The co-founder and COO of Bitcoin IRA, Chris Kline, defines the signs resulting him to forecast that Bitcoin price will hit $40,000 within the next couple of months.
KLINE: BITCOIN MAY EXCEED $40K BY THE END OF 2019
Bitcoin (BTC), with $6433.04 +0.28%, has been keeping an upward trend to the level of $7,000, and as a result, the investors is checking the data for identifying indicators possibly confirming if the bearish trend is to be recovered.
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Chris Kline defines these bullish signs for Bitcoin in an article published in Forbes, predicting that “the price may well surpass $40,000 by the end of 2019 and could continue to climb as we enter 2020.”
Chris Kline’s forecasts match Marc Lasry’s, a billionaire investor, predicting the Bitcoin price to hit $40,000 in a couple of years, and the cryptocurrency keeps showing signs of a more mainstream and accessible for trading.
Kline, as an optimist, believes that the regulatory uncertainty is now getting mitigated in favor of the crypto market and that a Bitcoin Exchange Traded Fund (ETF) will be approved soon.
KLINE: A SUBSTANTIAL INCREASE IN CORPORATE ADOPTION
Following the approval of Bitcoin ETFs by the SEC, the cryptocurrency investors will get crowded, offering a significant amount of money into the crypto market. Kline:
“If the application is accepted, then I believe bitcoin will become far more accessible to a wider range of investors who wish to invest in a crypto fund rather than directly into crypto itself.”
Kline refers the fact that Goldman Sachs reportedly schedules to release Bitcoin trading operations in order to highlight that Wall Street and the crypto space have long started to “intertwine.” He predicts the Bitcoin adoption rate to be maintained among financial institutions.
“I believe that as more financial institutions build out crypto products and with the likely passage of bitcoin ETFs, more investors at both the individual and institutional level will get involved with bitcoin, which will reflect positively in the price.”
However, Bitcoin’s widening part in our regular life is affected by some factors.
For instance, the U.S. Patent and Trademark Office gave a patent to MasterCard for speeding up cryptocurrency transactions, in July 2018. The co-founder of Fundstrat Global Advisor, Tom Lee, said “It’s really validating the idea that digital money, or blockchain-based money, is a valid form of transaction,” indicating that this patent has positively affected crypto investors.
Noting this, Kline states if the new MasterCard product goes in the market,
“I predict cryptocurrency will become a much more ingrained part of our daily lives, as it will be a viable option at many of the places where we conduct our day-to-day transactions.”
Kline advocates that a momentum is developing as well with regard to the blockchain additionally to the Bitcoin price surge. He highlights that the daily transaction count exceeds 230,000 on-chain for minimum, which is “the highest since the beginning of the year,” to prove his argument.