Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, recently explained the reason for his price predictions for bitcoin and Cardano. As part of his predictions, the cryptanalyst had, at the beginning of the year, fixed what bitcoin was bitcoin-will-hit-100k-bloomberg-says/” rel=”nofollow”>It will reach $100,000 soon.
Why bitcoin will rise to $100,000
in a interview With Scott Melker, Dunleavy alluded to the bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin Halving as the reason why he believes bitcoin will reach $100,000. Interestingly, he stated that this prediction was “a little vague” considering previous post-halving numbers. He observed that the price of bitcoin generally increases at least 4 times once bitcoin-halving-could-provide-a-big-boost-to-these-altcoins-growth/” rel=”nofollow”>Halving Event occurs.
bitcoin Halving keep predicting as the event that will trigger the next bull run, marking the beginning of these price increases for bitcoin. Anthony Scaramucci, CEO of Skybridge Capital He also referred to this event as the reason for his prediction that bitcoin will rise to $170,000. Like Dunleavy, he also noted that bitcoin typically sees an increase of at least 4x after bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/” rel=”nofollow”>Miner rewards are halved..
In fact, bitcoin is known to have seen a huge rally after the Havling occurred. Historically, the price of bitcoin has seen an increase of 8000%, 284% and 559% one year after Halving in 2012, 2016 and 2020 respectively. Furthermore, the price of bitcoin has reached a new all-time high (ATH) in each of these cases, making the $100,000 price prediction very feasible.
<img decoding="async" class="alignnone wp-image-573976 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin-Cardano.png?w=460&resize=569%2C245″ alt=”bitcoin Cardano” width=”569″ height=”245″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin-Cardano.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/bitcoin-Cardano.png?w=460&resize=569%2C245 460w” sizes=”(max-width: 569px) 100vw, 569px” loading=”lazy” data-recalc-dims=”1″/>
Source :MilkRoad
Dunleavy also highlighted the bitcoin-etf-flows-flip-gold-capital-rotation/” rel=”nofollow”>bitcoin Spot ETF and macroeconomic factors such as expected interest rate cuts as other reasons why he believes a two-fold increase in the price of bitcoin is a “strong base case.” These ETFs are expected to continue contributing to increased demand for the flagship crypto token, while a rate cut is expected. bitcoin-recovers-on-fed-hike/” rel=”nofollow”>generally bullish for bitcoin.
Why Cardano is dead
In his predictions for 2024, Dunleavy boldly stated that Cardano would lose its relevance and a new chain would take its place. Delving into the reason for this statement, he alluded to the the lack of a stable currency on the network and that DeFi (Decentralized Finance) was basically “non-existent” in it.
The crypto analyst continued calling bitcoin-can-never-like-ada-eth/” rel=”nofollow”>Cardano founder Charles Hoskinson, a “megalomaniac” who “is not willing to change or adapt to the ecosystem.” He suggested this was why projects on the network are looking to migrate to other networks, a move he believes will see Cardano fade away in the long term.
Dunleavy also noted how Cardano's lack of venture capital (VC) has harmed the network, considering the recognition and users that these VCs bring “directly through their capital.” This was another reason why the crypto analyst was not as hopeful about the future of the network.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-price-jumps-above-44000-these-are-the-factors-driving" alt="Tradingview.com bitcoin Price Chart (Cardano)” width=”3286″ height=”1530″/>
btc bulls reclaim control | Source: BTCUSD on Tradingview.com
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