Bitcoin decisively broke the $5,000 barrier today.
It wasn’t that long ago, September 2, that we were a whisker away from $5,000. But then the market sold off a little. Then there was that whole China thing. And let’s not forget Jamie Dimon’s comments. By September 15 bitcoin touched $3,000.
That did not last long, however, and now less than a month later we’ve broken through $5,000. So the question is, where to next?
Since they breakout bitcoin has reached a high of $5,385 and trades around $5,340 as I write.
Before I get to my projection we’ve seen a couple of bitcoin experts give theirs recently.
The first was from Miki Novogratz. For those not familiar with the name he’s a billionaire. He used to be a hedge fund manager at Fortress Investment Group. And back in April he made news when he said he had 10% of his wealth in crypto-assets like bitcoin and Ethereum.
Now Novogratz is back in the news. First, he’s coming out of retirement to start a $500 million fund for cryptos. And second, in a recent interview he projects bitcoin will be $10,000 in six to ten months. So that’s between April and August of 2018.
The next price projection came from Trace Mayer. He’s a crypto OG in my opinion as I learned about bitcoin from him back in 2012. He’s also on record recommending bitcoin at $0.25. That may go down as the greatest call in history.
His price projection is a bit more optimistic, $27,395 by February 2018. His argument is that bitcoins 200 day moving average will be $5,767 by then and that, at fair value, bitcoin trades at 4.75 times its 200 dma. And that gives you $27,395, see below.
My short-term prediction, the next 3 to 6 weeks, is $7,000 to $7,500. Basic technical analysis tells us the breakout should at least cover the last move down from 5k to 3k. That gives you $7,000. And I think we could overshoot to $7,500 based on bitcoin’s movements compared to its 200 dma over the last year.
Come 2018 I think we’ll be knocking on bitcoin $10,000.
What’s your price prediction for bitcoin?
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