Bitcoin (BTC) reaching new all-time highs by Christmas is starting to look conservative, but one analyst named the existing rate back in August. The co-founder of The Investor’s Podcast Network, Preston Pysh, expected that 90% of the end-of-year returns for BTC/USD will be at $11,400, as suggested by consumer investment Swan Bitcoin on November 18, 2020.
According to cointelegraph.com, Pysh during an episode of the company’s Swan Signal podcast said: “You should be making a new all-time high by Christmas 2020. That means we’ve got 80-90% upside from here, which is insane, right because there’s not that many more months between now and Christmas,” “So to think that that much of a jump could occur between now and then is going to be a dramatic, dramatic narrative that I think very few are ready for.”
He added that gold would not match “anything like” the growth of Bitcoin, something that has since come true as a precious metal flagged after the U.S. elections. On Tuesday, BTC/USD achieved highs of $18,400 overnight, capping an incredible 24 hours, which saw gains reaching 10%. The performance accompanied the Bitcoin market cap to new all-times highs.
Pysh himself was already in the spotlight thanks to a Twitter discussion in which he outlined common flaws regarding Bitcoin and its security. This week, he mentioned another August statement in which he supported the forecasts of PlanB’s stock-to-flow market forecasting model for quant analyst. As PlanB himself keeps on saying, since the beginning of its third halving cycle in May this year, Bitcoin is behaving exactly in line with expectations. “Remember posting this tweet in August and all the traditional financiers thought I was nuts. Guess what. It’s just math,” Pysh commented on Wednesday.