Analysts agree that Bitcoin price could cross the $20,000 mark beginning Q4 2019 when more institutions make their way into the cryptocurrency space.
The second half of July has been tough for Bitcoin (BTC) as it continues to struggle trading against the US dollar (USD) above the key $10,000 mark.
The Satoshi Nakamoto coin dropped July 27 to the $9,500 region and is yet to break past $10,000 since then. Still — despite the significant correction — analysts believe that BTC will reach a new record in the next months, with the help from institutions.
During his interview with Bloomberg’s Business News Network, Galaxy Digital CEO Michael Novogratz said BTC could hit $20,000 by the end of the year, but this would be after a brief consolidation and refueled support from institutions.
https://t.co/ihDGqlDTKC. Canadian TV
— Michael Novogratz (@novogratz) July 25, 2019
Novogratz, who is also a former Goldman Sachs partner, believes that a short consolidation period would help propel BTC close within the range of $10,000 to $14,000. The digital currency could then get further push from institutions entering the Bitcoin space.
Fundstrat Co-founder Thomas Lee also believes that Bitcoin is capable of reaching even the $40,000 region because of the role institutions will play. This is also during the time when Facebook’s Libra launches and US President Donal Trump talks about cryptocurrency.
“Bitcoin is now trading at a level that it’s only seen 3% of its historical days. If you go back to every milestone that that was achieved, bitcoin subsequently rallied somewhere between 200% and 400% within the next four months, so I think if that’s playing out this time that means bitcoin could be $20,000 to $40,000 sometime in the fourth quarter.”
The same idea was previously echoed by Forbes writer and Financial Markets Expert Naeem Aslam. He initially pegged the BTC/USD pair to land between $20,000 and $50,000, and later took it notches higher to the $60,000-$100,000 range.
Meanwhile, Filb Filb, a prominent cryptocurrency analyst on Twitter, pointed out a few weeks ago that the hype generated toward the Bitcoin halving event next year could benefit the crypto’s price.