With analysts putting reputations on the line once more regarding the march of Bitcoin, one analyst has gone one further suggesting Bitcoin could surpass its high of 2017 in only six months.
“I believe Bitcoin has the potential to hit USD 25,000 by the end of 2019 or early 2020,” claims prominent Bitcoin analyst Oliver Isaacs, adding:
“There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to a sudden interest in bitcoin as a hedge on investments.”
China’s central bank holds about USD 2 trillion out of a total of USD 3 trillion of foreign exchange reserves causing some analysts to suggest that China could dump the bonds, throwing the US economy into recession due to the rising cost in US borrowing if this scenario unfolds.
Billionaire investor Tim Draper sees Bitcoin reaching USD 250,000 by 2023, but he has continued to back the currency to the hilt with unshakable conviction over a period of years. “It’s a better currency, it’s decentralized, open [and] transparent – everybody knows what happens on the blockchain,” he continues to maintain.
The Transaction Amount to Active Addresses Ratio (TAAR) a model which measures how much each active address spends in transactions per day on average indicates that Bitcoin’s upward price movement is set to continue, given sporadic corrections. TAAR based on a six-year model also shows an increase in Bitcoin’s network activity not seen in several months regardless of its connection to prices.
Currently, the drop in Bitcoin’s price over the past days is a sign of buyer exhaustion on-chain analyst and Adaptive Fund partner Willy Woo sees organic buyers waiting for the next big buy-in:
“This a quant fund driven short squeeze devoid of any true investor volume… I’m awaiting this exchange driven pump to blow off, a proper retrace, and only then do I think real investor flows will come in and drive the true organic bull market.”
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