A widely followed crypto analyst is expressing bullish sentiment about the native token of an Oracle blockchain network that launched its mainnet without permission earlier this week.
In a new video, the anonymous presenter of the InvestAnswers channel says its 453,000 YouTube subscribers who are bullish on Pyth Network (PYTH) after modeling PYTH’s future price based on Pyth Network’s market cap share relative to its competitor Chainlink (LINK).
According to the analyst, PYTH could surge 188% from the current level as its market cap share relative to Chainlink’s grows beyond 20%.
“The bearish case is $1.48 by 2025 [when PYTH’s market cap share relative to Chainlink’s is 20%]. If it reaches 30% of Chainlink’s market cap, it could reach $2.78. If it reaches half of Chainlink’s market cap, it could reach $5.16… if PYTH reaches Chainlink’s market cap, which is technically feasible, and Chainlink reaches the Super Bowl target of $27- $28 billion, PYTH price could be $10.74.
Or you could take an average of all of these, by 2026, PYTH could reach $5.04. That’s why I’m optimistic.”
Source: InvestAnswers/YouTube
PYTH is trading at $0.514 at the time of writing and would need to rise around 880% to reach the InvestAnswers host’s price target. Chainlink’s market capitalization is currently just under $8 billion, while Pyth Network’s stands at almost $813 million.
According to the InvestAnswers host, whether or not PYTH’s price targets will be met “all depends on Chainlink’s performance and how Pyth competes.”
Yo
Don’t miss a thing – sign up to receive email alerts directly to your inbox
Check price action
Follow us Twitter, Facebook and Telegram
Surf Hodl’s Daily Mix
Check out the latest news headlines
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and trading are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3
source: dailyhodl.com
This news is republished from another source.
