Bitcoin Price Could Hit $62K This October, Says Analyst

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by Bhushan Akolkar · 3 min read
Bitcoin Price Could Hit $62K This October, Says Analyst
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Here’s how the analysts are predicting higher targets for Bitcoin price based on the strengthening technical charts, growing fundamentals, and higher institutional participation.

Bitcoin started this week with a bang with its price crossing $9000 levels earlier on Sunday, June 16. The Bitcoin price rally restored the confidence among its investors, and more importantly, it has made the crypto heavyweights heavily bullish on its future.

Since the Sunday price rally, Bitcoin is consolidating at around $9200 levels. However, popular personalities and analysts from the cryptocurrency industry are setting up new targets for the long term. With the immediate target of $10,000, co-founder of Gemini Exchange Tyler Winklevoss tweeted that it has all the possibilities to go up to $15,000.

Thomas Lee Expects FOMO To Kick-In Post $10000

Thomas Lee, the founder of Fundstrat Global Advisors is extremely bullish on the upcoming price surge in Bitcoin. Lee expects that if Bitcoin crosses the crucial levels of $10000, it will shoot to the moon. According to Lee, Bitcoin can surge at least 200-400% after crossing $10,000 levels. Speaking to Chepicap at the CryptoCompare Digital Asset Summit 2019 in London, Lee said:

“To be more clear, we looked at past fear of missing out (FOMO) periods; so when does bitcoin trade within three percent of its historical price levels and that was roughly $10,000 for bitcoin. And looking at the past bull cycles, once you breach that FOMO level, bitcoin typically rallies 200 to 400 percent.”

After the launch of Facebook’s Libra currency, Lee believes that Bitcoin will turn more into a reserve currency in the crypto market. He confidently states that we are headed for the next bull market.

Moreover, Lee also explains why Bitcoin is a good hedge in this uncertain global economic conditions.

Bitcoin to Hit ATH of $62,000 This October

Well, but if you’re still not satiated by Lee’s predictions, some analysts are giving even a bigger target for Bitcoin. Popular crypto Twitter handle ‘Galaxy’ notes that Bitcoin can hit an all-time high of $62000 in just four months from now. Galaxy makes a historical comparison of the candle set-up during the 2017 bull run.

Institutional Interest On A Massive Surge

According to reports, there’s a massive uptick in the institutional interest for Bitcoin after the recent price rally. In its Digital Asset Investment Report, Grayscale stated that institutional investors, particularly the hedge funds, have been highly interested in investing in Bitcoins.

Citing the public data from Bitcoin Investment Trust (GBTC), Grayscale notes that hedge funds invested less that $1 million in Grayscale’s crypto investment products during the Q1 od 2018. This year after Q1 2019, the investment figure has shot to $24 million.

On the other hand, one of the world’s largest Bitcoin derivatives marketplace CME stated that by June 17, the number of open Bitcoin contracts has reached a record $250 million. It shows that there’s an 80% increase compared to the June 2018 figures.

What can be a better time in the surge for Bitcoin Futures just as ICE’s Bakkt will start testing its futures contracts next month on July 20. This is likely to drive even further institutional participation taking the BTC price to the moon.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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