Bitcoin debunks previous forecasts saying its success is merely another bubble. Big investors have triggered bitcoin price even higher than what analysts expected. With bitcoin’s movement in the present, the future of bitcoin is still a big question mark.
Paypal boosted bitcoin price?
This week, bitcoin price has exceeded its record from three years ago. According to Bloomberg, the cryptocurrency’s value has crossed above $18,800. Bitcoin’s achievement triggers strategists and crypto fans to think of the reasons behind the surge.
There are a lot of triggers that may have contributed to bitcoin’s constant improvement. Bloomberg noted that the attention is given by major hedge funds and investment banks, especially as big as JPMorgan Chase & Co. more or less affected on bitcoin price. Furthermore, PayPal Holdings’ new feature to ease its customers’ access to cryptocurrencies also brought out a positive response. These points led to the fear of missing out (FOMO), which eventually drove the price higher.
How much higher will bitcoin rise?
Numerals strategists argue on the future of bitcoin: will it be another bubble or will it not? Fundstrat Global Advisors strategist David Gridler is confident that bitcoin price will likely soar higher by the end of the year. Gridler increased the prediction from $16,500 to $25,000. The figure comes from an analysis of cryptocurrency’s valuations and account prices, the same analysis model he used in 2017. Previously, Gridler got the prediction right in 2017, and bitcoin really did peaked at $20,000. “History doesn’t repeat, but it rhymes,” he noted.
Founder of Galaxy Digital, Novogratz, bet higher on the bitcoin price. Novogratz said that bitcoin might even peak at $65,000. A very brave number to mention as a target, as it means the price will need to grow more than the triple from the present. Novogratz further mentioned seeing bitcoin grow to $40,00 by the end of the following year, and end flunking below $4,000.
Despite all the coming predictions and changing opinions, Edward Moya, a senior market analyst at Oanda, is still sceptical over the final result. “Today’s outlandish calls seem primarily based on momentum mania,” Bloomberg quotes. Moya then continued, “I doubt institutional traders will allow bitcoin to only go in one direction”.
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