Recently, Bitcoin has been soaring, setting new milestones, and even hitting the $50,000 barrier this week.
However, longtime supporter and analyst of Bitcoin Tuur Demeester, thinks that this might just just the beginning.
According to Tuur Demeester, Bitcoin may hit $600,000 due to several significant stimulators and bailouts all over the world.
According to a recent tweet, Demeester predicted that Bitcoin could hit between $200,000 and $600,000 soon.
The effect of the Bitcoin halving and the introduction of Bitcoin ETFs were two of the main reasons the analyst says that Bitcoin can go this far.
According to Demeester, as more people learn about and invest in Bitcoin, this might create what we'd call a "positive feedback loop". And in the coming years, he expects that this loop will continue and pick up speed, driving up the price.
Demeester also took the global macroeconomic environment into account, especially in the United States.
He pointed out that to support the banks and boost the economy, the US government and the Federal Reserve have been printing billions of dollars, which has led to inflation and a decline in the value of the US dollar.
According to his prediction, this would result in further financial issues, which will push consumers to look for alternative payment methods like Bitcoin.
According to Demeester, because Bitcoin is censorship-resistant, decentralized, and incredibly scarce, it is a perfect hedge against the current monetary system.
He thinks that as more people become aware of and embrace Bitcoin, the cryptocurrency's price will gain from the worldwide bailouts. By 2026, he predicts that Bitcoin will be worth anywhere from $200,000 and $600,000.
Demeester concluded by addressing the psychological effects of Bitcoin, or what he terms the "Bitcoin fever." He says that the "unique appeal" of Bitcoin draws in users from a wide range of backgrounds, including activists, investors, and IT aficionados. He claims that Bitcoin is a social movement and a cultural phenomenon rather than merely a kind of money or asset.
Demeester anticipates that as more individuals become aware of Bitcoin's advantages and connect with the community, it will become more widely accepted. According to him, $50,000 might turn out to be the turning point for Bitcoin as it shows that it is here to stay and continue expanding. He predicts that the retail industry will soon awaken and catch on to the Bitcoin craze, pouring petrol into the flames.
Demeester ends by stating that after following Bitcoin for more than ten years and witnessing its many triumphs against difficulties, he is confident in his predictions. He claims that he was correct about the past Bitcoin all-time highs and that he expects to be correct once again.
In all, the analyst means that because the best is still to come, he will not be selling his bitcoins anytime soon.
At the time of writing, Bitcoin's price has just demolished the $50,000 zone, and the cryptocurrency currently trades at $51,345.
In the charts, we can see that Bitcoin has broken above its previous local high around $48,969, and is now aiming for higher highs.
Never mind the RSI currently showing overbought conditions, Demeester's predictions about Bitcoin might hold water in the coming bull run.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.