Bitcoin, the world’s most dominant cryptocurrency, surged over 10 percent earlier this week to over $8,800. This is after the BTC price hit a low of $3,130 in December 2018.

Andy Cheung: $20,000 is a “conservative” price prediction for Bitcoin

Commenting on bitcoin’s latest price movements, Andy Cheung, the head of operations at OKEx, a leading Malta-based crypto exchange, remarked in a press release shared with CryptoSlate:

“$20,000 is a conservative prediction for Bitcoin price in 2019, as I said last year.”

He also predicted:

“The rally won’t stop here, because more institutional investors are [entering] the market and the 2020 halving effect starts to take place. We are thrilled to witness such bullish trends and I look forward to a new high Bitcoin deserves. Bitcoin is not just a coin, but a spirit that [drives] the crypto-industry.”

Why bother with fiat?

Meanwhile, legendary billionaire venture capitalist Tim Draper reminded investors:

“One bitcoin is still one bitcoin. It always has been and it always will be. There are only [going to be] 21 million of them and [investors] should probably get one.”

Notably, Draper believes all the other traditional currencies are “very volatile against Bitcoin” because their issuers know that the pseudonymous cryptocurrency is “really transforming the world.”

He added:

“So, these [traditional] currencies are tied to political forces, or dictatorships. Even the USD which really does [get affected] by political influence.”

Draper, whose comments came during a recent conversation with BNN Bloomberg’s Jon Erlichman, said that traditional currencies require a national monetary policy to be “precise” to work effectively as a medium-of-exchange. “So, why bother with [fiat currencies]?”

Max Keiser: “$28,000 Bitcoin still in play”

Bitcoin bull and Wall Street veteran Max Keiser told his followers that “there is very little [BTC] supply between here and a new all-time high (ATH). $28,000 is still in play.”

According to Max Keiser:

“The pullback from $20,000 to $3,000 will hardly be visible on the charts in a few years. Basically, a non-event.”

Also sharing seemingly bullish news for bitcoin, early crypto adopter Nic Carter revealed that the number of BTC addresses holding at least 0.1 BTC has hit a new all-time high (ATH).

New ATH 😱 (In addresses holding at least 0.1 BTC) pic.twitter.com/waXAptr40E — nic carter (@nic__carter) May 27, 2019

Of course, all price predictions must always be taken with a grain of salt.

Bitcoin $8,713.28 0.37% Bitcoin, currently ranked #1 by market cap, is up 0.37% over the past 24 hours. BTC has a market cap of $154.48B with a 24 hour volume of $24.59B. Bitcoin Price Chart BTCUSD Chart by TradingView