Using the same time period based on the NASDAQ to return to it's prior high in a bulish scenario (Sometime before August 2015), Bitcoin is expected to reach $255,000 (currently $30,000) which translates to roughly an 850% gain. At the same time this would be the ultimate test (rising inflation, financial sanction, etc) as Bitcoin presents itself as the solution to inflation as it's core principal (Supply is capped at below 25 million Bitcoins). At it's core, it's closest competitor is Gold with a large supply in comparison to the rate at which is mined. It is simply gold but in addition is aiming to be as easy as a credit card to make transactions. But ultimately it has the potential of completely automating all the processes that banks and financial companies with several lines of coding. Fundamentally, you can have all of your asset on a stick as small as a USB stick and never have to worry about the bank not having money. This is why Bitcoin is so popular in countries like Argentina and why countries like El Salvador is now using it as a National Currency. Beyond individual, many governments can benefit from this as 70% of Global debt is in the US Dollar and the rising exchange rates in the FOREX markets make it even harder to pay back debt for many countries - especially in times like this.
The situation globally currently is set for exactly what Bitcoin was meant to do. Bitcoin historically has always been heavily correlating with the stock market, due to the fact that many companies incorporate digital currency in their business model (ex. Meta). This is the ultimate challenge as as of this moment it is still not fully seen as a store of value due to volatility and correlating to risk assets like stocks. Though this may seem far off, Bitcoin is not far from already overtaking Gold in Market Cap value, at current gold prices, Bitcoin would have to reach $400,000 to match the market cap of Gold (or slightly less than 1/10 of the market cap of Gold. This may seem like a great thing for Bitcoin but ultimately it could also be the end as the current global environment is the ultimate test and if it is uneasy to use (still only 11 years since it started so lacking integration for ease of use), or if continued to be viewed only as a high risk/return investment rather than for storing value it would have ultimately failed to prove itself as the solution for the problem it was meant to solve. Thus it would not even be that crazy to think it going well over $1,000,000 as it truly is a better solution than fiat (conventional money) but it can only work if people see it as such a replacement for cash and gold and is used as such. If it fails to do so in these conditions over the next 5-10 years, it would have failed and would practically be near worthless.
Finally as for the charts, it is right at it's support line it has developed in it's 10 years so is at a point that is a great time to buy but only after understanding the associated risks.
The situation globally currently is set for exactly what Bitcoin was meant to do. Bitcoin historically has always been heavily correlating with the stock market, due to the fact that many companies incorporate digital currency in their business model (ex. Meta). This is the ultimate challenge as as of this moment it is still not fully seen as a store of value due to volatility and correlating to risk assets like stocks. Though this may seem far off, Bitcoin is not far from already overtaking Gold in Market Cap value, at current gold prices, Bitcoin would have to reach $400,000 to match the market cap of Gold (or slightly less than 1/10 of the market cap of Gold. This may seem like a great thing for Bitcoin but ultimately it could also be the end as the current global environment is the ultimate test and if it is uneasy to use (still only 11 years since it started so lacking integration for ease of use), or if continued to be viewed only as a high risk/return investment rather than for storing value it would have ultimately failed to prove itself as the solution for the problem it was meant to solve. Thus it would not even be that crazy to think it going well over $1,000,000 as it truly is a better solution than fiat (conventional money) but it can only work if people see it as such a replacement for cash and gold and is used as such. If it fails to do so in these conditions over the next 5-10 years, it would have failed and would practically be near worthless.
Finally as for the charts, it is right at it's support line it has developed in it's 10 years so is at a point that is a great time to buy but only after understanding the associated risks.
Comment:
CORRECTION: I have mentioned the target to be $255,000 but it is actually $285,000 based on trendlines.