USD 5,500 per bitcoin may be a sensible entry point for those willing to buy this hottest cryptocurrency, Jehan Chu, founder of Kenetic Capital, a blockchain investment and consultatory firm, said. They have recently disclosed that their proprietary investment portfolio has recorded year-to-date returns of seventy seven against the extremely pessimistic market.
Talking on Bloomberg cockcrow Asia, Jehan Chu said, “I bought my 1st Bitcoin at USD 900 back in late 2013, and that I continued shopping for all the way down to USD 200. Those folks who are early in the space have seen this before; therefore do I believe that USD 5,500 down from a high from around USD 18,000-19,000 may be a sensible entry point? I do. As we move forward, Bitcoin and a few of the larger cap cryptocurrencies can more and more be seen as a legitimate store useful, particularly within the wake of what’s happening across the world. and that i assume that USD 5,500 in a} year are going to be seen as a very low-cost value.”
Forecasts coming from firms that have managed to record high returns could be worth to concentrate, particularly only if the full market is down around 65 compared to December 2017. (In either case, it is a healthy factor to take all forecasts with a grain of salt. for instance, in December 2017, even Jehan Chu estimated that Bitcoin can reach USD 50,000 by the top of 2018 and confirmed this forecast in January.)
The come back of 77 is recorded as of Oct 31st, with 2 additional months till the end of the year. Kenetic Capital CEO Daniel Weinberg explains, “During this volatile amount, our proprietary investment portfolio continued to surpass several crypto funds as a results of our deep institutional investment expertise and powerful risk management.”
As to whether or not Bitcoin will return to where it had been around a year ago, Chu says, “I assume we'll see a major turnaround, each within the blockchain space, similarly as within the indicative costs of major assets as well as Bitcoin, Ethereum and different major large-capitalization cryptocurrencies This past year we saw ICE, the parent company of the New York exchange, launch Bakkt in conjunction with Microsoft and Starbucks. Therefore we’re very seeing these blue chip brands getting into the area. and that i assume that’s having a positive overall impact on the passion and therefore the comfort of the quality.”
His opinion on entry points for Bitcoin is shared with some others, notably Mohamed El-Erian, chief economic consultant at Allianz, an insurance giant. Around 2 months ago, El-Erian said that bitcoin is best bought at USD 5,000 - a reiteration of his previous stance from june. However, El-Erian “does not expect it'll get all the way back to USD 20,000.”
However, some market analysts still don't rule out that the market would possibly continue falling. For instance, the well-known quantitative cryptocurrency analyst Willy Woo tweeted this week.
