Ronnie Moas Predicts That Bitcoin Will Grow by Another 70%
November 22, 2017
Despite Bitcoin's rapid growth over the past week, research firms believe that the rally of the cryptocurrency is still far from being over.
"There have been quite a few positive changes over the past five months, and some of Bitcoin's serious obstacles have been overcome," says Ronnie Moas, the founder of Standpoint Research, in his report.
Moas noted recent developments, such as the CME's plan to launch trading Bitcoin futures in the fourth quarter and Square testing support for the digital currency.
As a result, the analyst raised his target price for Bitcoin in 2018 from $11,000 to $14,000, which corresponds to growth potential of almost 70 percent of the current level. He has recommended his clients to buy the cryptocurrency since July, when its price was $3000.
Bitcoin's price rose by 2.6 percent to $8,245 on Monday. According to the website CoinDesk, on Sunday, the cryptocurrency reached the level of $8,000 for the first time. This year, the digital currency has grown by more than 700 percent.
Many analysts and Wall Street leaders do not recognize Bitcoin as an investment tool. JPMorgan Chase CEO Jamie Dimon called the digital currency a "fraud" and said that the people who invest in it are "stupid." UBS in a recent note to its investors says that Bitcoin is a "speculative bubble".