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Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, just lately elaborated on the rationale for his value predictions for Bitcoin and Cardano. As a part of his predictions, the crypto analyst had, in the beginning of the 12 months, stated that Bitcoin was going to hit $100,000 quickly sufficient. 

Why Bitcoin Will Rise To $100,000

In an interview with Scott Melker, Dunleavy alluded to the Bitcoin Halving as the rationale why he believes Bitcoin will hit $100,000. Interestingly, he acknowledged that this prediction was a “bit light” if the previous post-halving numbers are to be thought-about. He famous how Bitcoin’s value often sees no less than a 4x improve as soon as the Halving event takes place. 

Bitcoin Halving continues to be predicted because the occasion that can spark the subsequent bull run, ushering in these value will increase for Bitcoin. Skybridge Capital CEO Anthony Scaramucci additionally referred to this occasion as the rationale for his prediction that Bitcoin will rise to $170,000. Like Dunleavy, he additionally famous how Bitcoin often sees no less than a 4x improve after miners’ rewards are cut in half. 

Indeed, Bitcoin is understood to have skilled a giant rally after the Havling passed off. Historically, Bitcoin’s value has seen an 8,000%, 284%, and 559% acquire one 12 months after the Halving in 2012, 2016, and 2020 respectively. Furthermore, Bitcoin’s value has hit a brand new all-time excessive (ATH) in every of those cases, making the $100,000 value prediction very possible. 

Source :MilkRoad

Dunleavy additionally highlighted the Spot Bitcoin ETFs and macroeconomic elements just like the expected interest rate cuts as different the explanation why he thinks a 2x improve in Bitcoin’s value is a “solid base case.” These ETFs are anticipated to maintain contributing to an elevated demand for the flagship crypto token, whereas a price reduce is usually bullish for Bitcoin. 

Why Cardano Is Dead

In his predictions for 2024, Dunleavy boldly claimed that Cardano would lose its relevance and a brand new chain would take its place. Elaborating on the rationale for this assertion, he alluded to the network’s lack of a stablecoin and that DeFi (Decentralized Finance) was principally “non-existent” on it. 

The crypto analyst went on to name Cardano’s founder, Charles Hoskinson, a “megalomaniac” who’s “unwilling to change or adapt to the ecosystem.” He recommended that this was the rationale why initiatives on the community want to migrate to different networks, a transfer which he believes goes to trigger Cardano to fade off in the long term. 

Dunleavy additionally famous how Cardano’s lack of Venture Capital (VC) has handicapped the community, contemplating the popularity and customers these VCs convey “directly through their capital.” This was one more reason why the crypto analyst wasn’t so hopeful concerning the community’s future. 

BTC bulls reclaim management | Source: BTCUSD on Tradingview.com

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