. He thinks that a bull run will occur with “pumping the few solid alts out there”. He considers that Ethereum (ETH) will rise to $9,000 and Binance’s BNB to $500. These are increases of 3,570% and 2,750% respectively. Chainlink (LINK) and Tezos (XTZ) are expected to hit $200. This gives 4,450% and 6,800% increases.
The most astounding of his predictions was the 14,100% returns of Vechain (VET). Dedic predicted that its price will reach $1 from the current $0.007. Vechain’s recent partnership with Walmart Inc (NYSE: WMT) in China and Fresh meat suppliers could prove to be a catalyst.
The great thing about these predictions is that Simon Dedic is making realistic assumptions. As opposed to others who paint an extremely rosy picture to drive prices up.
Altcoins Will Be Driven by Users
Dedic’s predictions point to use case scenarios. These scenarios can be accepted by those outside the crypto space. The main issue that these predictions don’t cover is the main problem of them all: adoption.
If the adoption of cryptocurrencies doesn’t rise, there won’t be a bull run. To begin with, most people don’t even understand what cryptocurrencies are in the first place. They have no idea of what this new wonderful and exciting world is all about.
Education has always been a tool that has driven technology adoption. The crypto space is very much like the internet at its infancy in the 90s. Until people know about the crypto space and want to use these tools, we won’t be seeing the adoption that many crave for. Already, the current price increases are driven by institutional investors. They are the new whales and the big boys on the block. As more institutions come on, so will do people. This is how the new bull run will start.
Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.