Bitcoin Will Hit a New All-Time High Within Next 18 Months, Says Ikigai Fund Founder

  • Ikigai founder Travis Kling believes the price of bitcoin is being impacted by ripples from the repo and eurodollar market.
  • Predicts the price of bitcoin will reach an all-time high of $20,000 within the next eighteen months. 

Ikigai Asset Management founder Travis Kling has predicted that bitcoin will achieve a new all-time high within the next 18 months. 

Bitcoin Price Impact

Kling, who founded the venture capital fund in 2018, has a history of applying global macroeconomics to its effect on bitcoin. Kling said the most recent price crash for bitcoin, during which BTC dipped below $8,000 was in part due to rising repo transactions and a disruption in the eurodollar marketplace.

Kling told Yahoo Finance that Bakkt’s seemingly disappointing launch also contributed to bitcoin’s price fall, 

Bakkt’s launch was Sunday night, and when the volumes came out and were disappointing relative to expectation for Bakkt’s launch it sort of opened the hatch for lower prices.

When asked about the impact of macroeconomics and liquidity on the crypto markets, Kling said that it’s been “dynamic and shifting.” He called bitcoin a risk asset that serves as a “hedge” against irresponsible behavior by central banks and global economic authorities. 

Ikigai’s founder made the analogy of bitcoin as a “canary in the coal mine” for traditional asset classes, serving as an indicator for global market behavior trends. Kling concluded the interview by giving his prediction on bitcoin’s next price peak,

Hard to say what happens between now and the end of the year...but it is our base case that bitcoin makes a new all-time high in the next 18 months. That’s twenty-thousand.

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BTC Now Below $8300, but Tom Lee Says ‘2020 Should Be Great for Bitcoin’

Siamak Masnavi

On Thursday (January 23), Thomas Lee, Co-Founder, Managing Partner, and the Head of Research at independent research boutique Fundstrat Global Advisors, while appearing as a guest on CNBC's post-market show "Fast Money", predicted that "2020 Should Be Great for Bitcoin" and explained why.

According to data from CryptoCompare, at press time (around 10:20 UTC on January 24), Bitcoin is trading at $8,273:

BTC-USD 24 Hour Chart on 24 Jan 2020.png

This is the first time that Bitcoin has traded below the $8,300 level since January 14, as you can see in the two-week BTC-USD price chart shown below:

BTC-USD 2 Week Chart on 24 Jan 2020.png

Since Bitcoin reached $9,151 at 01:00 (UTC) last Sunday (January 19), the BTC price has been steadily falling, perhaps in anticipation of the "traditional" slowdown in Bitcoin trading around the time of the Chinese New Year (which, this year, starts on 25 January 2020 and ends on 11 February 2021). This expected drop in Bitcoin trading volumes was something that Arthur Hayes, Co-Founder and CEO of crypto derivatives exchange BitMEX, predicted in a tweet he sent out yesterday:

However, Lee, does not seem concerned about the currently falling prices of Bitcoin and altcoins in the crypto market.

Lee, who was appearing on Fast Money to give his views on the stock, bond, and crypto markets, was asked by the shows's host, CNBC news anchor Brian Sullivan, if he was still bullish on Bitcoin.

Lee replied:

"Yeah, 2020 should be great for Bitcoin because you got number one the halvening happening -- the block reward for miners getting cut in half -- that's a good supply demand change. I think last year the White House killed the Bitcoin rally with their opposition, but with the presidential election cycle underway, it's not gonna be in the headlines, and that's bullish for Bitcoin. And then with geopolitical tensions in the Middle East, I think that's good for crypto... We're getting a lot more interest in it from our clients."

It is worth remembering that two weeks ago Lee tweeted about a report he had published on January 9 about the outlook for crypto in 2020. According to this report, there are three positive convergences/catalysts for Bitcoin in 2020:

  • Bitcoin halving/halvening (which is expected to take place around 12 May 2020).
  • Geopolitical tensions in the Middle East.
  • 2020 U.S. Presidential Election

Lee said at the time that the bottom line is that "financial markets tend to discount 1-3 months, and maybe 6 months (max)" and therefore the "highest probability is halvening not priced in."