The analyst who predicted bitcoin’s meteoric rise this year believes bitcoin is on track for $28,000 in 2018. Top Standpoint Research analyst Ronnie Moas is just out with a very bullish note on the future of cryptocurrencies. He has ramped up his bitcoin price target for 2018 from $20,000 all the way to $28,000. And in the long-term, Moas sees the digital currency making it to a whopping $300,000-$400,000 (looking out over the next 10 years).

“I have already had individual one-on-one conversations … where I told them that the end game here is Bitcoin becoming the number one most valuable currency in the World” says Moas. That means bitcoin is about 80% to 90% undervalued at its current price.

Why Bitcoin Can Hit $400,000

Unlike gold or the Chinese currency, we actually know that there will only ever be 21 million bitcoin available. The supply is capped. Who knows how much gold is in the ground? No one.

According to Moas, we are just a couple of years away from a situation where hundreds of millions of people around the world are trying to get their hands on a few million Bitcoin.

And the crucial point is that currently there is only 1% bitcoin market penetration worldwide. Moas says this should hit 2%-2.5% in 2018 and 3%-4% by 2019. If the figure tops 5% by 2020 this will drive Bitcoin towards a multi-billion-dollar valuation and a coin price between $300,000 and $400,000. Indeed, Bitcoin is already one of the top 20 currencies in the world versus more than 190 currencies!

Note that this is a top analyst who tends to get it right. We can see from TipRanks that he has a five-star rating, with a 70% success rate and 5.6% average return for the last year.

But this is just for equities, and Moas’ new passion is the exploding world of cryptocurrencies. He predicted the rise of bitcoin far before most of his peers. Indeed, on July 3, Moas initiated coverage on bitcoin. He recommended investors purchase it at $2,570. Modern Trader describes this as the “call of the year.” Now bitcoin is up over 500% at $19,000.

Moas was also bullish on Ethereum and Litecoin way before they more than quadrupled in value.