Bill Baruch, a cryptocurrency bull who foresaw both bitcoin's recent slump and ensuing rally, has set a near-term bitcoin price target of $11,500 to $11,800. Baruch, the president of Blue Line Futures, has a pretty good track record for bitcoin price predictions. In February 2018, when…
Bill Baruch, a cryptocurrency bull who foresaw both bitcoin’s recent slump and ensuing rally, has set a near-term bitcoin price target of $11,500 to $11,800.
Baruch, the president of Blue Line Futures, has a pretty good track record for bitcoin price predictions. In February 2018, when BTC plunged to $7,200 during the market correction, Baruch confidently forecast that bitcoin would return to $10,000.
And that’s exactly what happened. In March 2018, bitcoin’s price cleared a high of $12,971, and averaged about $10,500.
Looking ahead, Baruch is confident that cryptocurrency prices will continue to rally now that Tax Day in the United States has passed.
“After fighting regulation headwinds and tax selling, the path of least resistance is higher, and I believe the sector still has much more upside in the long run,” Baruch said on CNBC. “The ultimate upside is $11,500 to $11,800.”
Baruch also noted that participation in the recent crypto rally has been broad-based, with several alt-coins also gaining in value. This is considered a bullish catalyst for the entire virtual currency market, he said.
Bill Baruch isn’t the only crypto bull who’s optimistic about the future of digital currencies. Fundstrat co-founder Tom Lee was the first to forecast a post-Tax Day rally, as CCN has reported.
“Selling pressure for bitcoin should be alleviated after April 15th,” Lee predicted on April 5. And that’s what has happened. Bitcoin prices surged above $9,300 this week, with no signs of letting up.
Tech billionaire Tim Draper is equally bullish, and has set a $250,000 bitcoin price target for 2022, as CCN has reported.
“I’m thinking $250,000 a bitcoin by 2022,” he predicted. “Believe it. It’s happening and it’s going to be awesome!”
Draper also projects that cryptocurrency will take over the world within a few years because it’s a phenomenon that’s bigger than any technology that has preceded it.
“This is bigger than the internet!” Draper gushed, as reported by CNBC (see video). “It’s bigger than the Iron Age and the Renaissance. It’s bigger than the Industrial Revolution! This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Like other bitcoin bulls, Draper has a pretty good track record for bitcoin price predictions. In 2015, the venture capitalist accurately predicted that bitcoin would top $10,000 by the end of 2017. BTC prices soared above $13,000 on December 31, 2017.
In 2014, Draper purchased 30,000 bitcoins for $600 apiece (total price paid: $18.5 million) at an auction by the U.S. Marshals Service, a law-enforcement arm of the Department of Justice. The Justice Department frequently auctions off property seized during criminal raids.
At today’s bitcoin price of roughly $9,300 a token, Tim Draper’s bitcoin stash is now worth a stunning $279 million. As of December 2017, Draper said he was still HODL’ing that BTC stockpile. That’s not a bad return on a passive four-year investment.
Featured image from Shutterstock.
Last modified: May 20, 2020 8:51 PM UTC