By
Steve Muchoki
April 23rd, 2024
Being highly volatile, Bitcoin price is a subject matter for many analysts. Ronnie Moas predicts that Bitcoin will hit $100,000.
Recently, we’ve observed Bitcoin’s price decline after a mass sell-off owing to the ban on purchasing cryptocurrency with credit cards introduced by the banks across the world as well as to the block of access to foreign crypto exchanges for Chinese investors.
Nevertheless, an independent research analyst and the founder of Standpoint Research Ronnie Moas believes that Bitcoin price may reach $100,000 if it holds the same market share of 36 percent.
According to the data from CoinMarketCap, at the press-time Bitcoin is worth $8 147,12. But its price fell $6,000 after the news that China would block access to cryptocurrency trading platforms. China is known for its long practice of blocking unwanted websites and in 2018 this tendency has all chances to be extended to blockchain technologies.
Despite Bitcoin’s downward trend, according to Mr. Moas, it still could become a profitable form of investment. According to him, today there are $230 trillion invested in stocks, cash, bonds, and gold, though all these four things are overestimated. “If two percent of that $230 trillion finds its way into cryptocurrency, you would be looking at a $4 trillion market valuation thirteen times where we are today”, he said.
In December, Bitcoin hit new all-time high of $20000 before its serious price falling. There was a short period of price recovery in the beginning of January but then the price for the cryptocurrency began declining once again.
One of the recommendations for investors made by Mr. Moas is to diversify their crypto wallets which would help them to avoid serious losses. Moreover, he highlighted that it would be better not to have more than 20 – 40 percent of funds in Bitcoin as it could get knocked out.
“Look at what Amazon has done to the shopping malls. You do have to be diversified but I think Bitcoin will remain at the top of the mountain and there is room for more than one cryptocurrency in that space,” explained Mr. Moas.
In December, Ronnie Moas said Bitcoin would hit $300,000. Though it was a bold statement there are some grounds to believe his forecasts. As it was him who predicted that this cryptocurrency would reach $5000 when it was traded for half of this sum.
At the same time, cryptocurrency entrepreneur and the founder of TenX Julian Hosp, comparing Bitcoin with digital gold said that it should reach $60,000 mark by the end of 2018. So, the time will show whether these predictions will come true.
Meanwhile, other cryptocurrencies, including Ripple and Ethereum also showed signs of struggle despite the obstacles existing in the crypto market. According to Coinmarketcap, the price of Euthereum is $820,61 while Ripper is trading at $0,78.
Nevertheless, some experts still suppose that the risk for investors in cryptocurrencies, including Bitcoin is really high.
Financial analyst Martic Baccardax explained his point of view: “I think it’s a good point that the volatility has been around for some time but there is a great difference between trading at $1 and $3 then there is when trading at $9,000 and $19,000”.