Bitcoin revival unleashes animal spirits and $300,000 forecast

Bitcoin mania is back and with it, the return of sky-high predictions from celebrity crypto fund managers to Wall Street stalwarts of where it can go next.

The world’s largest digital currency is in the midst of an exuberant rally that this week saw it cross above $18,800 for the first time in almost three years. Strategists and crypto fans alike are now rushing to project its next never-before-seen heights. Outside of the eternal to the “moon” pronouncements from Twitter pundits, forecasts vary from $25,000 to more than $300,000 by the end of next year.

Here’s what’s aided Bitcoin’s run: a warmer embrace from the likes of Fidelity Investments and JPMorgan Chase & Co. is often cited as a catalyst, as is a decision by PayPal Holdings Inc. to allow its customers access to cryptocurrencies. Then there is always FOMO, or fear of missing out, as prices lunge higher. For crypto evangelists, these developments are just the first junctures on the road to ubiquitousness.