Almost immediately on the heels of a bitcoin market bloodbath, a starry-eyed analyst at Saxo Bank says the popular cryptocurrency could achieve stunning new highs in 2018. Much less reported is that he’s also calling for bitcoin to go the way of the buffalo shortly afterward.
Kay Van-Petersen on Tuesday massaged the shoulders of a cryptocurrency community on edge, writing the bullest of bull bitcoin memos, calling for it to achieve a price between $50,000 and $100,000 this year. He’s made similar bull calls in the past; when bitcoin was trading below $900 in December 2016, he famously predicted that the price would reach $2,000 the following year.
When his $2,000 prediction came true on May 20, 2017, he remarked shortly after that it would take 10 years for bitcoin to trade at $100,000. His latest memo radically tightens the time frame just as cryptocurrencies suffer a brutal downturn.
We emailed Saxo to see if we could learn more and got a thoughtfully designed PDF in return—Saxo Bank’s Outrageous Predictions for 2018. In it, Van-Petersen writes this year will see bitcoin get irreversibly clobbered after achieving new all-time highs. Citing governmental pressure in Russia and China, he says bitcoin “crashes and limps into 2019 close to its fundamental ‘production cost’ of $1,000.” Bummer.
The same guy calling for bitcoin to rally more than 500% this year is also predicting its near-extinction immediately afterward. It’s an…unusual position? Meanwhile…
We don’t want to snark too hard about “bitcoin bull” being central to this guy’s personal brand, but get a load of his Twitter avatar: