Sky Is The Limit! Wall Street Bulls Predict Bitcoin to Soar Beyond $120,000
1min read Cryptocurrencies continue to rise, hitting $80,000 for the first time in history. Early Monday morning, Bitcoin prices continued to rise, once reaching above $81,000.
One of the main drivers of Bitcoin's price increase is Trump's victory in the U.S. presidential election last week. During this year's campaign, Trump has been courting the cryptocurrency industry. His victory has also led many bulls on Wall Street to see the arrival of a golden age for cryptocurrencies.
Although it has just broken through $80,000, the bulls on Wall Street obviously believe that the rise of Bitcoin is not over yet. They have already started to predict how high this round of Bitcoin's rise can reach.
$12,000 Is Also Possible?
On Thursday, Eastern Time, Ned Davis Research upgraded Bitcoin to a long-only trade and believes that Bitcoin is expected to soar to more than $120,000 next spring.
Ned Davis Research strategist Pat Tschosik said: Due to the optimistic sentiment about Trump's victory, cryptocurrencies are exploding, and we believe that there is almost no resistance in the rise of Bitcoin prices before Trump takes office.
He set a target price of $120,000 and gave technical reasons.
The previous round of Bitcoin's rise started from $25,000 in June last year, and by mid-March this year, Bitcoin had once reached a peak slightly below $74,000.
Subsequently, Bitcoin experienced about seven months of consolidation, until now, driven by the significant favorable factor of Trump's victory in the election, Bitcoin broke through the previous resistance and entered another round of rise.
Bitcoin's trend over the past year
Against this background, the previous resistance of $74,000 can be used as support, and the rise may be similar to the previous round, still about $48,000 - which means this round of rise can reach more than $120,000.
Many Wall Street Analysts Are Bullish on Bitcoin
In fact, there are many bulls on Wall Street who are bullish on Bitcoin.
For example, last week, Bernstein analysts Gautam Chhugani and others wrote in a report that the election results will have a short-term impact on cryptocurrency market sentiment.
He estimates that with Trump's victory in the election, Bitcoin may rise to $80,000 to $90,000 in the next two months, breaking the historical high of nearly $73,800 set in March this year.
Standard Chartered analyst Geoff Kendrick had already written in a report last month that he expected Bitcoin's price to reach $125,000 by the end of the year if Trump won.
At the same time, Jan Van Eck, CEO of leading asset management company VanEck, gave a bolder forecast. He expects the price of Bitcoin to reach $300,000.
He called this target a reasonable basic assumption, and even thought that this expected number was conservative, and some extremists might expect Bitcoin to soar even higher.