Bitcoin hitting new all-time highs by Christmas is starting to seem possible if the bulls continue with their recent momentum. But, one analyst called the current levels sometime in August. On November 18, 2020, consumer investment service Swan Bitcoin noted that Preston Pysh, the co-founder of The Investor’s Podcast Network, projected 90% end-of-year returns for bitcoin when it was trading at $11,400.
The 2020 gains might turn out to be massive if the momentum continues. Pysh made his prediction during an episode of the firm’s Swan Signal podcast:
“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 is also convinced that gold would fail to match bitcoin’s growth, something that is already coming true after the precious yellow metal lost steam after the US elections.
Bitcoin exploded to highs of over $18,400 overnight on November 17, capping an incredible 24 hours that saw gains reach 10%. This latest performance accompanied new all-time highs for bitcoin’s market cap.
Pysh was already trending due to a Twitter discussion where he highlighted the normal fallacies about bitcoin and its security. This week, he went ahead to recall another statement from August. In that statement, he had endorsed the projections of quant analyst PlanB’s stock-to-flow (S2F) price forecasting model.
PlanB continues to note that BTC is behaving exactly as expected after the start of its third halving cycle in May 2020.
Pysh commented on November 18:
“Remember posting this tweet in August and all the traditional financiers thought I was nuts. Guess what. It’s just math.”
Dalio Finds Education Offers
On the matter of traditional financiers, a renewed sense of satisfaction arised from more of social media on November 17 when the famous investor who had scorned bitcoin, Ray Dalio, seemed to acknowledge that he did not understand it.
In one update that is now infamous, Dalio conceded that he was ready to learn the facts about bitcoin. He wrote:
“I might be missing something about Bitcoin so I’d love to be corrected.”
Among the people offering to teach Dalio were Pysh himself, along with Avanti Bank CEO Caitlin Long.