A CNBC analyst has stated that there will be a substantial rally in Bitcoin and that the $20,000 level is possible, within 2 years. For the past 14 months, the Bitcoin community has been beaten down with a series of scandals and issues that have sent many investors into zombie mode – no real trading, just position adjustments and a rogue move that shocked them to the core.
It happened when they least expected. Brian Kelly of CNBC has strong views about the cryptocurrency and gives some well-developed ideas, one being networking, to support this $20,000 view. I suggest we pay attention to what he says.
One well-respected analyst has stated that for Bitcoin, the institutional funds that we have waited for has finally come, and that the could benefit in the coming weeks and months.
Sentiment has clearly shifted and the most important point, in our view here at Classiarius, is that many of the people who are looking at Bitcoin are focusing too much on price action and not enough on the foundation being built. During the 2018 year, the number of firms that were willing to support Bitcoin grew.
And if banks are providing custody solutions, trading volumes would naturally increase, right? Of course, this would give crypto much needed legitimacy.
Major banks started to build robust settlement platforms that could support cryptocurrency and blockchain technologies. As such high net-worth individuals, family offices, are starting to take interest in cryptocurrencies and their related technologies. So the bottoming out process in cryptocurrencies is likely taking place. Tom Lee of Fundstrat has been making comments suggesting the same recently.