Bill Bargidt, co-founder of Abra Cryptopayment Company, has high hopes for bitcoin growth. According to him, there are many indicators that can support the rise of the first cryptocurrency in the foreseeable future.
"I was not so excited about the potential for a significant increase in the price of bitcoin in the short term (less than 18 months) from 2015," he wrote.
After a breakthrough of $10,000 in mid-summer, the Bitcoin was again locked in a clearly delineated channel. Bargidt sees advantages in this, noting that the crypt currency is less volatile against the background of the stock market, despite a rise of more than 25 percent since the beginning of the year. He states that long-term charts also paint a "super bullish" picture.
"Bitcoin also has a psychological momentum. It is held by a relatively small number of wealthy early adopters. Even a modest increase in the base of holders will cause a serious increase in course, - he writes. - The network effect of the rise to $25,000 will probably cause a rise to $50,000 or more.
Abra's CEO also mentioned the positive coverage of Bitcoin in the Chinese media and the favorable attitude towards the crypt currencies of the new U.S. money controller Brian Brooks, a former legal adviser to Coinbase Exchange. In general, according to Bargidt, such a concentration of bullish factors in the market has not been observed since before the rise in 2017.
He later added that he receives many personal messages in connection with his comment. "I am not an investment adviser. Bitcoin can fall to $5,000 before it rises to $100,000 (or not), so don't try to guess the time to buy. Invest as much as you are willing to lose. Or do not invest. It all depends on you," he wrote.