Bitcoin Was Heading for $50K, They Said — I Saw a Different Story

By Leigh Petre | Founder, Wealth Wire

Bitcoin was heading for $50,000.

At least, that’s what some major names in crypto and traditional finance believed could happen.

Standard Chartered’s Geoffrey Kendrick, one of the most prominent institutional voices covering digital assets, discussed Bitcoin potentially reaching around the $50,000 level during the downturn.

André Dragosch, Head of Research Europe at Bitwise, discussed an even deeper potential “max pain” scenario around $48,000.

Veteran market trader Peter Brandt, who has spent decades analysing financial markets, also discussed the possibility of Bitcoin moving into the $40,000–$50,000 region before finding its cycle bottom.

Galaxy Research was another major voice examining the possibility of considerably lower Bitcoin prices during the sell-off.

These weren’t unknown social-media accounts chasing clicks.

These were experienced market professionals with serious research behind their views.

I listened.

I read the arguments.

But I didn’t agree.

I stayed bullish on Bitcoin.

I’ve Watched Bitcoin Almost From Day One

I’ve followed Bitcoin for years — almost from the beginning.

I’ve watched people laugh at it.

I’ve watched people call it worthless.

I’ve watched governments question it, investors dismiss it and commentators repeatedly declare that Bitcoin was finished.

Then I’ve watched it come back.

Again.

And again.

I’ve watched the enormous bull markets and the brutal crashes that followed them.

And watching that journey has taught me something important.

Bitcoin rarely follows the script everyone expects it to follow.

That’s why, when fear took over again and predictions of $50,000 Bitcoin started appearing, I wasn’t interested in simply joining the crowd.

I was looking at something bigger.

The World Is Changing

My bullish view wasn’t simply based on a chart.

Look at what’s happening to finance.

Money is becoming increasingly digital.

Institutional involvement in cryptocurrency has grown.

Bitcoin investment products have opened the asset to investors who previously wouldn’t have touched crypto.

Stablecoins have expanded.

Tokenisation is developing.

Blockchain technology is increasingly being explored as infrastructure for traditional financial assets.

And sitting in the middle of this enormous transformation is Bitcoin.

There will only ever be 21 million BTC.

You can create more pounds.

You can create more dollars.

Companies can issue additional shares.

But nobody can suddenly decide that Bitcoin’s maximum supply should become 31 million.

That scarcity is fundamental to why I’ve remained interested in BTC.

Follow My Posts — Then Judge My Record

If you’ve followed my posts on Wealth Wire, you’ll know I don’t simply want to report what Bitcoin did yesterday.

I want to look at what could happen tomorrow.

Go back through the posts.

Look at the dates.

Look at the angles I’ve taken.

Look at the moments I’ve remained bullish when fear was dominating the conversation.

My Bitcoin calls and market angles have been remarkably accurate so far.

I’m proud of that.

But I’m not going to tell readers that means I’ll get every prediction right.

I won’t.

Nobody does.

Markets have a wonderful ability to make even the smartest people look foolish.

That’s why I have respect for Kendrick, Dragosch, Brandt and the other analysts who were considering much lower prices.

They analysed the evidence and gave their view.

I simply saw it differently.

And this time, my call has worked.

That’s the kind of analysis I want Wealth Wire to become known for.

Don’t simply take my word for it.

Follow the posts.

Follow the dates.

Follow the calls.

Then judge my record for yourself.

I’m Not Interested in Hindsight

There’s something else that’s important to me.

It’s incredibly easy to explain why Bitcoin went up after Bitcoin has already gone up.

Anyone can look backwards.

That’s not what interests me.

When Bitcoin is falling and fear is everywhere, that’s when I want to ask:

What is everybody missing?

When Bitcoin is flying and everyone thinks it can only go higher, I’ll be asking exactly the same question from the opposite direction.

That’s what independent analysis should be.

Not following the crowd.

Not automatically disagreeing with it either.

Looking at the evidence and making your own call.

And Now I Have a Question for Satoshi Nakamoto

Which brings me to the mysterious person — or group — who started all of this.

Satoshi Nakamoto.

Are you satisfied?

Bitcoin’s white paper appeared in 2008.

What followed started incredibly small.

Today, Bitcoin is discussed by global banks, governments, institutional investors, fund managers, traders and millions of ordinary people.

An experiment in peer-to-peer electronic cash became a globally recognised financial asset.

Did you imagine this, Satoshi?

When you were writing the Bitcoin code, did you imagine Wall Street would one day build investment products around BTC?

Did you imagine governments debating it?

Did you imagine people around the world treating Bitcoin as a potential digital alternative to gold?

And perhaps the most fascinating question:

Is this what you envisioned — or are we still only at the beginning?

Nobody knows who Satoshi Nakamoto really is.

Nobody knows whether Satoshi is even watching anymore.

But if you are…

I hope you’re enjoying the show.

Because I’ve watched Bitcoin almost from day one.

I’ve watched it written off more times than I can remember.

And I’m still watching.

I’m still analysing.

And I’m still prepared to make the call before the outcome becomes obvious.

That’s what Wealth Wire is going to be about.

My analysis. My calls. My record.

You don’t have to agree with me.

In fact, I’d rather readers question what I write and make their own decisions.

But keep following the posts.

Because when I believe Bitcoin — or another major market — is about to make its next big move, I’ll tell you what I’m seeing before it happens.

— Leigh Petre
Founder, Wealth Wire

The views expressed in this article are the author’s personal opinions and are provided for informational purposes only. They do not constitute financial advice. Cryptocurrency is highly volatile and capital is at risk.