By
Steve Muchoki
April 23rd, 2024
One of the famous bitcoin supporters is sure that the cryptocurrency’s price will skyrocket to over $27,000 within next four months.
Just the day after Mike Novogratz predicted the unprecedented raise of bitcoin within next 6-10 months, famous entrepreneur Trace Mayer took to Twitter to claim that bitcoin is undervalued now. The expert also noted that this coming February its price will reach $27,395. If this is the case, he asserts that a per-coin value of 4.75 times the moving average, or $27,395, would be a “fair” price. Mayer backed his prediction by citing the steady increase of Bitcoin’s 200 day moving average.
Just like confirmation of Mayer’s predictions today bitcoin price hit a new record, currently trading at $5,297.39, according to the CoinMarketCap’s Bitcoin Index. It’s the first time since September 2 when Bitcoin passed $5,000. The bitcoin price hit an all-time high of $5161.06 in early trade on Thursday, according to the CoinMarketCap’s Bitcoin Index. This surpassed the previous high of $4,962.06 hit on September 2nd, 2017.
On his website Trace Mayer names himself one of the “first popular bloggers to publicly recommend Blockchain technology”. “An entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech. Trace Mayer holds degrees in accounting and law. He studied Austrian economics focusing on Murray Rothbard and Ludwig von Mises,” the website reads.
At the time, Mayer first recommended bitcoin, the price per coin was just $0.25. Like most early adopters of the most popular cryptocurrency, now the entrepreneur is quite wealthy, having recently challenged Roger Ver to a 25,000 BTC wager.
Yesterday Mike Novogratz, a somewhat legendary figure, former macro hedge fund manager at Fortress, current head of Galaxy Investment Partners, predicted that Bitcoin will jump to $10,000 in next six to ten months.
The expert admitted that he has been investing in Bitcoin and blockchain technology for some time now and predicted Bitcoin’s price increase to $10,000 in next due to strong and enhancing investor interest. At the moment of writing, Bitcoin was down 0.88 percent, to $4836.67, according to CoinMarketCap.
“I can hear the herd coming,” he said during an appearance after market hours Tuesday on CNBC’s “Fast Money.” He named bitcoin to digital gold. “Blockchain will change the way we live,” he said. “This is not going away. I’m pretty confident to say it’s going higher. …It would not surprise if in the next six to 10 months we’re over $10,000.”
Novograts and Mayer are not alone regarding their positive vision about the Bitcoin’s future. The cybersecurity and software pioneer John McAfee wrote in a Twitter post: “Bitcoub’s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets?” He added: “I have a doctorate in point-set-topology. It predicts BC at $2,431,013 in 3 years. other math systems – between $1,900,000 and $2,600,00.”
This summer Novogratz predicted that the cryptocurrency market can reach $5 trillion by 2022. “The Nasdaq got to $5.4 trillion in 1999, why couldn’t it be as big? There’s so much human capital and real money being poured into the space and we’re at the takeoff point,” he noted.
Mr. Novogratz underlines the necessity of strict regulatory base within the global cryptocurrency exchange market that can really turn it into a major financial market. As for now, many markets including Japan, China, South Korea, Australia, the Philippines, Singapore and Hong Kong among others have introduced necessary regulation to encourage people use digital currencies.