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The founder of Albright Investment Group (AIG) says Bitcoin is currently consolidating and setting up for a move into a much higher price range.
In a piece on Seeking Alpha, Victor Dergunov says Bitcoin could easily skyrocket in value by nearly 991% from its current price of about $9,158.
“The important factor is that we are only about 10 months into the latest wave, and this could be akin to something like a second inning of a very long ball game. In other words, Bitcoin is likely to go much higher before this multi-year wave is over.
I’ve mentioned in prior articles why the current wave is likely to last several years, and could drive BTC’s price up to roughly $76-$100K, before the next bear market arrives. Conservatively speaking Bitcoin could be trading between $50K-$100K within the next 2-5 years.”
Dergunov, who is known for his bullish BTC predictions, points to China’s increasing friendliness towards crypto as one reason for his optimism.
The AIG founder also predicted bullish futures for a number of altcoins, including Litecoin, Dash, Zcash and Monero. He says XRP’s price, in particular, could “explode much higher in the future” if it is increasingly adopted by financial institutions.
Despite his bullish outlook, Dergunov highlights the extremely risky nature of investing in crypto assets, noting that government bans, exchange hacks and other pitfalls could cause a collapse in the value of both Bitcoin and the altcoin market.
Meanwhile, daily analyst Josh Rager says Bitcoin is at risk of a pullback in the short term.
He says BTC needs to hold above $8,800 in order to prevent a significant move to the downside. In order to gain momentum, he says BTC will need to break about $9,550.
$BTC lower time frame range broke before daily open leading down to test $9k
With the chop and busyness of personal life last couple days I've been flat
Keep an eye on $8800, needs to hold and above 200DMA
Weekly/ monthly open still remain the place to break for continuation https://t.co/pqpMxKLARZ
— Josh Rager 📈 (@Josh_Rager) October 30, 2019