Analysts are optimistic about the future of Bitcoin price: Bitcoin price (BTC) traded in the green during the weekend, and the largest coin added $1400 to its price last week. The latest bull-run continues to receive support from bullish sentiments; bulls believe BTC price has hit the bottom early in the previous week and it is set to make a significant recovery.
BTC price trades around $8000 mark today, up 14% in the last seven days. Tim Draper, an early supporter of Tesla, Skype, and SpaceX, predicts Bitcoin price to hit $250K in the next four years.
Tim has 30,000 bitcoin in his portfolio, and he says he will never convert these coins for fiat money.
Source Image: coinmarketcap.com
Brian Kelly Backs Tim Draper Opinion
Brian Kelly, founder, and CEO of BKCM LLC, supported Tim’s prediction. Kelly said “it sounds crazy” to consider that BTC [Bitcoin] already had a 4,000 percent return over two years and a 3,000 percent return in four years may be a “continuation of the trend we’ve seen.”
Brian Kelly, however, moved one step forward. He compared the bitcoin mania to Internet mania in late 80’s and early 90’s. He believes bitcoin is behaving like Microsoft (NASDAQ:MSFT) and Cisco (NASDAQ:CSCO) during the early days of the internet revolution.
He further added, “I think this technology is going to work, it’s going to be game-changing, but it’s very early days so that we can have this massive volatility,” The expert expects higher trading volume will allow the Bitcoin price to reach $250K in the next four years.
Is the Bear Market Ended?
Market pundits are blaming tax season, social media bans and uncertainty regarding regulators role for the vast bitcoin price correction during the last thirty days.
Tax season is now almost over, and the new investments are flowing into the market – which is creating a bull run in crypto markets, analysts say. The total cryptocurrency market capitalization jumped almost $70 billion in the last four days, driven by 14% appreciation in Bitcoin value and a substantial contribution from altcoins.
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