Ronnie Moas of Standpoint Research, famous for his stock picking accuracy, has increased his January 1, 2018 bitcoin price prediction from $11,000 to $14,000.
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“There have been a number of key developments for cryptocurrencies recently that have made me revise the target. There have been some positives headlines for cryptocurrencies, and they have been knocking over obstacles,” said Moas.
The prediction is a calculation of combination of bitcoin, Bitcoin Cash, and Bitcoin Gold together.
“When I calculate the Bitcoin target price I am adding Bitcoin Gold and Bitcoin Cash to the Bitcoin price. In other words, if Bitcoin market capitalization drops by 50 bln dollars tomorrow it would not be a concern of mine if Bitcoin Cash jumped by that same amount,” stated Moas.
In July 2017, prior to the August 1 fork, Moas predicted bitcoin would reach $5,000 when the price was hovering below $3,000.
After the fork, Moas amended his prediction to $7,500 by the beginning of 2018.
The news of CME Group, the largest derivative exchange in the world, beginning bitcoin futures starting on Dec. 11 along with Square Cash App allowing customers to purchase and transact in bitcoin has also been factored into Moas’ prediction.
Moas predicts the cryptocurrency market as a whole could rise from its current estimated worth or $250 billion, to upwards of $2.5 trillion in the next five years.
“I can see the entire market cap of the Cryptocurrency market growing by 900 percent in the next five years. It can reach $2.5 tln, but I can’t predict what percentage of that will be Bitcoin, So, investors should remain diversified,” said Moas