Bitcoin is going hard this week as things finally turn bright for the crypto market. After a small slump last week, the large crypto has stepped up big-time, even crossing the $6k mark earlier today. By all indications, Bitcoin doesn’t seem like it’s going to slow down any time soon. As a matter of fact, numerous crypto fans, analysts and big investors have already called bull run.
Bitcoin Bottomed Out At $3k
First off, it’s fair to note that the crypto market hasn’t had the best of times since the past year. The year 2018 was a total mess for the market in terms of price. Bitcoin fell all the way to the $3k range, prompting a crypto winter that lasted many months.
However, most bullish traders are now convinced that Bitcoin bottomed out at $3k and there’s no way it can fall below that. In addition, the current market atmosphere has all the indications that the crypto winter is over. Here comes the moment of the bulls that have been awaited for a year. Is it really happening? Mike Novogratz might know a thing or two about that.
3X In 18 Months?
Mike Novogratz has been fond of Bitcoin for a long time. He’s been one of the bigwigs who has remained bullish for Bitcoin even in the face of the most severe bear assaults on the market. During a recent interview with the CNN while at the SALT Conference in Las Vegas, Nevada, Mike opined that Bitcoin is all set to triple in price within the next 18 months. According to that calculation, that trend should put the crypto’s price at around $20k or more by 2021.
It Would Take A Catastrophe To Stop It
Mike didn’t stop there. He went on to confirm the now popular opinion that Bitcoin has hardened enough to withstand huge market impacts. Just last week, a crypto exchange named Bitfinex was implicated in a scandal, but the shock in the market still remained at minimal. Bitcoin lost a few dollars but recovered very fast.
This week, reports of the Binance hack didn’t even appear to shake the market. In fact, it’s within this same week that Bitcoin is now cruising past $6,000. By those accounts, Mike’s argument is supported. According to him, at this point, it would take a really huge catastrophe to stop Bitcoin.