Bitcoin is now at $12,000. The cryptocurrency has once again surged a few hundreds to reach this level. As the prices climb, so does the cryptocurrency market value. According to CoinMarketCap, It’s now estimated to be at $242.4 billion, a 91% increase since the beginning of the year. These number appreciate and depreciate as the day and week goes by.
As for now, the prices keep going up, and the expectations as well keep rising. Experts predict that the cryptocurrency may reach new all-time highs in the current market cycle. Mark Yusko, CEO of Morgan Creek Capital Management believes that we are in a parabolic move that may spike bitcoin to the $30,000 level.
Bitcoin Has Been The Best Performer Since October 2018
In an interview with CNBC’s fast money, bitcoin has been the best performing asset since October 2018. Yusko also asserts that we are in the next parabolic move that might see bitcoin hit the $30,000 level. That is before a little correction in the crypto market.
He further opines that the top currency has gained over 70% in value since October last year. Within the same time frame, the stock markets have remained flat. Yusko believes its doom and gloom for the stock markets which have their stocks overvalued. An upcoming reduction in interest rate will signify a weak economy.
Bitcoin Will Hit $100,000 By 2021
Yusko also believes that bitcoin will hit the $100,000 price target by 2021. This means extreme percentage gains to meet this price target. Now, this target may seem impossible but you will be surprised that the same opinion or even greater expectations are being shared by others in the crypto space.
John MacAfee, a popular bitcoin proponent has shared even greater expectations from bitcoin. The proponent has stated and restated that bitcoin will hit $1 million by the end of 2020. At the time he was making his first prediction, bitcoin was trading at around $5,200, he predicted that bitcoin price would reach half a million by end of 2020.
In the same year MacAfee predicted the insane prices, bitcoin went ahead and reached $19,000 peak price. Only months later, cryptocurrencies lost 80% value, but that didn’t stop his great expectations for bitcoin. The second time, he was more enthusiastic, this time he doubled his initial targets to $1 million.
But he hasn’t been the only one with the over the head predictions. Tim draper has also predicted that bitcoin would spike $250,000 in the next few years. He believes that the price level would be triggered by engineers pace while working on bitcoin scalability issues. When they are resolved, draper believes that it would make bitcoin more attractive to people for their everyday use than the dollar.
Uncertainties In The Economy And Adoption Have Triggered A Surge
A number of factors can be attributed to the recent surge to over $12,000 from the $3,000 price it began with at the beginning of the year. Factors such as institutional adoption and uncertainties in some economies have made bitcoin an attractive venture.
The US and China trade war is another instance. There’s no guarantee that the two will come to an agreement. EU and UK is also believed to in mild recession.