At press time, the granddaddy of all cryptocurrency, bitcoin, is once again trading for over $10,000.
Bitcoin Is Surging Back to the Top
This is excellent news considering yesterday the coin was trading in the $9,600 range. Granted it was high in that range, anytime bitcoin sinks below $10,000 isn’t likely to go over well with enthusiasts. Bitcoin has had it hard over the past few weeks with the likes of President Donald Trump’s tweets regarding how it’s allegedly “not real money” and the congressional hearing of Libra, the cryptocurrency being developed by Facebook.
But now it looks like the currency is beginning to retrace its steps. Bitcoin has shown us time and time again that it’s quite resilient. It may stay down for some time, but it will never stay down forever. The currency always manages to pull itself out of the gutter and hoist itself beyond a certain position on the financial ladder, and it appears to be doing so again.
While it’s hard to say how long this behavior will last, bitcoin has indeed developed greater maturity over the last year and is proving that maturity to its fans. Now, many members of Wall Street are beginning to see the currency in a new light and are predicting massive boosts for its price within the coming years.
One source compiled the predictions of several Wall Street leaders, and many believe that bitcoin could reach a price of $100,000 per unit by the year 2021. Wouldn’t that be a sight for sore eyes? Less than a year-and-a-half to go before 2021 gets here, and many analysts already think bitcoin could hit the six-figure mark by that time. That’s true power for something like bitcoin.
Among those contributing to this prediction is Peter Brandt, a veteran commodities trader. At 72 years of age, Brandt has been involved in the world of investing for some time, and recently made the case for a serious bitcoin bull run in a series of tweets, in which he states:
Bitcoin takes aim at $100,000 target. $BTCUSD is experiencing its fourth parabolic phrase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.
What Some of the Biggest Traders Say
Paul Chou, the CEO of Ledger X, goes even further with his prediction, and thinks bitcoin could spike to $100,000 earlier than his counterparts, suggesting December 2020 for the time of bitcoin’s sudden ascension. This would occur right after the presidential election. He claims:
Dozens of these institutions go back to us saying we’d be interested in trading a contract like this. I understand $100,000 is a large number, but a lot of us who’ve been in this space remember bitcoin at $1. Then it hit $10 and $100 and $10,000. A $100,000 contract doesn’t even make us blink.
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