Where is the Bitcoin price heading, $100k by 2024?

Where is the Bitcoin price heading? Despite the recent dip in the Bitcoin price, the chart below shows one of the more interesting long term forecasts of the bitcoin price, it is forecast to increase exponentially at a decreasing rate up to $100k in 2024. The prognosis for the bitcoin ecosystem has never been more positive with the development of the “Lightning Network” and other recent system enhancements.

Bitcoin should be viewed as the equivalent of investing in Google or Amazon in their very early days, and there is a huge upside of being invested in something so revolutionary.

Warren Buffett once said that as an investor, it is wise to be “Fearful when others are greedy and greedy when others are fearful.” This would be one of those times when fear is definitely a prominent emotion, but we need to look to the long term.

The above chart is logarithmic which means that the Y-axis is exponential in nature and the X-axis shows the yearly progression. The curved blue line is the line of ‘best fit’ of all the price data points, and the better the fit of the blue line, the closer the R-squared value is to a value of 1. The R-squared value is 0.93 which shows an extremely accurate fit of the data.

Many traditional money managers do not focus on early stage investments, especially if they fall outside of their existing portfolio structure where they don’t make any fees.

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