Carlos Maslatón, one of Argentina's early cryptocurrency adopters, a lawyer and technical analyst, predicted Wednesday that Bitcoin BTC/USD will reach $1 million by 2026.
What Happened? At La Bit Conf, a key crypto conference in Latin America, Maslatón commented on the past, present and future of Satoshi's coin.
This year the conference was held in El Salvador, the first country to formalize Bitcoin as legal tender. In his presentation, Maslatón predicted the bull market that started in November 2018 would continue its course up to $1 million in 2026, but not without a significant correction along the way.
"The first big wave of Bitcoin goes since it started trading secondarily in the formalized market — 2011 — to $1,163 in 2013," he said.
"That wave is corrected. Markets always correct. That's why in January 2015 we had that very sharp drop from $1,163 to $157 per Bitcoin."
The surge and the drop are what allowed Bitcoin to go all the way up to $19,666 in December 2017, he said.
The rally that started at $3,850 on March 12, 2020 will continue upward to $399,750 in one to two years, in his view.
After that rise, there would be a healthy, leveraged cleansing correction of around $120,000-$150,000 before a skyrocket to the much-anticipated $1-million level.
Chart from Tradingview, photo illustration by Jose Rodrigo Safdiye.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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