Even as bitcoin rose to a fresh all-time high Monday, one small research firm believes the cryptocurrency’s rally is far from over.

“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,” Ronnie Moas, founder of Standpoint Research, wrote in the report to clients Monday.

“An argument can be made that the good news is still not fully reflected in the current price.”

Moas noted recent developments such as CME’s plan to launch bitcoin futures trading in the fourth quarter and Square testing support for the digital currency.

As a result, the analyst raised his 2018 price target for Bitcoin to $14,000 from $11,000, representing nearly 70 percent upside to its current level. He has recommended the cryptocurrency since July, when it was trading under $3,000.

The price of bitcoin rose 2.6 percent to $8,245 Monday. It surpassed the $8,000 level for the first time Sunday, according to data from industry website CoinDesk. The digital currency is up more than 700 percent so far this year.

Many Wall Street analysts and executives have downplayed bitcoin as an investment vehicle. JPMorgan Chase CEO Jamie Dimon called the digital currency a “fraud” and said people who invest in it are “stupid.” UBS said bitcoin is a “speculative bubble” in a recent note to investors.