Analyst Remains Bullish on Bitcoin Crossing $25000 By the End of 2019
Global investors are closely observing the Bitcoin price movements ever since the cryptocurrency has started its northward journey from April 2019, after a massive crypto winter last year. Over the last two months, Bitcoin (BTC) has surged by nearly 100% with its price currently flirting around $8000 levels.
However, in the last week, Bitcoin price crashed by nearly 8% dropping from over $8500 levels to $7500 levels of weekly low. However, Bitcoin has managed a healthy recovery post that and is currently trading at $7993 with a market cap of $141 billion.
Moreover, crypto market analysts are quite bullish for Bitcoin to climb higher from these levels. Speaking to the The Independent publication, cryptocurrency millionaire and analyst Oliver Isaacs said that Bitcoin could possibly break its current all-time high of $20000 and move past $25000 levels by the end of 2019.
Isaacs’ prediction come amidst the worsening global economic and geopolitical conditions amidst the ongoing trade war between the United States and China. With global equity markets hinting at a major downtrend, Isaac believes that the negative sentiment would work in favour of cryptocurrencies.
He stated: “I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
Isaac also notes that big organizations have already sensed the worsening economic conditions and started accepting Bitcoin payments. Recently, big giants like Amazon, Microsoft, AT&T, Starbucks, Whole Foods, etc are accepting Bitcoin payments.
On the other hand, Thomas Lee - the co-founder of Fundstrat Global Advisors recently said that if Bitcoin crosses $10000 in the near terms, it will soon shoot northwards to cross $20000, and move ahead even further crossing $40000 levels.
Although Lee has been a Bitcoin proponent since long, his prediction are based on the fact that soon after crossing $10000 levels, a FOMO like situation will kick-in pushing the Bitcoin price higher. During an interview with Binance CEO Wei Zhou, Lee said: “If bitcoin somehow manages to get to [$10,000], it’s very likely going to make a run to $40,000 within five months.”
He further added that “Every institution is going to realize, look at $10,000 it’s likely to go back to its all-time high, which is double. There are very few things that can double. So I think FOMO truly gets triggered once bitcoin hits $10,000.”