dailyhodl.com
A widely followed crypto analyst is expressing bullish sentiment on the native token of a blockchain oracle network that launched its permissionless mainnet earlier this week.
In a new video, the anonymous host of the InvestAnswers channel tells his 453,000 YouTube subscribers that he is 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 by 188% from the current level as its market cap share relative to Chainlink’s grows beyond 20%.
“The bear case is $1.48 by 2025 [when $PYTH’s market cap share relative to Chainlink’s is 20%]. If it goes to 30% of Chainlink’s market cap, it could go to $2.78. If it goes to half of Chainlink’s market cap, it could go to $5.16… if $PYTH goes to Chainlink’s market cap, which is technically feasible, and Chainlink hits the Super Bowl target at $27-$28 billion, the price of $PYTH could be $10.74.
Or you could take an average of all of these, by the year 2026, $PYTH could hit $5.04. That’s why I am bullish.”
$PYTH is trading at $0.514 at time of writing and would have to rise by around 880% to reach the InvestAnswers host’s price target. Chainlink’s market cap is currently just under $8 billion while Pyth Network’s sits at nearly $813 million.
According to the InvestAnswers host, whether or not $PYTH’s price targets will be achieved “all depends on how Chainlink performs and how Pyth competes”.
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