- Lisa Edwards, the sister of Bitcoin SV backer Craig Wright, has a massive price target for Bitcoin.
- She predicts the asset will reach $142,000 in the coming years.
- Wright, on the other hand, now says Bitcoin is a Ponzi scheme.
Lisa Edwards has put a price target of $142,000 on turned into a Ponzi scheme.. But she’s no random crypto trader; she’s the sibling of Craig Wright, the man who claims to be Satoshi Nakamoto, the anonymous inventor of Bitcoin, and recently stated the asset had now
His sister, however, sees a different future.
“Welcome to the Bitcoin Supercycle,” exclaimed Edwards in a tweet today, attaching a chart with technical analysis lines drawn that supposedly predict the massive price target.
She used a decades-old trading theory known as “Elliot Waves”—which models asset movements on crowd psychology—predicting Bitcoin will reach $90,000 in May this year, followed by a drop to $55,000 in January next year, and then a big pump to $142,000 in March 2023.
However, Edwards is not upbeat about what happens at the end of the so-termed supercycle. “Bear market,” she said in response to a tweet seeking that answer today.
What Nakamoto forgot about Bitcoin
The targets are not completely far fetched. JPMorgan analysts said earlier this year that Bitcoin could reach $146,000 in the long term, while executives of institutional fund Guggenheim Partners, which is considering a $500 million investment in Bitcoin, see a $400,000 target for the asset.
In a relevant post yesterday, Edwards referred to Nakamoto to be a man who lived in Australia (where Wright and she are from) who ended up creating an asset that was ripe to pump skyward in the coming years.
“What Satoshi Nakamoto failed to take into consideration in this model, was supply and demand,” she wrote in the post, applying the simple economic theory of demand and supply to Bitcoin. The asset has a total supply of 21 million, and proponents say future demand would far outstrip that.
“In a closed market when demand is high and supply is limited, the price can increase in large increments, causing the price to rise in significant amounts in short periods,” said Edwards.
Such a narrative is similar to how institutional funds, banks, and software players have approached Bitcoin investments in recent months. Some seek Bitcoin’s potential price movements as a hedge against low-yield traditional assets, some say it presents a rare upside opportunity, while others say it’s an upcoming alternative to the US dollar itself.
Meanwhile, despite the big-sized price target, Edwards compels her followers to not blindly invest in the predictions. She’s on the back foot herself, “Let’s hope the market doesn’t humble me and continues to grow.”
And as for Wright, Edwards says they haven’t spoken in quite some time.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.