Some days ago, the cryptocurrency market experienced an important correction. It took the prices of most of the cryptocurrencies down. Indeed, no top 100 cryptocurrency could operate positively on January the 16th. At the moment, the market has stabilized and cryptocurrencies are recovering the prices that they had before the dip. Since the beginning of January Bitcoin lost 12%, Ripple, 24% and Litecoin 13,1%. Ethereum gained 45%, NEM 7,69% and NEO 95,5%.
Bitcoin Could Reach $25,000 Dollars
Amid this volatility in the market, Bitcoin remains a bullish cryptocurrency. Tom Le, Fundstrat Global Advisor, correctly predicted Bitcoin increasing exponentially its price. This year, he says that Bitcoin could reach $25,000 dollars. Furthermore, he says that Bitcoin will reach this price after another dip later this year that will test again $9,000 dollars.
“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level,” said Lee. “We view this $9,000 as the biggest buying opportunity in 2018,” he stated.
Lee analyses bitcoin taking into account different factors. His main variables are money supply growth, ratio of alternative currencies such as gold to money supply and bitcoin’s share of these alternatives.
During 2017, several individuals that were not in the world of cryptocurrencies started to pay attention to it. They have decided to invest a lot of money driving the price of the cryptocurrencies to levels never seen before (Bitcoin $20,000). 2018 is expected to be the year of the institutional investors.
The Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) started to offer Bitcoin Futures at the end of 2017. Now is the time when more ETFs, enterprises, banks and funds will place their bets on this exciting market.
But Bitcoin is not the only cryptocurrency that could grow during this year. NEO and Ethereum would also be benefited from this new institutional money. Ethereum can reach $,1900 dollars and NEO $225 according to Lee’s point of view. But reality may look totally different. All predictions about the price of bitcoin during the last year remained under Bitcoin price at the end of the year.