The cryptocurrency hedge fund executive Murad Mahmudov considers that Bitcoin could reach $100,000 in the future. In a recent tweet he wrote, he said that his intuition tells him we are currently in an accumulation period for Bitcoin (BTC).
Could Bitcoin Surge 786 Percent?
Bitcoin has been trading around $11,500 during the last few days. The virtual currency experienced a large price increase to $13,750 earlier this year and since that moment, Bitcoin was traded between $13,000 and $9,300.
Murad Mahmudov, a recognized cryptocurrency analyst, suggested that Bitcoin could surge to $100,000 in the future. He advised users not to be focused on short timeframes and be focused on the long term. In this way, he suggested that Bitcoin will surge around 785% from its current price.
Mr. Mahmudov said that there are also several key support levels in which he would be slowly adding some satoshis. Each of these levels seems to be related to the volume they experienced during the last few months. Some of these price points include $7,932, $8,734, $9,412 and $10,850.
Anthony Pompliano, a recognized crypto analyst and the co-founder of Morgan Creek Digital, mentioned that he could see Bitcoin close to $100,000 in two and a half years. This shows that there are several experts involved in the cryptocurrency market that remain bullish about the long-term prospects of the most popular crypto.
One of the catalysts that could help Bitcoin expand is related to economic uncertainty and a financial crisis. If that happens, investors could move towards Bitcoin and purchase it as a safe-haven asset. Moreover, Bitcoin has been traded in tandem with gold during the last few months after growing financial tensions in the traditional financial market.
The virtual currency has been expanding throughout the last years and in 2017 it reached $20,000. After a bear market in 2018, many analysts suggested that the digital currency could start growing once again in 2019. Since the beginning of the year, Bitcoin grew around 265% and it could continue growing in the near future as well.
At the time of writing this article, Bitcoin is being traded around $11,250 and it has a market capitalization of $201 billion. In the last 24 hours, Bitcoin fell 1.08% according to CoinMarketCap.
Try Out Binance Today
For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.