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Bitcoin started this week with a bang with its price crossing $9000 levels earlier on Sunday, June 16. The Bitcoin price rally restored the confidence among its investors, and more importantly, it has made the crypto heavyweights heavily bullish on its future.
Since the Sunday price rally, Bitcoin is consolidating at around $9200 levels. However, popular personalities and analysts from the cryptocurrency industry are setting up new targets for the long term. With the immediate target of $10,000, co-founder of Gemini Exchange Tyler Winklevoss tweeted that it has all the possibilities to go up to $15,000.
If bitcoin breaks 10k, you can bet it’s going to break 15k…👍🏻🚀
— Tyler Winklevoss (@tylerwinklevoss) June 19, 2019
Thomas Lee Expects FOMO To Kick-In Post $10000
Thomas Lee, the founder of Fundstrat Global Advisors is extremely bullish on the upcoming price surge in Bitcoin. Lee expects that if Bitcoin crosses the crucial levels of $10000, it will shoot to the moon. According to Lee, Bitcoin can surge at least 200-400% after crossing $10,000 levels. Speaking to Chepicap at the CryptoCompare Digital Asset Summit 2019 in London, Lee said:
“To be more clear, we looked at past fear of missing out (FOMO) periods; so when does bitcoin trade within three percent of its historical price levels and that was roughly $10,000 for bitcoin. And looking at the past bull cycles, once you breach that FOMO level, bitcoin typically rallies 200 to 400 percent.”
After the launch of Facebook’s Libra currency, Lee believes that Bitcoin will turn more into a reserve currency in the crypto market. He confidently states that we are headed for the next bull market.
#Bitcoin is blasting higher, and @fundstrat‘s Tom Lee tells @seemacnbc that it could hit new highs very soon $BTC pic.twitter.com/IWB2ImsJS8
— CNBC Futures Now (@CNBCFuturesNow) June 18, 2019
Moreover, Lee also explains why Bitcoin is a good hedge in this uncertain global economic conditions.
In a period where:
—political tensions escalate between US and China,
—global equity markets fall sharply
—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000Crypto showing its value as an uncorrelated asset.
— Thomas Lee (@fundstrat) May 9, 2019
Bitcoin to Hit ATH of $62,000 This October
Well, but if you’re still not satiated by Lee’s predictions, some analysts are giving even a bigger target for Bitcoin. Popular crypto Twitter handle ‘Galaxy’ notes that Bitcoin can hit an all-time high of $62000 in just four months from now. Galaxy makes a historical comparison of the candle set-up during the 2017 bull run.
Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.
Another similar price increase puts BTC price at ≈$62K by the end of October 2019. #bitcoin $BTC pic.twitter.com/M7NkHthY2M
— Galaxy (@galaxyBTC) June 17, 2019
Institutional Interest On A Massive Surge
According to reports, there’s a massive uptick in the institutional interest for Bitcoin after the recent price rally. In its Digital Asset Investment Report, Grayscale stated that institutional investors, particularly the hedge funds, have been highly interested in investing in Bitcoins.
Citing the public data from Bitcoin Investment Trust (GBTC), Grayscale notes that hedge funds invested less that $1 million in Grayscale’s crypto investment products during the Q1 od 2018. This year after Q1 2019, the investment figure has shot to $24 million.
On the other hand, one of the world’s largest Bitcoin derivatives marketplace CME stated that by June 17, the number of open Bitcoin contracts has reached a record $250 million. It shows that there’s an 80% increase compared to the June 2018 figures.
CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional). https://t.co/I6A3jD6Iq3 pic.twitter.com/ljz6EbvK79
— CMEGroup (@CMEGroup) June 18, 2019
What can be a better time in the surge for Bitcoin Futures just as ICE’s Bakkt will start testing its futures contracts next month on July 20. This is likely to drive even further institutional participation taking the BTC price to the moon.
