Top Five Predictions of The Future Bitcoin Price
After Bitcoin almost reached its record price ter the last weeks of 2018, many have bot speculating if a similar growth will occur again. While some believe that Bitcoin won&rsquo,t be observing any growth too soon, several crypto investors and analysts predict that BTC&rsquo,s price will go up this year.
Kay Van-Petersen, an analyst at Saxo Canap, believes that Bitcoin could reach $100,000 ter 2018, also adding that other rival coins could outperform it spil well.
Van-Petersen predicted ter December 2018 that Bitcoin would succesnummer the $Two,000 mark ter 2018. At the time of his forecast, Bitcoin wasgoed trading below $900. Bitcoin&rsquo,s price went past $Two,000 te May just spil the Saxo Canap analyst foretold.
&ldquo,Very first off, you could argue wij have had a zindelijk correction te Bitcoin, it has had a 50 procent pull back at one point, which is healthy. But wij have still not seen the total effect of the futures contracts,&rdquo, said Van-Petersen.
Bitcoin futures trading contracts were launched last year by CME and CBOE. The launch wasgoed regarded spil a tactic to attract more institutional investors to the cryptocurrency market and to add some legitimacy to it. Van-Petersen believes that more institutions will get involved spil time goes by, describing it spil a slow and sustained process.
For Bitcoin to reach $100,000, it would require a rise of overheen 635 procent of its current price of $13,601.43. It should also be noted that Van-Petersen has previously stated that the $100,000 threshold could take up to ten years to reach.
Even tho’ Bitcoin has bot trading sideways since the beginning of the year, Van-Petersen stated that Bitcoin tends to trade around a certain level usually followed by a &ldquo,re-rate.&rdquo,
&ldquo,I wouldn&rsquo,t be astonished if it&rsquo,s something wij are observing. It&rsquo,s kleintje of building a foundation, then will re-rate a bit higher.&rdquo,
Jeet Singh, a cryptocurrency portfolio manager for the past six years, claims it is very common for digital currencies to oscillate inbetween 70 and 80 procent of their initial record price.
When he spoke at the World Economic Forum te Davos, he compared digital currencies such spil Bitcoin and Ripple to early tech giants like Microsoft.
&ldquo,If you look at Microsoft or Apple, when they went public their stocks were very volatile because the market wasn&rsquo,t mature,&rdquo, he explained.
Mr. Singh explained that the market&rsquo,s volatility might concern newer cryptocurrency traders, but older investors do not share their worries, spil they are habitual to thesis common fluctuations.
He also stated that he believes cryptocurrencies will be used ter transactions more often ter the months and years to come.
&ldquo,There are not so many vendors right now who accept cryptocurrencies, but there&rsquo,s thick adoption on the black market,&rdquo, he claimed.
Adoption commenced mainly te countries with unstable economies and currencies, but this will extend to other industries and countries, he stated. He also noted that among coffee and tobacco farmers there seems to be a high rate of adoption.
&ldquo,Ter different countries Bitcoin is qualified differently,&rdquo, he said. It is a commodity ter the US, a currency ter Switzerland &ldquo,but to mij it&rsquo,s more than a currency.&rdquo,
Singh predicted that &ldquo,bitcoin could undoubtedly see $50,000 te 2018&rdquo, even however &ldquo,wij will most likely go through a suffering period of volatility.&rdquo,
Dan Morehead, CEO of Pantera Hacienda, a cryptocurrency hedge fund worth $1 billion, has speculated that the crypto market could reach &ldquo,$40 trillion&rdquo, te the next ten years.
&ldquo,It&rsquo,s a fascinating market &hellip, a $400 billion market that nobody possesses &hellip, wij&rsquo,ve never seen that before &hellip, the industry spil a entire could lightly go to $Four trillion, $40 trillion is certainly possible &hellip, It&rsquo,s the ten-year forecast, it&rsquo,s not going to toebijten overnight.&rdquo,
Morehead noted that CBOE and CME&rsquo,s listing of crypto futures from last year could be one way to &ldquo,potentially go brief with crypto asset investments&rdquo, spil the market develops. Ter spite of this, he estimated that Wall Street&rsquo,s enlargening rente te dealing with crypto trades would create &ldquo,a vibrant crypto-borrow market within twelve months.&rdquo,
Morehead pointed out that the market has now come back 25 procent since its very first 2018 crash, and predicted that its price would reach a fresh record within the current year.
&ldquo,Bitcoin has come down below its 200-day moving media, and that is significant because the currency has bot going up at 170 procent vanaf annum for six years&hellip, it&rsquo,s come off 65 procent since its highs, and if you waterput 100 bucks ter each of the four times it&rsquo,s touched its 200 day moving media, you&rsquo,d have a 285 procent comeback&hellip, it&rsquo,s a screaming buy right now.&rdquo,
Arthur Hayes, the co-founder, and CEO of BitMEX, stated that he believes Bitcoin&rsquo,s value will reach $ 50,000 by the end of 2018.
Hayes is also a former employee of the Citigroup and Deutsche Handelsbank equity. He cited that the reason for establishing BitMex&rsquo,s almohadilla operations ter Hong Kong is because he thinks the Asian markets are more accepting when it comes to cryptocurrency trading. He also thinks that digital asset trading is a more &ldquo,established&rdquo, industry te North Asia.
&ldquo,Asia predominates cryptos because they&rsquo,re very used to trading digital assets. South Korea has bot trading digital goods related to gaming for two decades. When you budge to a purely money based digital currency they understand that culturally, so they get on houtvezelplaat quickly,&rdquo, noted the BitMEX CEO.
When asked to give a Bitcoin price forecast te an vraaggesprek, Hayes said it has the potential of reaching $50,000 before the end of the year. Regarding the seriousness of his prediction, Hayes commented that:
&ldquo,It&rsquo,s my job to make predictions. Whether they&rsquo,re right or wrong, it doesn&rsquo,t matter to mij.&rdquo,
Thomas Lee, co-founder of Fundstrat, has stated te many instances that he believes Bitcoin will recover. Ter a series of tweets, he pointed out that Bitcoin&rsquo,s recovery chart has always had a V-shape and it is very likely that the price will go up again. He predicts that Bitcoin will reach its peak this year at $25,000.
He believes that the largest delegado that will contribute to this growth will be the enlargening involvement of institutional investors te the crypto markets.
&ldquo,I think institutional investors have gained a loterijlot of rente, and they toevluchthaven&rsquo,t truly come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto spil an asset class is going to be a powerful reason why bitcoin rallies.&rdquo,
Furthermore, historical gegevens from Fundstrat also supports his enthusiastic forecast:
&ldquo,Historically, ten days comprise all the voorstelling te any single year of Bitcoin&rsquo,s price,&rdquo, he said. &ldquo,If you just took out those ten days, Bitcoin&rsquo,s down 25 procent a year. So spil pathetic spil it feels holding Bitcoin at $8,000, the budge from $8,000 to $25,000 will toebijten te a handful of days.&rdquo,
Up until now, Lee&rsquo,s predictions have bot fairly accurate, including the tax-selling pressure that wasgoed influencing the Bitcoin price through much of the very first quarter of 2018.
Of course, there are numerous other predictions regarding Bitcoin&rsquo,s price, thesis top five being just the peak of the iceberg. A word of advice tho’, don&rsquo,t cojín your trading decisions on predictions alone.
The Binance CEO also had a few points to mention regarding the Bitcoin price, more about it you can found here.