Bitcoin's stupendous rally in 2017 has clearly enthused the supporters of Bitcoin. Standpoint Research’s Ronnie Moas, who is one of the most bullish analysts on Bitcoin, has revised his prediction upwards.

$7,500 by year end? Oops, we are almost there!

Ronnie Moas had surprised observers by his bold prediction in July 2007 that Bitcoin could reach $5,000 within months.

The price was less than $3,000 when he made the prediction, but it jumped up to over $5,000 in Sep. 2017 before retracing briefly.

In August 2017, the rapid increase in Bitcoin price led to Ronnie Moas revising his projection to $7,500 by the end of 2017. Bitcoin's rapid increase in price has dwarfed that projection as well, with Bitcoin price crossing $7,400 today. Ronnie Moas has now revised his projection, raising it to $11,000 in 2018.

In an email to his clients, Ronnie wrote:

Every day more headlines are hitting the newswires on crypto. More countries are embracing it, and the few obstacles that were standing in the way are falling down like dominoes.

Long-term: digital gold

Ronnie Moas is ultra-bullish about Bitcoin's potential in the long-term and believes that it will rival gold one day. He has predicted that its price will cross $20,000 in three years time and $50,000 in 10 years time.

Given the current bull run of Bitcoin, he might even shorten the time frame projected for Bitcoin to reach those levels.

While Apple might be the company with the highest market capitalization and whose value is reaching record levels each day, Ronnie believes that Bitcoin will overtake Apple in just five years.

Increased awareness and investment will drive price rise

Ronnie believes that the price increase will be driven by increased awareness of Bitcoin and a larger proportion of the world's population investing in it.

It is estimated that less than 0.5 percent of people currently have invested in Bitcoin and Ronnie believes that this could increase to five percent.

Since the supply of Bitcoins is fixed, the demand-supply imbalance will cause the price to soar. Bitcoin's current rally has clearly divided people into two opposing camps, with the bulls becoming more bullish and the bears crying bubble.