Less than a month ago, Standpoint Research analyst Ronnie Moas revised his Bitcoin price target to $11,000. As Bitcoin opened the week by hitting new highs above $8,200, Moas has again revised his estimates for 2018. He’s now predicting that the world’s most popular digital currency will increase in value to $14,000 by the end of next year.
According to a report from CNBC, Moas shared his forecast with clients today, suggesting:
"There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin's way have been knocked down.”
Moas cited several Bitcoin-related developments as reasons for optimism, including recent announcements from CME and Square. The former has plans to begin offering Bitcoin futures sometime in the last quarter of 2017, while Square is now testing Bitcoin trades on its popular Cash app. Moas’ report to clients was clearly meant to convey his belief that Bitcoin is currently undervalued:
"An argument can be made that the good news is still not fully reflected in the current price."