![\"bitcoin](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2020\/11\/bitcoin-to-the-moon.jpg\")
<\/a><\/p>\nAmid Bitcoin\u2019s euphoric run this week, Fundstrat Global\u00a0Advisors<\/span>\u00a0strategist David Grider lifted his price target for the end of 2021 to $25,000 from $16,500, or about another 40% higher than Friday\u2019s closing price.<\/p>\n Grider relies on an internal model that looks at valuations and takes into account prices for cryptocurrencies. Back in 2017, when Bitcoin rose to near $20,000 — its record high — his framework showed the coin was in an \u201cincredible bubble.\u201d He says he got that call right and is confident his model will work this time, too.<\/p>\n \u201cHistory doesn\u2019t repeat, but it rhymes,\u201d said Grider,\u00a0the firm\u2019s\u00a0head of digital asset strategy. \u201cThe audience is bigger, the market is bigger, it\u2019s a little more institutionalized — you have different fields of capital coming in.\u201d<\/p>\n To be sure, Grider\u2019s forecast sounds familiar to crypto veterans. Fundstrat co-founder Tom Lee had\u00a0started\u00a02018 with a year-end price target of $25,000, before eventually abandoning time frames for his predictions in December when it was around the $3,000 to $4,000 range.<\/p>\n Still, crypto fans are citing plenty of reasons for why it can continue its run this time around. Famed billionaire investor Mike Novogratz\u00a0says\u00a0he sees \u201ctons of new buyers\u201d amid \u201clittle supply.\u201d<\/p>\n Novogratz, who is the founder of Galaxy Digital, hasn\u2019t been shy about his views on Bitcoin and this week said he sees it reaching $65,000. His comments came via Twitter in response to a question posed by \u201cGame of Thrones\u201d star Maisie Williams, who asked her 2.7 million followers if she should invest in the coin. (She did.)<\/p>\n Bitcoin would need to more than triple to reach Novogratz\u2019s target. In November 2017, the former hedge fund manager had\u00a0forecast\u00a0that the coin would reach $40,000 by the end of the following year, only to see it finish below $4,000.<\/p>\n The most bullish mainstream projections are those that see Bitcoin reaching $100,000 or higher. Tom Fitzpatrick, a strategist at Citigroup Inc., made a splash this month when he said the crypto could potentially reach as high as $318,000.<\/p>\n The rise in forecasts has observers warning that the volatility that has been a hallmark of Bitcoin since its debut more than a decade ago is likely to return.<\/p>\n Edward Moya, a senior market analyst at Oanda, remembers attending a cryptocurrency\u00a0conference\u00a0in 2014. Back then, Bitcoin\u2019s price was hovering around $600 after jumping the prior two months. And everyone, he says, was speculating about how high it might go. The event, and others like it, reminded him of\u00a0the early\u00a0Wild West days of the foreign-exchange markets.<\/p>\n \u201cCryptocurrencies have come a long way,\u201d he said.<\/p>\n But Moya is skeptical this run can keep going — he points to the last time crypto fans overestimated a Bitcoin rally. \u201cToday\u2019s outlandish calls seem primarily based on momentum mania,\u201d he said. \u201cI doubt institutional traders will allow Bitcoin to only go in one direction.\u201d<\/p>\n Bitcoin mania is back and with it, the return of sky-high predictions from celebrity crypto fund managers to Wall Street stalwarts of where it can go next.<\/p>\n","protected":false},"author":341034,"featured_media":346495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,8539],"class_list":["post-376875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-jp-morgan"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/376875"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=376875"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/376875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/346495"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=376875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=376875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=376875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Now read: Crypto assets to be declared \u201cfinancial products\u201d in South Africa<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"