The analyst who predicted bitcoin’s meteoric rise this year believes bitcoin is on track for $28,000 in 2018. Top Standpoint Research analyst Ronnie Moas is just out with a very bullish note on the future of cryptocurrencies. He has ramped up his bitcoin price target for 2018 from $20,000 all the way to $28,000. And in the long-term, Moas sees the digital currency making it to a whopping $300,000-$400,000 (looking out over the next 10 years).
“I have already had individual one-on-one conversations … where I told them that the end game here is Bitcoin becoming the number one most valuable currency in the World” says Moas. That means bitcoin is about 80% to 90% undervalued at its current price.
Why Bitcoin Can Hit $400,000
Unlike gold or the Chinese currency, we actually know that there will only ever be 21 million bitcoin available. The supply is capped. Who knows how much gold is in the ground? No one.
According to Moas, we are just a couple of years away from a situation where hundreds of millions of people around the world are trying to get their hands on a few million Bitcoin.
And the crucial point is that currently there is only 1% bitcoin market penetration worldwide. Moas says this should hit 2%-2.5% in 2018 and 3%-4% by 2019. If the figure tops 5% by 2020 this will drive Bitcoin towards a multi-billion-dollar valuation and a coin price between $300,000 and $400,000. Indeed, Bitcoin is already one of the top 20 currencies in the world versus more than 190 currencies!
Note that this is a top analyst who tends to get it right. We can see from TipRanks that he has a five-star rating, with a 70% success rate and 5.6% average return for the last year.
But this is just for equities, and Moas’ new passion is the exploding world of cryptocurrencies. He predicted the rise of bitcoin far before most of his peers. Indeed, on July 3, Moas initiated coverage on bitcoin. He recommended investors purchase it at $2,570. Modern Trader describes this as the “call of the year.” Now bitcoin is up over 500% at $19,000.
Moas was also bullish on Ethereum and Litecoin way before they more than quadrupled in value.
Is It Too Late to Invest? No!
And for those who are still contemplating whether to make the leap and invest, Moas has these pearls of wisdom. Diversify across multiple alternative currencies. Don’t take a bet that you can’t afford to lose. All trading carries risks and there could be regulatory problems, tax-regulations, an exchange hack and/or competing currency that rains on the bitcoin parade. But, and this is a big but, you miss every shot you don’t take.
“There are some doomsday scenarios out there but … it is worth taking that risk — and that has been my argument all along. You are risking a few months of your salary, and if the Bitcoin Bulls are right on this, you end up shaving 5 to 10 years off of your retirement age — that is a shot worth taking.”
Bear in mind the cryptocurrency is already above 500 billion dollars, up from just 100 billion dollars in July and you begin to feel that this analyst may be onto something huge.
A Message to Early Bitcoin Investors
And to those lucky investors who got in early, Moas tells them: “Sell 15% and ride the remainder as that (85%) is now house money you are playing with. If Bitcoin ever goes to zero you can’t tell me that you lost money. If you want to (still) sit on everything … that is on you.”
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