Bitcoin has enjoyed a historic run in 2017, but one prominent technical analyst sees another ten-fold increase in the cryptocurrency coming within the next couple of years.
Ralf Lai over at Investing Haven makes his ultra bullish case:
If anything the research team at InvestingHaven always remains neutral and unbiased. That is why we have a success rate of +80% in our forecasts (we missed just 3 forecasts this year out of more than 20). Our bitcoin price forecast of early this year got hit a couple of months after publishing it, we were astonished and things moved very fast afterwards … so fast that we were hardly able to publish our next bitcoin price forecast.
With this in mind we can confirm our bitcoin price forecast of 160,000 USD sounds amazing. Still, the chart suggests that this is a normal price target, certainly not an [overly] optimistic scenario.
Lai points out that Bitcoin’s price chart suggests a potential blow-off top in the works over the next one to two months, followed by a consolidation period of three to six months. After that, however, he sees another massive rally taking shape to the $20K level and beyond.
Will Bitcoin ever hit such lofty heights as $100,000 or more? It seems far fetched, but from a technical perspective, pretty much anything appears to be in play at this point.
Cryptocurrency traders will just have to wait and see what 2018 holds.