Right from the early days of bitcoin, skeptics including world leading media outlets have always had a truckload of negative comments to say about the world’s most popular cryptocurrency. However, despite all the predictions of the inevitable end of the digital currency, BTC keeps growing strong over the years.
Although the crypto winter of 2018 has left many enthusiasts scratching their head, thinking of when the next Bitcoin price peak would be, a new historical report following this thread suggests that the price of Bitcoin could hit at least $102,000 per coin when it does happen.
A stroll down the memory lane
A Forbes story in 2011 titled “So, That’s the End of Bitcoin Then” falsely predicted the end of Bitcoin, an event which sent the value of bitcoin to $15 from a price of $31.
According to Forbes: “This looks like it’s the end of Bitcoin. Bitcoins aren’t secure, as both the recent theft and this password problem show. They’re not liquid, nor a store of value, as the price collapse shows and if they’re none of those things then they’ll not be a great medium of exchange either as who would want to accept them?”
Did Bitcoin end? Hmmm… No! Are people accepting bitcoin now? Yes!
Two years later, when the price of bitcoin surged to $230, then came another story titled “Game Over, Bitcoin” from Businessinsider in 2013 predicting an ignoble end following BTC’s value dropped to $110.
According to the story, the Bitcoin bubble has burst and “it will crash & disappear like Pets.com & Lehman Brothers, existing only in the memories of Economists.”
In 2015, Jamie Dimon, CEO of JPMorgan dismissed Bitcoin when it slumped from $1,100 to $395, predicting that the digital currency will not survive over the long run and that people are only “wasting their time.”
However, four years after bashing bitcoin, JPMorgan announced the launch of its own cryptocurrency dubbed JPM coin.
In 2018 when bitcoin dropped to $3,432 from an all-time high of almost $20,000, another Forbes story predicted that it was the “beginning of its inevitable & inexorable death spiral. Future generations will read about bitcoin in a finance textbook as a curiosity & wonder what all the fuss was about.”
Bitcoin price history and market patterns
Bitcoin price history and market cycles shows that every significant crash of over 70%, the next all-time high value had reached between 5.1 to 16.89 times higher than the previous price peak.
If bitcoin follows this pattern again, then the prices will likely hit anywhere around $102,000 and $336,000.
Yes, it seems imaginary, but hey, this is precisely how 2015 HODLers thought about the possibility of reaching $20,000 per one Bitcoin when the coin was barely $300.