The bitcoin price tested its all-time high on Monday, leading one prominent bitcoin bull to assert that it will have no difficulty reaching $10,000 within the near future.
Sunday evening, the bitcoin price surged from $5,660 to an all-time high of $6,345 on Bitfinex, the highest-volume bitcoin exchange. Although it has since experienced a $300 taper, the bitcoin price continued to trade above $6,000 on Monday.
As CCN reported, there are a variety of factors contributing to this surge. In Asia, traders are bullish about South Korea’s decision to regulate bitcoin as a commodity, which many believe will enable the market to continue to grow at a healthy pace. There is also speculation that China will ease restrictions on bitcoin exchanges now that President Xi Jinping has secured his position as head of the Communist Party of China for the foreseeable future.
In the U.S., meanwhile, analysts anticipate that the Securities and Exchange Commission (SEC) will soon grant their approval to the first exchange-traded fund (ETF) that tracks the price of bitcoin. Bitcoin ETFs, coupled with the recent launch of LedgerX’s regulated derivatives platform, are expected to initiate a wave of Wall Street investment in the crypto economy.
Commenting on these developments, along with bitcoin’s swelling user base, RT host and longtime bitcoin bull Max Keiser predicts that the bitcoin price will reach $10,000 within the near future. “Hello $10,000!,” he wrote on Twitter.
Keiser added– as he often reminds his followers — that he set a $100,000 bitcoin price target in 2011, when it was trading at just $3. “Anyone who thinks Bitcoin will have any difficulty breaking $10,000 has not been paying attention,” he concludes.
Of course, bitcoin must pass at least one significant test before it can cross the five-figure threshold. The looming SegWit2x hard fork — which is now just two weeks away — continues to pose a significant threat to the short-term trajectory of the bitcoin price. This contentious hard fork — if activated — will cause significant confusion, particularly for newer users, and may lead to wild fluctuations in the bitcoin price, especially if neither of the two blockchains quickly emerges as the clear victor in the struggle for the “Bitcoin” brand.
Nevertheless, Keiser’s bullishness is true to form — and has served him well in the past. Earlier this year, Keiser celebrated bitcoin’s then-record level of $3,000 by declaring that $5,000 was “in sight”. Many scoffed at this prediction, which came at a time when a blockchain split appeared like an increasing possibility. A split came, in the form of Bitcoin Cash, but the bitcoin price shrugged off the fork and punched through $5,000 anyway, confirming Keiser’s forecast. Now, just five months later, Keiser remains confident that bitcoin will to prove resilient in the face of a blockchain split once again.
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Last modified: May 21, 2020 9:10 AM UTC