It looks like the early glory is returning back to the crypto markets as more and more analysts and financial institutions are turning positive on the future of Bitcoin together with the overall cryptocurrency markets. Yesterday, Bitcoin convincingly crossed the $9000 level at which it was seen trading for a long time owing to the selling pressure before the U.S tax deadline last week. Currently, bitcoin is trading at $9425.91 with a market cap of $160 billion, according to the data on CoinMarketCap.
Now, crypto analyst Bill Baruch has set a short-term target of $11,500 to $11,800 for Bitcoin. Baruch is the president of Blue Line Futures and holds a pretty good track record for the accurate predictions of the Bitcoin price. Back in February 2018, when the overall crypto market was in bad shape and bitcoin had slipped the sub $7000 levels, Baruch confidently said that it is poised to surge back to $10000 levels.
In the very next month of March 2018, Bitcoin surged to above $12,900 levels while averaging its month’s price at around $10,500 levels. Now, that the tax deadlines in the United States have passed, Baruch is confident that cryptocurrency prices will continue to rally.
While talking to CNBC, Baruch said:
“After fighting regulation headwinds and tax selling, the path of least resistance is higher, and I believe the sector still has much more upside in the long run. The ultimate upside is $11,500 to $11,800.”
Baruch also states that the recent growth looks quite a healthy one, as it is not centric only to surge in the Bitcoin price – many altcoins are seen making significant moves as well. Baruch sees this as a bullish catalyst for the entire crypto markets and his views are backed by a lot of analysts.
Long-time Bitcoin proponent and Fundstrat analyst Tom Lee recently said:
“We believe the ‘winter’ is ending for Bitcoin, as the crypto to fiat pressures from tax day subside, and as headline risks seem to be fading.”
Considering the CoinsharesCrypto ETF, which is a major indicator of BTC price movements, he stated:
“We believe large institutional investors globally use this ETF as a way to quickly gain exposure to Bitcoin. Hence when shares rise, big money is buying bitcoin.”
Another billionaire tech investor Tim Draper has made some bold predictions with the long-term perspective saying Bitcoin could probably reach $2,50,000 by the end of 2022 i.e. in the next four years. He said:
“I’m thinking $250,000 a bitcoin by 2022. Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”
In a CNBC video, Draper further appreciates the blockchain technology stating:
“This is bigger than the internet! It’s bigger than the Iron Age and the Renaissance. It’s bigger than the Industrial Revolution! This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
“It sounds crazy, but think about it this way: that’s four years from now. That’s a 3,000 percent return from here. But over the last two year,s bitcoin has had a 4,000 percent return. It would be a continuation of that trend,” told CNBC another analyst Brian Kelly, founder and CEO of BKCM, an investment firm focused in digital currencies.