Bitcoin reached an all-time high on Monday. A research has however shown that the rise is far from over. According to Ronnie Moas who is the founder of Standpoint Research: “In the last five months, there have been many positive developments in the Bitcoin market. There have also been some challenges that have threatened Bitcoin. Based on this an argument can be stated that the good news is not yet fully reflected in the current price.”
Ronnie Moas noted that recent developments such as the plan by CME to launch Bitcoin futures trading before the year ends could only make Bitcoin better. Also, the square testing support for digital currencies will be good.
In the analysis, it’s estimated that the price of Bitcoin will rise to about $14,000 from $11,000 which will be a 70% move. Moan had recommended Bitcoin from July when it was struggling and was trading at a low of $3,000.
Speaking on the rise of Bitcoin the price moved up by 2.6% to $8,245 on Monday. This was an all-time high passing the $8,000 mark. In looking at the currencies movement this year, it has gone up by more than 700% this year alone.
Most of the Wall Steet analysts and many executives had seen Bitcoin as not credible enough to be trusted for investment. Jamie Dimon, the CEO of JPMorgan Chase, had stated that Bitcoin is fraud and went on to claim that people who invest in it are stupid. Recently also UBS stated that Bitcoin is a speculative bubble in a note addressed to investors.
As new versions of Bitcoin come, more investors are expected to be lured by the lucrative deals. This is because Bitcoin is becoming secure day by day and attackers have been minimized. Attacks are there but not as many as before. This has led to institutional investors consider investing in the cryptocurrency.