Can Bitcoin (BTC) Return to $10,000?
In late 2017, Bitcoin (BTC) hit a high of $20,000.
Since then, a death spiral took it to $6,000. But it appears the coin isn’t likely to break that support line. In fact, since February 2018, it’s held $6,000 at each test.
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If cryptocurrency adoption gains momentum again, and if we see an eventual Bitcoin ETF, the coin could enjoy a rally..
One of the major catalysts could very well be Goldman Sachs’s custody product.
The idea is that Goldman would hold the securities on behalf of the funds, which then cuts the risk for clients worried about potential loss. Should that happen, the bank could provide quite a boost to the number of institutions betting on virtual currency.
All of that could be the trigger to a substantial break from consolidation at $6,000.
Big Money Believes Bitcoin Could Rally Again
At one time, Michael Novogratz said the industry could be worth $5 trillion by 2021.
“Ten percent of my net worth is in this space. It’s the ‘best investment of my life,’” he said at one time. “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 a takeoff point.”
By the close of 2018, he expects Bitcoin to have jumped 30%.
“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an ‘all clear’ sign for people — big institutions and pension [funds] — to start investing,” he said, as quoted by CCN.com.
Better yet, he said it’s impossible for BTC not to rebound to a range of $8,800 to $10,000.
Other Reasons to be Bullish
Banks such as Goldman Sachs and Citigroup are working to offer cryptocurrency products.
The NASDAQ is about to hand institutional investors analytical tools for trading hundreds of crypto assets. And the Intercontinental Exchange (ICE) intends to form a new platform, called Bakkt. Its intention is to create an “open and regulated, global ecosystem for digital assets.”
Allianz Chief Economic Advisor, Mohamed El-Erian is bullish on cryptocurrency, as well.
“Crypto isn’t dead, and, certainly, the underlying technology is not dead. We’re going to see more widespread adoption, by both the private and public sector, of the blockchain technology and related technologies,” he says, as quoted by Oracle Times.
Tim Draper is bullish, too.
He predicts the market cap of cryptocurrencies will increase 400 times over the next 15 years to $80 trillion. “The internet started in the same way, it came in big waves and then it kind of came crashing down, and then the next wave comes concentrated but much bigger, and I suspect the same thing will go on here,” he says.
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