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Top 5 Predictions of The Future Bitcoin Price

· 17 Jun 2018 in Crypto News, Home

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.

  1. 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.”

  1. 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.”

  1. 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.”

  1. 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.”

  1. 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.

The Binance CEO also had a few points to mention regarding the Bitcoin price, more about it you can found here.

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