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Venture Capitalist Forecasts Bitcoin Burst to $50,000, Says 3,132% Ethereum Rally Will Outshine BTC

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Placeholder Capital partner Chris Burniske says he believes a new Bitcoin bull cycle will bring the top cryptocurrency to at least $50,000.

Burniske says the prediction is designed to account for Bitcoin’s historic pattern of posting diminishing returns for each subsequent bull run.

“Why Bitcoin > $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset.”

If Bitcoin can mount such a rally, Burniske says Ethereum will likely once again outperform BTC, as it did during the previous parabolic crypto cycle in 2017. If that happens, he expects ETH to surpass $7,500 – a 3,132% increase from today’s price of about $232.

“Meanwhile, to the mainstream ETH will be the new kid on the block – expect a frenzy to go with that realization.

Given ETH’s outperformance of BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for ETH/BTC to surpass ATHs.

If BTC goes > $50,000 in the next cycle, and ETH/BTC returns to its former ATH, then expect to see ETH > $7,500.”

Source: Chris Burniske/Twitter

Burniske, who is a big fan of the Ethereum-based push to decentralize finance, says he thinks it’s still early days for crypto.

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He expects mainstream retail investors to repeatedly jump into the market in a cyclical pattern on the path toward widespread adoption.

“Crypto is still off the radar compared to 2017-style interest, and that type of interest will come again, and again, and again, and… Each cycle with past narratives hardened + new narratives that drive further conversion of users, suppliers, developers, and investors.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong

Source: https://dailyhodl.com/2020/06/15/venture-capitalist-forecasts-bitcoin-burst-to-50000-says-3132-ethereum-rally-will-outshine-btc/

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