July 18th saw a plummetting rise for Bitcoin price as it had reached to $7k mark after 30 days. So, there was worldwide excitement, when it started soaring high to even touch the $8,000 mark on July 25th, which completely led to market optimism. After that, from the beginning of August, it again came down to touch the $6K mark, which created disappointment amongst the crypto folks.
Bitcoin has seen a sharp decline in the 1st week of September 2018 when BTC price went down 3% in just 10 minutes. Cryptocurrency market is going through a bear phase in 2018 but if we talk about Bitcoin particularly, it has seen many such phases, and every time it ended with a better turnaround. Many analysts think that same will happen again and Bitcoin price will recover by the end this year.
Bitcoin never failed to create that frenzied ambiance, and amidst the volatility, it has been stable to stay secure in number one position. As we know, its the market forces and the adaptability that leads to the ranking scenarios, which means crypto enthusiasts never gave up, and always stayed optimistic regarding the largest cryptocurrency in the world.
Bitcoin is currently trading at $6476.36 USD, which is up by 0.01% in the last 24 hours, with a market capitalization of $111,746,189,583 and a circulating supply of 17,254,450 BTC.
Traders and enthusiasts are of the opinion that the market volatility comes right before the upsurge. They believe its just a matter of time when Bitcoin ETFs will get sanctioned, and then nobody can stop BTC from reaching their all-time-high.
Tom Lee BTC price prediction
The Bitcoin price has increased $200 increase in just a matter of 35 minutes on Aug 28, 2018. This increase happened after the statement of Tom Lee, head of research at Fundstrat Global Advisors. Lee said in an interview with CNBC's 'Trading Nation' that Bitcoin 'could end the year explosively higher', targeting a year-end price as high as $25,000. The basis of this prediction is The correlation between the price of emerging market equities and Bitcoin. This could lead to a major rally for Bitcoin.
Bitcoin is the most popular cryptocurrency, dominating the crypto space with its blockchain technology and its scarcity. Bitcoin was created in 2009 by the pseudonym Satoshi Nakamoto, who might be an individual or a group of people. It works on a peer to peer network, where no intermediaries are involved. It is the digital currency, which aims to exclude intervention of any third parties, while you are transacting.
It is gaining adoption and some people have started using BTCs in real time, like buying a Lamborghini or buying a mansion. It's easy as well as advanced. Once you understand the technology behind it, you will definitely embrace the beauty of this digital currency.
Bitcoin prices are fluctuating. It is trading at $6489.55 from its all-time of $20000. That’s why many are interested in the price forecast of Bitcoin.
As the market is experiencing volatile conditions, we should back up the prediction with the market experts, who have been the mind and heart of the cryptocurrency market.
Let’s take a look at the famous Bitcoin predictions:
John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.
Kenneth Rogoff, a Harvard professor, better known as ex-International Monetary Fund(IMF) chief, puts ice water on the hopes by saying that the Bitcoin bubble will burst and it would reach low to $100 and not, $100,000.
Tom Lee, ex-Chief Equity Strategist JP Morgan, and head of research of Fundstrat, believes that Bitcoin would reach $25K, as he is counting on more institutional investors taking on Bitcoin and a steady increase in Bitcoin user base.
Jeet Singh, a cryptocurrency portfolio manager spoke in the Economic Forum in Davos saying that he believes Bitcoin would reach $50,000 by the end of this year. He warned of heavy price fluctuations which are happening, which he believes is only normal for a cryptocurrency market that is still maturing.
In 2014, when BTC was valued at $413, none but Tim Draper, the popular Venture Capitalist predicted that Bitcoin would reach to $10,000 in a period of three years. Though he didn’t categorically predict a $100k Bitcoin in 2018, he said he expected the Bitcoin to continue its growth drastically, in an interview with Bloomberg last year.
Llew Claasen, the director of the Bitcoin Foundation made a bold statement to reassure Bitcoin believers that the largest cryptocurrency will reach $40,000 mark, even if it takes a downfall.
Finder sought opinions from 13 cryptocurrency experts and concluded that Bitcoin price will witness a 300% growth to land at $43,000 by December 2018.
Cameron Winklevoss, co-founder of the crypto exchange - Gemini and the fourth wealthiest cryptocurrency investor predicted that BTC will go up by 40% someday.
Now, we understand why he was so sure of his predictions as he and his brother had the inclination to apply for the Bitcoin ETF( exchange-traded funds) to the U.S Securities and Exchange Commission.
Bobby Lee, CEO of China’s first exchange- BTCC also predicted that bitcoin will surpass $1 million but instead of the time frame being 5 years as predicted by McAfee, Bobby Lee gave way too conservative a prediction stating 20 years.
Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above.
There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts.
Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position.
Bitcoin will reach the $10,000- $15,000 mark by the end of 2018. September is the time given for the ETF announcements, which is being awaited by all of us. If Bitcoin ETF gets sanctioned, then Bitcoin will automatically surge upwards to as high as $43,000 as predicted by Finde. To be on the conservative side, it will reach as low as $15,000, which has a high probability to reach.
Bitcoin price prediction in the next 5 years
2018 is going to experience bumpy rides as this is the year of price fluctuations. But Volatility is normal when it comes to the cryptocurrency market. Optimism is on the cards as British financials suggest that a wide majority will buy more coins in hope of price resurgence later this year. The last quarter of this year will experience an incredible exponential rise, which will change the destiny of the crypto markets. The price of Bitcoin will hover around $10,000 to $15,000 in the last three crucial months of this year. There are many traders who invested in Bitcoin, waiting for it to surge, after which they will become millionaires or billionaires.
Additionally, several countries like the U.S., Japan, and South Korea have shown extreme willingness to integrate Bitcoin and other cryptocurrencies into their financial systems by setting up regulated markets which might function freely and securely.
2019 will be bullish for Bitcoin, as by then the adaptability will be higher as more people will start believing in the technology behind Bitcoin. Bitcoin will reach up to $20,000 by the mid of 2019. The more the trading, the more the price. Moreover, as we know, Bitcoins are scarce in circulation, i,e, there can be only 21 million Bitcoins mined, out of which 17 million has been mined already, which means only 4 million to be mined, which will make its value more.
By the end of the year 2019, the Bitcoin price will reach $23,499, which means that the 2018 bearish trend ends and shifts to the bullish trend.
The cryptocurrency market will experience a market optimism in 2020, as not only Bitcoin, but all the major cryptocurrencies will also experience an upward shift. The governments and the central banks will embrace the digital currencies, hence the demand should be more.
The first quarter will see a minor surge up to $25,000, after which it will jump up to 30,000 dollars in the third quarter. By the end of the year, Bitcoin will be valued at $33788.5.
Bitcoin price prediction suggests that the Bitcoin price is up for a long-term 678.833382% in the BTC price value with a 5-year investment. This means that in 2023, the Bitcoin price is forecasted to stand at $ 50044.6.
Bitcoin will touch the $50k mark in the year 2023, which will take the crypto market to a whole different height altogether. As per the predictions and analysis, Bitcoin stays securely to number one position, without any close contender. Gradually, Bitcoin will be seen more as a store of value, along with it being an alternative currency.
By 2023, Bitcoin will be used more often by more people, i.e, the real-time use case will be increased, which will make it even more powerful.
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2018-09-19 15:56:21.000001 | 2 min