Where bitcoin goes next after hitting $10,000

In demand.
In demand.
Image: Reuters/Dado Ruvic
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Bitcoin passed $10,000 for the first time early this morning (Nov. 29) and it’s already getting close to the $11,000 mark, trading as high as $10,800 today, according to the CoinDesk price index. This year has seen the emergence of a cottage industry of predictors, prognosticators, and forecasters who have a view on bitcoin’s price. Here’s where they stand:

Ronnie Moas, Standpoint Research: $14,000 in 2018

Moas made this call on Nov. 20 when bitcoin was trading at around $8,245. Moas has an excellent track record of bitcoin price predictions. He called bitcoin at $5,000 when it was trading at half that value earlier this year. He has since raised his 2018 forecast twice, to the current $14,000 mark.

Tom Lee, Fundstrat: $11,500 by mid-2018

Lee has a valuation framework that presumes some portion of gold investors will convert their assets to bitcoin. In the short-term he has a $11,500 call on bitcoin by the middle of next year. In the long-term, Lee believes bitcoin will trade for $20,000 to $55,000 by 2022.

Mike Novogratz, Galaxy: $40,000 in 2018

Novogratz led the flagship macro fund at Fortress, and he is a longtime bitcoin bull. He’s starting a $500 million cryptocurrency fund called Galaxy. Novogratz has a price target of $40,000 by the time 2018 is over. He also thinks bitcoin is a major bubble. Speaking at the CoinDesk Consensus: Invest conference in New York yesterday, he said: “This is going to be the biggest bubble of our lifetimes.

Jim Cramer, CNBC: $1 million, “one day”

Cramer, the TV pundit, has the rosiest outlook on bitcoin of the assembled crystal ball gazers: $1 million per coin. But he is vague on when, exactly, he expects that to happen.

Roy Sebag, Goldmoney: $0 in the long-term

The noted goldbug Roy Sebag, who runs the $2 billion Goldmoney fund, was once a bitcoin bull. But, according to Fortune, he sold most of his 17,000 coins this summer because he believes they will be worth nothing in the long-term. “It has completely devolved from the original promise,” he said.