Clem Chambers Believes Bitcoin Will Rise Anywhere from $20,000 to $2 Million
Clem Chambers, the CEO of a private investment company explained that charts and graphs do not fully explain the potential of Bitcoin, the world’s leading cryptocurrency. As any statistical data will show, Bitcoin is currently presenting an unfortunate bearish trend.
As of now, Bitcoin is priced at $6250, a huge low compared to last year when its peak was at almost $20000. Since last December, the coin has dropped almost 70 percent in value. During the 2000-2002 crash of Nasdaq, its highest concentrated drop was almost at 80 percent. At this point, BTC has dropped almost the same amount as Nasdaq but much faster which presents as a bearish market harsher than Nasdaq’s drop.
As Clem Chambers has explained, after studying Bitcoin’s price from a logarithmic aspect it was shown that Bitcoin was steadily increasing by 26 percent over time. Clem Chambers compared the stunning discovery of Bitcoin growth to that of Warren Buffet and his investments. According to this approach, it’s impossible to predict the potential peak in Bitcoins value.
As he explained, Chambers said that should this logarithmic trend continue, Bitcoin could be worth anywhere from $20000 per token to $2 million in price per coin. He also states that if its popularity and position as the leading cryptocurrency maintains itself, the price will eventually continue rising.
If Bitcoin sets another period price floor for itself, each floor in place will act as a launching pad for more spikes in price and eventually reaching another record high in price for the coin. This is based on whether the coin is a logarithmic currency and if its bearish trend continues.
Clem Chambers has said that Bitcoins next new low will range from $4K to $5K and Bitcoin cannot possibly rise any further before reaching its next floor first. He also believes that a massive boost of one thousand percent is possible although certain traders may produce losses which hinder the currencies climb.