19/06/2019 19:40
ET. Journalist:
By CCN Markets: The bitcoin price is rising, and Tyler Winklevoss thinks it could see significant gains if it can break through the $10,000 point. The co-founder of the Gemini exchange posted on Twitter that if the world’s highest-valued cryptocurrency moves past that price, it could shoot further to reach $15,000. He tweeted:
“If bitcoin breaks 10k, you can bet it’s going to break 15k.”
Bitcoin Has Momentum on Its Side
Bitcoin has seen modest gains in recent months. It has moved from lows of nearly $3,200 in December 2018 to jumping past the $9,000 mark in June.
Bitcoin price over the past six months | Source: TradingView
It’s a big turnaround from November 2018. At that stage, crypto analysis blog Skew claimed there was only a 19% chance that the price could reach $10,000 in June 2019.
Tyler Winklevoss is not the only person to predict further rises. Fundstrat Co-Founder Thomas Lee claimed this week that the price will “easily take out” the all-time high of $20,000. Analyst Oliver Isaacs told The Independent that the price could jump to $25,000 by year-end or early next year.
But even as Bitcoin already shows signs of recovery, speculation is building that other movements in the cryptocurrency space could push the price up further. Investor Max Keiser claimed this week that the launch of Facebook’s Libra could push bitcoin’s price beyond its all-time high. Keiser described CEO Mark Zuckerberg as “Satoshi’s useful idiot.” Circle CEO Jeremy Allaire made a similar prediction this month, claiming the launch of Libra could push bitcoin past $10,000 as early as June.
Why $10,000 Could Be the Magic Number
Winklevoss did not explain why $10,000 would signal a further rise, but Lee previously explained at the CryptoCompare Digital Asset Summit 2019 in London that the price seemingly represents a “FOMO level”, saying:
“To be more clear, we looked at past fear of missing out (FOMO) periods; so when does bitcoin trade within 3% 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%.”
The Winklevii Remain Positive
Tyler and his twin brother Cameron Winklevoss are known for their early endorsement of bitcoin. In an interview this month, the twins explained their decision to buy early. The pair bought 1% of all the bitcoins at a time when the price was below the $10 mark.
“Our thesis at the time was bitcoin’s going to disrupt gold. And gold has a market cap of $7 trillion today. So if bitcoin’s going to be worth $7 trillion or more, this seems like a cheap asset. It was a complete Wild West.”
Even during the cryptocurrency’s worst slumps, the twins did not appear fazed by the declining price. In a December 2018 interview, Tyler stated that “we’re totally at home in winter.” The pair moved ahead with plans to unveil a Gemini Mobile App to simplify crypto trades.
This post was last modified on (Eastern Time): 19/06/2019 19:30
