Less than two weeks ago, Standpoint Research's Ronnie Moas, who is famed for his stock picking, put another target prediction for Bitcoin to reach for 2018, eyeing $11,000. Having seen many of his targets smashed earlier than expected, the Bitcoin Bull has moved the goalposts again.
Moas now predicts that Bitcoin will be at $14,000 by the time 2018 rolls around, however, his calculation is slightly different to most as he explains in an exclusive interview with Cointelegraph. Moas adds the Bitcoin, Bitcoin Cash and Bitcoin Gold prices together in his calculations.
Moas has been trying to keep abreast with his predictions of late, starting back in July 2017, prior to the Aug. 1 fork where he boldly stated it would reach $5,000 in a few months. The price was hovering below $3,000 at the time.
In August 2017, the rapid increase in Bitcoin price led to Moas revising his projection to $7,500 by the start of 2018. But he has since raised that to $11,000 earlier this month when it was just under $8,000 and now, a few factors have caused him to again revise the target for 2018 to $14,000.
Headlines, such as the announcement by CME, and the fact that Square Cash App is allowing selected users to buy and transact in Bitcoin. Additionally, on the altcoin side, American Express and Santander announced a partnership with Ripple. XRP is now fourth with a $9.2 bln valuation.
Moas said in an exclusive interview with Cointelegraph:
“There have been a number of key developments for cryptocurrencies recently that have made me revise the target. There have been some positives headlines for cryptocurrencies, and they have been knocking over obstacles.”
Moas also makes a point of stating that when he talks about the Bitcoin price, he is talking about the combined price of Bitcoin, Bitcoin Cash and Bitcoin Gold. Moas added:
“When I calculate the Bitcoin target price I am adding Bitcoin Gold and Bitcoin Cash to the Bitcoin price. In other words, if Bitcoin market capitalization drops by 50 bln dollars tomorrow it would not be a concern of mine if Bitcoin Cash jumped by that same amount.”
10 times increase
Moas, looking at the entire cryptocurrency market, predicts it can easily rise from around $250 bln at the moment, to over $2.5 tln, an increase of 900 percent.
“I can see the entire market cap of the Cryptocurrency market growing by 900 percent in the next five years. It can reach $2.5 tln, but I can’t predict what percentage of that will be Bitcoin, So, investors should remain diversified.”