Two prominent investors in the cryptocurrency sector have continuously called for a price target of $20,000 for Bitcoin since early 2018.
Fundstrat’s Tom Lee and RT host Max Keiser reaffirmed their optimistic stance on the short to mid-term trend of Bitcoin, as the dominant cryptocurrency broke out of a major resistance level at $7,000 on September 1.
Max Keiser Says $28,000 Bitcoin is Still in Play
All through the bear showcase amid which Bitcoin fell by in excess of 60 percent and other real digital currencies recorded 90 percent misfortunes, Tom Lee and Max Keiser have reliably shown inspiration in a melancholy market.
Today, following multi month of security in the $6,500 to $7,000 territory, Bitcoin has outperformed the $7,200 opposition level, acquiring different cryptographic forms of money the market with it. Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, and each other significant cryptographic money recorded a tolerable gain in the previous 24 hours.
The daily trading volume of the cryptocurrency market has also comfortably surpassed the $13 billion mark, which was in the $8 billion region up until last week.
Tokens like WanChain, ICON, Aelf, and Digibyte have seen 5 to 10 percent gains against BTC, which also increased by 3 percent after re-establishing momentum in the lower price range.
Subsequent to the unforeseen short-term corrective rally of Bitcoin, Keiser stated that his $28,000 price target for BTC by the end of 2018 is still highly likely, especially if institutional investors commit to the market through trusted custodian solutions.
$28,000 still in play. #Bitcoin
— Max Keiser (@maxkeiser) September 1, 2018
In an interview with Fores, Jonathan Hamel of Acadamie Bitcoin in Montreal previously said that the rejection of ten Bitcoin exchange-traded funds (ETFs) over the past two months is of little importance because companies like Coinbase and Bakkt have been allocating most of their resources in facilitating the growing demand from institutional investors.
“I don’t think (the rejections) are that important. The ‘physical’ over-the-counter/institutional bitcoin infrastructure is only getting started. The development of financial vehicles backed by bitcoin is inevitable. It’s not if, it’s when,” Hamel said.
Tom Lee has maintained a same stance as Hamel, alluding to the significant progress that is currently being made in the institutional and OTC cryptocurrency market by market leaders.
$20,000 by 2018
Correspondingly, addressing NewsBTC, multi-resource business eToro with in excess of eight million dynamic clients said that there exists numerous options for an ETF, for example, the XBT Provider trade exchanged note (ETN) which as of late appeared in US markets.
All things considered, all through 2018, the appropriation of caretaker arrangements and freely tradable instruments that as of now exist in the worldwide market could conceivably drive the cost of BTC up to its past record-breaking high.
“There are many existing alternatives for an ETF, I think having institutional demand flow through those is as important. ETF is simply a regulatory signal from the SEC it’s a valid asset class,” Assia explained.
Given the positives in the institutional side of the cryptocurrency market as well as optimistic developments in South Korea and Japan pertaining to regulatory frameworks around cryptocurrencies, investors perceive Bitcoin recovering back to its all-time high relatively soon, possibly by the end of 2018.