$30k Bitcoin By End Of Year?
With Bitcoin smashing through $12k again, many bulls are predicting a surge to new all time highs.
At $12,275 BTC is up 70% since the start of the year, and with many Bitcoin fundamentals bearing fruition and global macro feeding Bitcoin, it’s hard to see how the Bitcoin price won’t keep surging.
With $12k smashed again, one analyst, Crypto Bitlord, was quick to tweet his prediction of $30k before the year ends.
Popular analyst, Crypto Bitlord was clear and concise in his prediction, telling his followers to keep leverage low so not to stress with any corrections.
The prominent tweeter pointed out that Bitcoin’s rally above $12k was achieved after many weeks of domination by the bulls, and predicted the bull market to last at least another year.
What’s In The Way Of Bitcoin Reaching A New All-Time High?
With Bitcoin is steadily creeping up (for Bitcoin), we’re still a fair bit away from the all-time high set in December 2017. But as we know, Bitcoin moves quickly when it wants to.
The $14k monthly close all-time high from December 2017 is the first significant resistance we should meet on the climb towards $20k.
Popular analyst Nebraskan Gooner sees Bitcoin’s next target of $14k reached by mid-September before a large correction downward to $9.5k.
But a meteoric rise from there up towards $200k by the end of next year is Nebraskan Gooner’s bullish prediction. Significantly lower than PlanB’s Stock-to-Flow prediction.
What Will Drive Bitcoin To New Highs?
We’re in bull season, even Bitcoin’s most strident of critics would have to agree, other than Peter Schiff of course.
With the macro economy a mess and governments printing infinity money, it’s just feeding Bitcoin at the perfect time.
Nasdaq, S&P are all said to be reaching all time highs, but the fact is the assets are being pumped by free money.
So, it’s not really the stocks that are going up, but more the dollar and all other government printed currencies are going down. It’s not only the biggest of Faang stocks currencies are weakening against, but gold, silver and Bitcoin are all rising in dollar value, too.
Wall Street Knows That And It’s Starting To Hedge Into Bitcoin
Some of the biggest names from Wall Street are being swayed towards Bitcoin as they see it as a perfect hedge against the government printing press.
Legendary hedge fund manager Paul Tudor Jones was one of the first names to come clean about his Bitcoin allocation.
The famed investor said it was time to back the ‘fastest horse’ saying it was a hedge against the Federal Reserve’s induced inflation. The best profit-maximizing strategy is to own the fastest horse… If I am forced to forecast, my bet is it will be Bitcoin.’
Coming from an investor with the respect that Paul Tudor Jones commands, that will have triggered a response from many prominent investors, who will be discussing whether to buy Bitcoin..
Only last week, ex-Prudential CEO, George Ball, said he had done a complete about turn and is now recommending Bitcoin as a hedge.
Arguably the biggest news so far, last week it was announced that MicroStrategy had invested a staggering $250 million in Bitcoin. Not a Bitcoin investment fund, but actual Bitcoin.
MicroStrategy’s Michael CEO Saylor said of the decision to buy Bitcoin:
‘Bitcoin is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.’
‘The economic situation may well have a significant depreciating effect on the long-term real value of fiat currencies and many other conventional asset types, including many of the assets traditionally held as part of corporate treasury operations.’
The worsening economic situation is the apparent reason for getting into Bitcoin. The most significant thing about the MicroStrategy purchase, however, is that it’s 97% institutionally owned, and the largest investors are Wall Street giants BlackRock, Vanguard and JPMorgan.
Three Wall Street giatns with tens of trillions of dollars in AUM all agreeing to invest $250m in Bitcoin. This is the opening of the floodgates.
$14k, $20k, $200k Bitcoin Are All In Play
It’s exciting times in the Bitcoin space. With the global economy worsening and government printing presses working overtime, this is exactly what Bitcoin was created for.
Nobody wants to see an economic collapse, and personally I don’t think we will, but Bitcoin will gobble up a lot of the free money that is going to be created.
The previous all-time high was driven by retail. Now the big money is realizing what Bitcoin is all about, and they want in.
Wall Street FOMO is going to flood Bitcoin with money as they look for a hedge against the traditional financial system.
The entrances won’t all be as big as MicroStrategy’s, but when the FOMO starts 2017 will be like a blip on the chart.
Author: Pablo Clarke