Many new theories about Bitcoin come to light every day. However, the soundest advice comes from the analysts who are always crunching numbers and issuing their judgment based on mathematical projections and data analytics. One such financial reporter and journalist is William Clemente, with a massive Twitter following and a flair for crypto markets.
In his recent tweet, Clemente shared a graph of Bitcoin price scores during the 2017 bull run when the flagship cryptocurrency was entering a support position of $3000 to $5000 range. He was pointing towards the regulatory schedule halving behavior for Bitcoin. The tweet suggests that Bitcoin’s latest bull wave is only getting started since it has barely covered a distance of 15%-25% thus far.
JP Morgan Analyst tells Bitcoin Maximalists to Brace for a $130,000 Price Target
Veteran Financial Strategist and Managing Director, Nikolaos Panigirtzoglo, has recently issued a new Bitcoin projection. Panigirtzoglo believes that Bitcoin is very likely to enter into the $130, 000 price bracket in the ongoing year. He connects this bull prediction to the fact that Bitcoin has become much less volatile recently. According to Panigirtzoglo, the reduced instability of Bitcoin would make it a more attractive asset for institutional investors.
He further added that the recently found stability of the flagship cryptocurrency market is likely to take advantage of investors’ reduced interest in Gold and its derivatives. Meanwhile, Clemente asserts that in case BTC has completed its 15% bull climb, it could reach a $400,000 mark. Clemente also took into consideration a pessimistic view that if the king coin has already completed 50% coverage of the current bull-run, it would still be able to reach a six-figure valuation by the end of the current price tag.
South Koreans are Unable to Take Part in the Bitcoin Rally due to High Premiums
Just like any other part of the world, there are many crypto enthusiasts and Bitcoin followers in South Korea. Right now, the 1 US dollar is valued at 1123.86 South Korean Won. It is no surprise that Bitcoin is being sold at a $10K higher price in South Korea in comparison to the USA. While US-based investors can purchase BTC at $58K, the crypto investors in South Korea would have to pay $68K to acquire a single Bitcoin due to the high premium rates.
This price difference is implemented by the KIMCHI premium effect. According to research conducted by the University of Calgary: the price of Bitcoin tends to inflate in the countries that have lower financial freedom. The same effect was seen in Nigeria after Nigeria’s central bank implemented a ban on the banks in dealing with digital assets.