Bitcoin is on the cusp of a bubble: Analyst
A new report by investment banking group Capital Markets Research has found that Bitcoin is set to reach an all-time high.
Bitcoin is currently valued at $7,933 and is set for an all time high of $11,000 within the next month.
The report, titled ‘Bitcoin is on a bubble’, says that “while the Bitcoin price has been on a downward spiral for months now, it is only a matter of time before the bubble bursts”.
“Bitcoin is now set to surpass $11 million in the next 12 months, and this is only set to increase.
As of now, the market cap is more than four times larger than the world’s top 5 investment banks combined.”
While the initial price of Bitcoin is still in the low $100s, it’s going to go up significantly in the coming months.
We expect that by the time it reaches the $11.5 million level, the price will be approaching parity with the top five investment banks,” the report states.
The analysts say that the price is set on a trajectory that is already ahead of most traditional financial markets, and that “the current market cap of Bitcoin has never been higher”.”
We believe that the current Bitcoin price is more or less on par with the valuation of most of the major U.S. and European financial institutions,” the analysts state.
The experts point out that the Bitcoin market cap has already surpassed $1 trillion and the current price is expected to reach that level within a matter to two years.
The research group predicts that the bubble will burst as soon as the price reaches a level where it becomes viable for companies to acquire the Bitcoin in order to exchange for fiat currency.”
There is no doubt that the crypto-currency market will continue to grow and that this bubble will soon burst.
However, the current situation has only been able to grow so far.
It is unlikely that the global bubble will collapse,” the analyst said.
The researchers state that it is difficult to determine if Bitcoin will eventually achieve the $1trn that many have predicted it would, but they believe it is “highly unlikely”.”
Although we cannot predict exactly when this bubble bursts, we believe that it will soon,” the research team said.”
We expect that Bitcoin will surpass $10 trillion in market cap by the end of 2020, and it will have a market cap more than $1,000 trillion by the beginning of 2021.