Peter Brandt has again predicted that the world’s leading cryptocurrency, Bitcoin could still reach $100,000 over the long term in spite of its recent price correction.

Bitcoin Could Still Reach $100,000 Despite Correction: Peter Brandt

On April 14, Bitcoin reached an all-time high of $64,854 but later retraced all the way back to $30,000 on May 19.

Despite the massive price correction, Brandt believes that the flagship cryptocurrency still has the potential to reach $100,000. According to him, the likelihood of Bitcoin hitting $100,000 or higher is greater now than it was three years ago.

When BCL began in late 2018 I thought BTC had a 50% chance for $100k, $1MM, whatever and 50% chance for zero. I am much more constructive now, call it 70%/30%, but job of bull is to shake out FOMO buyers

— Peter Brandt (@PeterLBrandt) June 4, 2021

Previously, Brandt had predicted that in the worst-case scenario, the cryptocurrency the potential to plummet to around $20,000.

Big picture perspective on owning $BTC in appropriate size with money you can afford to lose

Market topped $64,7kf
Market corrected to $30,0k
Worst I can envision is $21,0k

Why would someone bail out of non-leveraged longs when the market already had 80% of worst case drop?

— Peter Brandt (@PeterLBrandt) June 2, 2021

Singing the same tune, Bloomberg’s senior commodity strategist Mike McGlone recently predicted in its latest report that Bitcoin is likely to reach $100,000 and ultimately retrace back to $20,000.

“Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000,” McGlone said.

Infosys co-founder Endorses Crypto As Asset Class

Nandan Nilekani, the co-founder, and chairman of Infosys, an Indian multinational tech firm has urged lawmakers to accept cryptocurrencies as an asset class.

Speaking to the Financial Times, Nilekani says cryptocurrencies could be used as similar to gold or real-estate:

“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”

He does not endorse cryptocurrencies as a mode of payment or as a substitute for a fiat currency because of their volatility and energy-intensive nature. Instead, he advised on using cryptocurrencies for speculation and as a store of value, saying:

“Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think there’s a role for crypto as a stored value but certainly not in a transactional sense.”