Despite bitcoin’s current roller coaster ride, the price of the cryptocurrency will reach $14,000 in 2018, according to one analyst.

The prediction comes from Standpoint Research Inc. analyst and founder Ronnie Moas (pictured), who revised his price guidance up from his previous target of $11,000 in a report to clients. “There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin’s way have been knocked down,” Moas said. “An argument can be made that the good news is still not fully reflected in the current price.”

According to CNBC, Moas cited recent developments such as CME Group Inc.’s plan to launch bitcoin futures trading in the fourth quarter. He also mentioned mobile payments startup Square Inc.’s testing support for bitcoin within its Square Cash app as positive news that will drive the price of the cryptocurrency north.

Moas went on to note that while he was “not trying to be a hero and compete with people on the internet for who has the highest bitcoin price.” But with more than $200 trillion in total assets around the globe, if only 0.5 percent of that money moved into bitcoin, it would imply a $1 trillion valuation. By comparison, bitcoin’s market cap today is $130 billion.

The bullish prediction on the price of bitcoin in the year ahead comes as the price of bitcoin once again broke new records Monday until profit takers entered the market and drove the price back down.

After hitting a record high of $7,998.32 in trading Thursday, the price of bitcoin broke the $8,000 mark over the weekend to trade as high as $8,285.88 today. It settled back below $8,000, to $7,948.41, as of 11 p.m. EST in what might be the start of a small bear run.

The idea of bitcoin hitting $14,000 in 2018 may have been absurd to many even six months ago, but bitcoin’s price has surged by nearly 800 percent since the beginning of the year. Now, despite the occasional correction, it continues to rise, making the prediction of a $14,000 valuation well within the realm of possibility.

Photo: Ronnie Moas/LinkedIn