Investor Predicts Bitcoin Price to Hit $27k in Four Months
A bitcoin investor and podcast host has predicted that the price of bitcoin will increase to over $27,000 in four months time.
Trace Mayer, who proclaims to be an entrepreneur, investor, journalist, monetary scientist and ardent defender on his website, took to social media to make his prediction. According to him, by February 2018, bitcoin’s value will be worth $27,395.
Host of The Bitcoin Knowledge Podcast, Mayer is basing his prediction on a 200 day moving average. He’s assuming that by taking the 200 day moving average, in four months it will reach $5,767. At which point, he believes that each bitcoin will be worth over $27,000, increasing its relative price by 4.75 times.
Mayer has been involved in the digital currency space since its early days, initially investing in the cryptocurrency when it was worth $0.25. During the financial crisis in 2008, Mayer wrote The Great Credit Contraction, an ebook explaining the causes and likely effects. Shortly after that he was among the ‘first popular bloggers to recommend the blockchain technology,’ according to his website.
In addition to his early adoption of bitcoin, Mayer has also raised funds for Kraken, Armory and BitPay.
On his website, Mayer says:
Mankind has never really owned their own money before. It’s always been owned by their rulers. Bitcoin gives the ability for people to actually own their own money.
Mayer is the latest person to predict bitcoin’s future price value. Yesterday, former principal at investment firm Fortress turned billionaire private investor Mike Novogratz said that he was confident in the direction the currency’s price is going.
While the value is not as high as Mayer’s, Novogratz said:
It would not surprise me if in the next 6-10 months we are over $10,000.
Of course, a lot can happen over the next four to 10 months. It remains to be seen whether Mayer is right about his price prediction.
Early today it was reported that bitcoin’s price had achieved a new all-time high of $5,220, an eight percent increase from its previous $4,780. A rising demand in U.S and Japanese traders as well as the upcoming SegWit2x hard fork in November are believed to have contributed to the recent price surge.