Independent research analyst Ronnie Moas predicts Bitcoin (TIKER: BTC.EXANTE) will hit $300,000 to $400,000, CNBC reported.
Moas, who put a $5,000 price target on Bitcoin in July when it was at $2,600, says the cryptocurrency will surge past $20,000 and continue its meteoric march into six figures.
"Bitcoin is already up 500 percent since I recommended it in the beginning of July, and I'm looking for another 500 percent move from here," said Moas, the founder of Standpoint Research, a self-described "one-man operation" based in Miami.
"The end-game on Bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world," Moas told CNBC.
Moas said he believes his price target is a conservative call. He believes “the party is just getting started.”
"I look at Bitcoin the same way I look at Amazon," he said. "The way to play Amazon for the last 15 years was to buy it, hold it, and add on the dips. That's exactly the way I think people should be playing Bitcoin."
The analyst's comments come as the CME, the world's largest futures exchange, launched its own Bitcoin futures contract. The CBOE did the same earlier this month.