Independent market research analyst Ronnie Moas said that he believes the bitcoin price has the potential to reach a long-term target of $400,000.
Bitcoin Price Has Six-Figure Potential
Moas, the founder of Standpoint Research, has been recommending bitcoin since July when it was trading at $2,600. At that time, Moas set his 2018 bitcoin price target at $5,000. That may have seemed like a bullish target at the time, but bitcoin has exceeded it — several times over — causing Moas to revise his forecast upwards multiple times.
Over the weekend, the bitcoin price briefly touched a global average of $20,000 — a mark Moas had originally believed the flagship cryptocurrency would not reach until 2020. At the time of writing, the bitcoin price was trading at $18,612, according to the CCN price index.
However, despite its breakneck pace in 2017, Moas believes the bitcoin bull market has the legs to continue into the six-figure range, even if it does encounter temporary dips along the way.
“The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world,” Moas told CNBC’s “The Rundown.
“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin,” Moas added, explaining the justification for this optimistic outlook.
Bitcoin Futures a ‘Celebrity Endorsement’
As CCN has reported, much of the recent rally can be attributed to the introduction of bitcoin futures on U.S. exchanges CBOE and CME, which should help cryptocurrency shed its taboo status among Wall Street investors. Some analysts, though, predicted that institutional investors could trigger a bitcoin price crash by shorting the futures. Nevertheless, that has not happened — at least during the futures contracts’ debut phase.
In any case, however, Moas said that he was “really not too concerned” about the nascent bitcoin futures markets, arguing that they serve as a “celebrity endorsement” of bitcoin but will not have a significant impact on the asset’s price over the long-term.
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