After Bitcoin nearly reached its record price in the last weeks of 2017, many have been speculating if a similar growth will occur again. While some believe that Bitcoin won’t be seeing any growth too soon, several crypto investors and analysts predict that BTC’s price will go up this year.
- Kay Van-Petersen: BTC Will Be $100,000 By December 2018
Kay Van-Petersen, an analyst at Saxo Bank, believes that Bitcoin could reach $100,000 in 2018, also adding that other rival coins could outperform it as well.
Van-Petersen predicted in December 2016 that Bitcoin would hit the $2,000 mark in 2017. At the time of his forecast, Bitcoin was trading below $900. Bitcoin’s price went past $2,000 in May just as the Saxo Bank analyst foretold.
“First off, you could argue we have had a proper correction in Bitcoin, it has had a 50 percent pull back at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” said Van-Petersen.
Bitcoin futures trading contracts were launched last year by CME and CBOE. The launch was regarded as 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 as time goes by, describing it as a slow and steady process.
For Bitcoin to reach $100,000, it would require a rise of over 635 percent 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 though Bitcoin has been trading sideways since the beginning of the year, Van-Petersen stated that Bitcoin tends to trade around a certain level usually followed by a “re-rate.”
“I wouldn’t be surprised if it’s something we are seeing. It’s kind of building a foundation, then will re-rate a bit higher.”
- Jeet Sighn – BTC will reach at least $50,000 in 2018
Jeet Singh, a cryptocurrency portfolio manager for the past six years, claims it is very common for digital currencies to oscillate between 70 and 80 percent of their initial record price.
When he spoke at the World Economic Forum in Davos, he compared digital currencies such as Bitcoin and Ripple to early tech giants like Microsoft.
“If you look at Microsoft or Apple, when they went public their stocks were very volatile because the market wasn’t mature,” he explained.
Mr. Singh explained that the market’s volatility might concern newer cryptocurrency traders, but older investors do not share their worries, as they are accustomed to these common fluctuations.
He also stated that he believes cryptocurrencies will be used in transactions more often in the months and years to come.
“There are not so many vendors right now who accept cryptocurrencies, but there’s huge adoption on the black market,” he claimed.
Adoption started mainly in 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.
“In different countries Bitcoin is qualified differently,” he said. It is a commodity in the US, a currency in Switzerland “but to me it’s more than a currency.”
Singh predicted that “bitcoin could definitely see $50,000 in 2018” even though “we will probably go through a suffering period of volatility.”
- Dan Morehead- $20,000 by December 2018
Dan Morehead, CEO of Pantera Capital, a cryptocurrency hedge fund worth $1 billion, has speculated that the crypto market could reach “$40 trillion” in the next ten years.
“It’s a fascinating market … a $400 billion market that nobody owns … we’ve never seen that before … the industry as a whole could easily go to $4 trillion, $40 trillion is definitely possible … It’s the ten-year forecast, it’s not going to happen overnight.”
Morehead noted that CBOE and CME’s listing of crypto futures from last year could be one way to “potentially go short with crypto asset investments” as the market develops. In spite of this, he estimated that Wall Street’s increasing interest in dealing with crypto trades would create “a vibrant crypto-borrow market within twelve months.”
Morehead pointed out that the market has now come back 25 percent since its first 2018 crash, and predicted that its price would reach a new record within the current year.
“Bitcoin has come down below its 200-day moving average, and that is important because the currency has been going up at 170 percent per annum for six years… it’s come off 65 percent since its highs, and if you put 100 bucks in each of the four times it’s touched its 200 day moving average, you’d have a 285 percent return… it’s a screaming buy right now.”
In a recent appearance at the Unchained podcast, Pantera capital founder explained how Bitcoin could eventually reach $42,000 by the end of the current year. This is in line with other predictions made by other analysts and experts. He has also mentioned that the digital currency would eventually reach $356,000 or at least it has the potential to do so.
For him, Bitcoin is going to be reaching that price level because of the current trend that the digital currency is currently following in the market. Finally, there are many important technological developments in the Bitcoin network that will help the price continue growing in the future.
Another important event that would help Bitcoin reach new highs is an exchange-traded fund (ETF). Morehead believes that an ETF could take a longer period of time before being approved. If that’s approved, it will be very bullish for Bitcoin.
- Arthur Hayes – BTC will hit $50,000 by the end of 2018
Arthur Hayes, the co-founder, and CEO of BitMEX, stated that he believes Bitcoin’s value will reach $ 50,000 by the end of 2018.
Hayes is also a former employee of the Citigroup and Deutsche Bank equity. He cited that the reason for establishing BitMex’s base operations in 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 “established” industry in North Asia.
“Asia dominates cryptos because they’re very used to trading digital assets. South Korea has been trading digital goods related to gaming for two decades. When you move to a purely money based digital currency they understand that culturally, so they get on board quickly,” noted the BitMEX CEO.
When asked to give a Bitcoin price forecast in an interview, Hayes said it has the potential of reaching $50,000 before the end of the year. Regarding the seriousness of his prediction, Hayes commented that:
“It’s my job to make predictions. Whether they’re right or wrong, it doesn’t matter to me.”
- Tom Lee – BTC will hit 25,000$
Thomas Lee, co-founder of Fundstrat, has stated in many instances that he believes Bitcoin will recover. In a series of tweets, he pointed out that Bitcoin’s recovery chart has always had a V-shape and it is highly 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 biggest factor that will contribute to this growth will be the increasing involvement of institutional investors in the crypto markets.
“I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies.”
Furthermore, historical data from Fundstrat also supports his enthusiastic forecast:
“Historically, ten days comprise all the performance in any single year of Bitcoin’s price,” he said. “If you just took out those ten days, Bitcoin’s down 25 percent a year. So as miserable as it feels holding Bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days.”
Up until now, Lee’s predictions have been quite accurate, including the tax-selling pressure that was influencing the Bitcoin price through much of the first quarter of 2018.
Of course, there are numerous other predictions regarding Bitcoin’s price, these top five being just the tip of the iceberg. A word of advice though; don’t base your trading decisions on predictions alone.
On Twitter, Lee wrote that Trump’s tweets regarding Bitcoin and Libra are bullish for the cryptocurrency market. He explained that there is, at most, 1% of the world that really follows cryptocurrency which means that 99% does not care about it.
With Donald Trump, the U.S. President, commenting about Bitcoin, he is making the remaining 99% aware of it. If just a small portion of these individuals that never heard about Bitcoin before enters the market, Bitcoin may even have two times its market size.
On balance, it’s a positive.
– there are at most 1% of the world who really follow crypto (more like 0.1%) so 99% basically don’t care
– DJT stating he is not a fan makes the other 99% more aware.
– if 1% of those gets positive, just 2x market size. https://t.co/dz9QY3mjWP
— Thomas Lee (@fundstrat) July 13, 2019
At the same time, Thomas Lee considers that the interest rate cut in the United States could also help Bitcoin grow. Mario Draghi, the president of the European Central Bank (ECB), has also announced that they will continue with the stimulus for the economy during the coming months after negative data from different indicators. This has called the attention of many analysts that consider that this could have a positive impact on Bitcoin before its halving in 2020.
6- Mike Novogratz – Bitcoin Could Skyrocket to $40,000
The recognized investor, former hedge fund manager and Bitcoin (BTC) supporter, Michael Novogratz, considers that Bitcoin is going to be reaching and even surpassing its previous all-time high registered in 2017.
During a recent conversation with Bloomberg, Novogratz said that he remains very bullish about the future of the crypto market and digital currencies. He mentioned that Bitcoin could skyrocket to $40,000 by 2020 and that this year Bitcoin could be traded close to $20,000.
Novogratz commented about it:
“I don’t expect Bitcoin to go to $20,000 in the next two weeks. I also don’t expect it towards the middle to the end of the fourth quarter. We will see kind of a period of consolidation.”
One of the main reasons behind this price surge includes the official launch of the digital currency Libra, which is currently being developed by Facebook. In addition to it, there are many other financial companies that are ready to invest in the cryptocurrency market. Two of them include the Intercontinental Exchange (ICE) and Fidelity Investments.
7- John McAfee – Bitcoin Will Surge To $1,000,000
John McAfee is perhaps one of the most controversial figures in the cryptocurrency space. With several millions of dollars behind, he has been promoting Initial Coin Offerings (ICOs), tokens, virtual currencies and different companies in the market.
John McAfee is also famous for predicting that Bitcoin is going to be reaching $1 million before 2021. He said that back in 2017 when Bitcoin was surging and reaching all-time highs of $20,000.
McAfee wrote on Twitter:
“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong.”
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
8- Oliver Isaacs – Bitcoin Could Hit $25,000
The Bitcoin price analyst Oliver Isaacs considers that the digital currency could hit $25,000 by the end of 2019. This is according to a recent report released by the Independent. He believes that there are many different reasons behind Bitcoin’s price resurgence. The current trade war that China and the United States are facing could push investors towards Bitcoin.
9- Time Draper – Bitcoin Could Hit $250,000
Tim Draper, a recognized investor and Bitcoin supporter considers there is an important adoption trend in the industry. There are several firms that are starting to deal with Bitcoin and cryptocurrencies. Some of these firms include Microsoft, Amazon, Starbucks and also Whole Foods.
Mainstream adoption will also be taking place in the next few years, which is going to help Bitcoin reach $250,000 by 2023, four years from now.
About mainstream adoption, Draper explained:
“I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrency […] It will be like the old lady paying out with pennies.”
If Bitcoin is able to reach that value, that would represent a price increase of over 2520% from current prices.
10- PlanB – Bitcoin Could Surge To $370,000
PlanB is a recognized cryptocurrency analyst and investor that provides information about the future of Bitcoin and its price in the market. According to him, bull markets start at difficulty bottoms, that means when there is a mining capitulation.
#bitcoin bull markets seem to start at difficulty bottoms.
We saw difficulty bottoms (miner capitulation) in Dec 2011 ($4.6), May 2015 ($230) and Dec 2018 ($3691). Price continues to rise from these bottoms until ATH around 100x .. implying a continuing uptrend until $370K ATH. pic.twitter.com/xgwp3SeHfb
— PlanB (@100trillionUSD) July 26, 2019
He mentioned that the market has experienced difficulty bottoms in December 2011, May 2015 and December 2018. At that time, Bitcoin was traded around $4.6, $230 and $3691 respectively. PlanB has also suggested that Bitcoin moves 100x from the bottom price. That means that Bitcoin could eventually reach $370,000 during the next bull market. Bitcoin would have to grow around 3756% from the current levels as of July 29.