The co-founder and CEO of one of the most popular bitcoin companies (BTC) said he was the most optimistic about the largest cryptocurrency in five years.
In a series of tweets on October 6, Bill Bargett, CEO of the payment portal Abra, highlighted a slew of indicators pointing to an increase in the price of BTC.
He summarized, “I’ve never been so excited about the potential of #Bitcoin to increase prices dramatically in the short term (less than 18 months).”
Bitcoin has spent the last few weeks in consolidation mode after hitting a high of $ 12,500. While analysts find the short-term price outlook disappointing, others say the underlying networks and long-term behavior are more optimistic than ever.
For Bargidt, even the current measures are grounds for optimism.
This perspective reflects others from this year, notably Credible Crypto, which claimed in May that BTC / USD have been standardizing since the record in 2017.
The likelihood is to test the highs of $ 20,000, with the higher levels occurring by default, Bargedt added.
“The network effects of an increase in $ 25,000 Bitcoin will likely lead to an increase of $ 50,000 or more,” he wrote.
Bitcoin price stars agree
In addition to price, Bargidt pointed to the influx of stable coin Tether (USDT), which has a market capitalization now of $ 15 billion.
Support from large companies and even the recent approval of Chinese state media have boosted his mood. As Cointelegraph reported last month, several publications described cryptocurrency as the most profitable investment in 2020.
Conditions were now likely to be higher than in the days leading up to the bull race in 2017, he concluded.
A subsequent tweet added a warning that BTC / USD could fall as low as $ 5,000 and never reach $ 100,000.
Price outlook remains weak this month thanks to Bitcoin’s continued association with the macro markets, especially indices like the S&P 500 and gold.
President Donald Trump’s recent confrontation with the Coronavirus highlighted this relationship, as the BTC / USD price fell from less than $ 11,000 to $ 10,390. At the time of publication, the pair is trading at $ 10,600.