Some of the cryptocurrencies have seen renewed buying interest this week. Bitcoin, in particular, has had a great week, moving back above the 8k mark. The buying this week has some analysts suggesting that the currency will be back at 10k in no time.
Numerous geopolitical concerns could be playing a role in the recent surge in cryptos, and the dollar index is also still on weak footing. Despite many of the ips and downs seen in the cryptos over the last few months, some investors remain steadfast in their bullishness, looking for significantly higher prices in the months and years ahead.
The idea of Bitcoin even reaching a level of $250,000 was recently floated by billionaire Tim Draper. In an article from ccn.com, Draper alluded to such a level being reached by 2022. The article stated:
“Tech billionaire Tim Draper, an avowed cryptocurrency bull, has set a $250,000 bitcoin price target for 2022.
Draper made the bold prediction April 12 at the 2018 Block (Chain) Party at his self-named Draper University in San Mateo, California.
“I’m thinking $250,000 a bitcoin by 2022,” Draper said (via Reddit). “Believe it. They’re going to think you’re crazy, but believe it. It’s happening and it’s going to be awesome!”
Draper has a fairly good track record for predicting bitcoin price movements, so market observers aren’t taking his bullish forecast lightly. In 2015, the venture capitalist accurately predicted that bitcoin would top $10,000 by the end of 2017. BTC prices soared above $13,000 on December 31, 2017.”
A recent article from marketwatch.com also discussed what could be an improving outlook for Bitcoin. The article stated:
“Thursday’s action also marked the biggest intraday move since Feb. 6, when the cryptocurrency saw a move of 29.4%. Around 3 a.m. Eastern on Friday, bitcoin went from $7,813.41 to $8,171.58 over the space of an hour, and has held on to the bulk of that move up.
Bitcoin had spent the best part of the two weeks in tight sideways trading, up to Thursday. For the week, the cryptocurrency is looking at a gain of 21.33%. Some said the sharp move higher on Thursday was due to the fact that investors who had shorted bitcoin, betting on it to fall, got squeezed and were forced to buy it back.
“Analysts consider that there is a positive feeling among traders for the past few days which could open room for higher grounds. We see the case for bitcoin to continue to rise, as long as positive headlines reel in,” said Peter Iosif, senior research analyst at IronFX, in a note to clients.”
Bitcoin: The king of cryptos dominated much of the headlines this week, as it saw a strong rebound this week. Prices started the week off around the 6.5k level before seeing string buying enter the market late in the week. The currency is set to finish the week on a strong note, at nearly $8100.
Bitcoin Cash: This crypto also saw strong gains on the week. The currency was moving sideways around the $640 level before buyers stepped in, fueling a rally up to over $762. The market is up nearly 8% on Friday, and could see further upside next week.
Ethereum: This crypto also followed the general trend higher, staging a sharp rally from less than $375 to over $500. Like the other currencies, a strong week could potentially point to further upside in the next several sessions.
Ethereum Classic: This crypto has not seen as much upside this week, and seems to be like it around the $14.40 level. The currency did see a bit of a lift as the sector took off, but has not been able to put together much in the way of follow-through.
Litecoin: This crypto has moved up from the $115 area to over $130, but still can’t seem to put together a significant and convincing rally. After trending lower for some time, the market does appear to have found a bottom around the $120 level. Perhaps this area will prove to be a long-term bottom.
Ripple: This crypto is up over 20% on Friday and has moved from around $.50 to nearly $70 this week. Like many of the other currencies, the gains seen may be more a function of rising sentiment than anything else. A very strong finish to the trading week could point to more upside in the sessions ahead.