There have been lots of predictions that Bitcoin would reach the $50,000 price mark before 2018 comes to an end. The latest one on the list is from a notable investment manager, Anthony Pampliano – he is quite certain that Bitcoin (BTC) would reach $50,000.
Pampliano is a well-known personality. He is notably the partner and co-founder at Morgan Creek Digital Assets. A firm that takes care of institutional hedge funds and talking about the latest from it, it recently managed to score a strategic partnership with an established VC firm, CityBlock Capital. Pampliano in an interview on Skype with Cheddar stated that the surge will be based on three essential factors: Human psychology, Bitcoin ETF speculations, and the entry of institutional money.
Pampliano stated this to Cheddar:
“I’ve got a high degree of confidence that at some point in the future, it’s going to hit $50,000. And I’ve got some degree of confidence that it will be by the end of this year.”
Anthony also stated that there probably are 30 to 40 percent chances that the price will hit the $50,000 mark before the year closes. Pampliano further twitted this on his Twitter profile:
I’ve stuck to my $50,000 Bitcoin price target for end of year 2018.
Still have high confidence on the $50,000 number. The timeframe is the big unknown.
The next 5 months will be fun to watch.
— Pomp 🌪 (@APompliano) July 25, 2018
It is important to note that the pullback in the price of Bitcoin in the last 48 hours or so was as a result of SEC’s disapproval of the Winklevoss BTC ETF application – but at the time of writing, Bitcoin has backed-up a bit and currently trading at $8,141 per coin (went below $8,000 right after the ETF rejection news). Pampliano noted that Bitcoin would be extremely bullish and surge higher.
His number one factor was the human psychology, and Pampliano has stated that his projected price mark was the next mega round number that lots of BTC traders would love and would drive the value to the $50,000 price mark. When Bitcoin’s price broke above the $8000 price mark, it moved above three resistance levels without being overbought.
“There’s a lot of speculation on the new ETF decision, [but] I don’t think it’ll get approved in the next 30 days or so. There’s a lot of people excited about that.”
SEC’s approval on Bitcoin’s ETF is improbable, and the speculation about future approval is Pompliano’s second factor that would maintain Bitcoin bullish sentiment.
It is important to note ever since this month, the market has brought some bullish sentiments which have matched unexpected happenings such as the China and U.S trade-off.
Pompliano’s third factor or reason is on the institutional money. He said that the institutional money entry can surge Bitcoin’s price to $50,000. Pampliano is familiar with the activities of institutional investors since he is a partner at Morgan Creek Digital Assets. Pompliano states:
“You can see institutional money coming into funds and future contracts so you’re starting to see really big volume in some of these products. I think that’s going to drive the asset.”
He also stated that cryptos are pleasing to hedge funds too, and there are looking for the chance to make big gains.
Finally, on Pompliano’s prediction, all we need to do is to keep our fingers crossed and see how the market turns out before the year closes.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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We believe that the current market conditions do not justify the notion of crypto as a bubble and we’ll explain to you why.
First, we start by reviewing a bit of market dynamics. Every market, every asset, every currency develops in cycles that repeat over time. Each cycle is comprised of four different stages called “phases”:
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