Top Wall Street Analysts Set Fresh Bitcoin Price Targets Above $Ten, 000 – Bitcoin News
Vooraanstaand Wall Street analysts from Fundstrat, Standpoint Research, and Galaxy Investment Fucking partners are pointing to a coming bullish run on bitcoin, pushing the world’s most popular cryptocurrency beyond even the once-thought lavish Ten,000 USD price point, and soon.
Wall Street’s Tom Lee Releases Fresh Target
“A few weeks ago,” Mr. Lee wrote, “we turned short-term neutro on bitcoin spil the price level then (
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$7400) exceeded our estimate of fair value. Last week, Bitcoin fell to $Five,600 and since then rebounded. Te our view, this stir to $Five,600 cleaned up powerless arms and wij no longer feel caution is warranted,” he proclaimed.
A back of the envelope calculation means Mr. Lee has revised upwards forty procent from his previous call of a 6,000 USD price by mid-2018. Bitcoin has since smashed that prediction into lumps back ter late October, at least 8 months ahead of schedule.
Comforting to Mr. Lee, according to a report, is growth ter “transaction dollar volume vanaf account” and “how Coinbase has more than 14 million accounts.”
A seven hundred procent price increase te less than a year might be what is emboldening strategists, and their optimism doesn’t end with Mr. Lee.
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Ronnie Moas Revises Bitcoin to $14,000
Writing to clients this week, Standpoint Research’s Ronnie Moas believes, “There have bot many positive developments during the last five months and a few of the obstacles that were te Bitcoin’s way have bot knocked down,” he wrote. “An argument can be made that the good news is still not fully reflected ter the current price.”
CNBC’s Tae Kim reports, “As a result, the analyst raised his 2018 price target for Bitcoin to $14,000 from $11,000, indicating almost 70 procent upside to its current level.”
Latest announcements from CME on a pending futures market for bitcoin, along with Square embracing bitcoin on its podium, have all played a role te Mr. Moas’ calculations.
Mike Novogratz Sees 10K by Year’s End
Mike Novogratz of Galaxy Investment Playmates believes the reason financial colleagues, some at least, cannot get behind bitcoin is due to age. He told Bloomberg that the over-60 years old set hadn’t grown up ter a digital age, and therefore misgivings are understandable.
He likens bitcoin to “digital gold” spil a way to better explain the phenomenon to older folk. He also emphasized how the revolution bitcoin represents came out of issues of trust regarding legacy financial minders. Mr. Novogratz cites both Venezuela and Zimbabwe spil contemporary examples where governments and banking institutions should not be trusted.
A host asked how can bitcoin be a trusted source of value when ‘altcoins’ like Tether can be hacked, causing bitcoin to temporarily lose value. “We are ter the 2nd or third inning of this revolution,” Mr. Novogratz answered, appealing to American baseball which typically has nine innings ter a spel.
He added how the total crypto market cap is right around a quarter of a trillion dollars, and ‘only’ thirty million wasgoed hacked, stolen. Tho’ not preferable, ter the larger scheme of things cryptocurrencies seem a relatively safe bet, he insisted.
Mr. Novogratz believes bitcoin will have no problem achieving a Ten,000 USD price by the end of the year, he told the hosts.
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