Former Goldman Sachs Analyst Predicts Bitcoin will Reach $100,000

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Bitcoin’s movement has once again settled and slowed in its volatile movements, both up and down. This is leaving many wondering which way the next break will come for the major cryptocurrency. Generally, there are bullish tendencies, but one analyst is making an outlandish suggestion.

Former Goldman Sachs analyst Murad Mahmudov believes the top cryptocurrency will hit $100,000 because the coin has been steadily accumulating. While most people are making their predictis on micro levels; looking at recent movements and external factors, Mahmudov suggests zooming out. 

Think big

Mahmudov - the chief information officer (CIO) at cryptocurrency hedge fund Adaptive Capital - tweeted: 

“At first glance this looks like a weak chop for the next week or so, but my intuition tells me there is steady accumulation happening at these levels. Don't try to outsmart yourself on short timeframes, zoom out & think big. In my view, BTC is going to $100K per orangecoin,” he said

The analyst is basing his prediction on chart analytics. He analyzed the coin’s key support levels, adding: “200MA [moving-average] /EMA [exponential moving average]/RSIbands [relative strength indicator]+Weekly support all point to 10.8 [$ thousands) but you may get a wick at most given the orderbook support across exchanges.”

Mahmudov conclusion after these complex analysis was that it would be worth slowly accumulating more and more Bitcoin at each key support. However, he did stress that it is not investing advice.

“If I were a betting man, I would be patiently and slowly adding at every key support.” 

Popular prediction

The $100,000 mark may be a little short of John McAfee’s $1 million price point for Bitcoin, but it is still a popular choice in the imminent future. Mahmudov is not the only one who is looking to the $100,000 mark for the coin.

Morgan Creek Digital Assets founder Anthony Pompliano has said that based on external factors, such as the European Central Bank making a dovish turn in its financial policies, that Bitcoin will be firing on “rocket fuel” as it eyes hitting that $100,000 mark.

In fact, this $100,000 mark is even being offered as a point to bet on as United States-based regulated crypto derivatives and clearing platform LedgerX is giving retail investors the chance to bet that the coin will hit $100,000 by 2020.

A case for it

Looking beyond the charts which Mahmudov has isolated, and even going further than the external factors of the European banks, and the US-China trade war, Bitcoin is being regarded more and more as a scarce asset.

Its supply is getting smaller, and its inflation sinking further still as the mining halving quickly approaches - this is expected to be a big catalysing factor in spurring the coin to bigger values down the line. As it becomes less rewarding to mine the coin, there is less being added to the supply making those in circulation that much more rare.

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