The co-founder and CEO of one of the best-known Bitcoin (BTC) companies has revealed he is at his most bullish on the largest cryptocurrency in five years.
“I’ve never been this excited about the potential of #Bitcoin for significant price appreciation in the short term (less than 18 month time frame.),” he summarized.
Bitcoin has spent the past few weeks in a consolidatory pattern after hitting highs of $12,500. While short-term price prospects look underwhelming to analysts, others say that network fundamentals and long-term behavior are as bullish as ever.
For Barhydt, even current action is a cause for optimism.
The long term price chart is showing a super bullish descending triangle (continuation) pattern off the Jan 2018 highs.— Bill Barhydt (@billbarhydt) October 6, 2020
That perspective chimes with others from this year, notably Credible Crypto, who in May argued that BTC/USD had been consolidating ever since its all-time highs in 2017.
The outlook, Barhydt added, was for a retest of those $20,000 highs to spark even higher levels by default.
“The network effects of a run to $25k #Bitcoin would likely cause a run to $50k and beyond,” he wrote.
BTC/USD one-month chart. Source: Coin360
Bitcoin price stars align
Away from price, Barhydt noted inflows from the stablecoin Tether (USDT), now with a market cap of $15 billion.
The support of major companies and even recent endorsement from Chinese state media further buoyed his mood. As Cointelegraph reported, various publications last month described cryptocurrency as 2020’s best-performing investment.
Concluding, he said that conditions were more skewed to the upside now than at any time since the days long before the 2017 bull run.
Bottom line... I haven't been this bullish on short term price appreciation for #Bitcoin since 2015.— Bill Barhydt (@billbarhydt) October 6, 2020
A later tweet added a caveat that BTC/USD could still drop to $5,000 and never reach $100,000.
Price expectations remain subdued this month thanks to Bitcoin’s continued correlation to macro markets, notably indices such as the S&P 500 and gold.
United States President Donald Trump’s recent brush with coronavirus served to underscore the relationship, with BTC/USD dropping from just under $11,000 to lows of $10,390. At publishing time, the pair is trading at $10,600.