Bitcoin headed to $100,000 in 2018, says analyst who predicted last year’s price rise.
Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency’s rally at the start of last year told CNBC
Kay Van-Petersen, an analyst at Saxo Bank, said in December 2016 that bitcoin would reach $2,000 in 2017, a feat achieved in May
Van-Petersen now says bitcoin will be driven by a larger uptake of institutional investors and futures contracts.
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SEE ALSO: Bitcoin Price Predictions 2018: How high can Bitcoin price go in 2018? Up to $1 million or down to $100? (In-Depth Analysis)
The values of Bitcoin, Ripple, and other cryptocurrencies have been crashing lately, but one analyst is predicting a huge rise ahead for Bitcoin—with a forecast for it to reach as high as $100,000 in 2018.
That might seem highly unlikely. But the analyst predicting Bitcoin’s 2018 surge has been right before. Toward the end of 2016, the Danish firm Saxo Bank released its annual list of “Outrageous Predictions” for the year ahead. In it, the bank’s analysts said that Bitcoin could easily triple in value in 2017.
That prediction came true by the spring of 2017. Bitcoin went on to increase from around $900 to $18,000 in the course of the year.In 2017, Bitcoin’s value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year. Since then, it’s value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies like Ether and Ripple along with it.
If you’re new to cryptocurrencies, this kind of volatility can be dizzying (and painful if you invest at the wrong time), but if you take a closer look it starts to make sense. Here’s why Bitcoin’s price keeps changing so drastically, and why it may get more stable in the future.
Reasons of Price Changes in Bitcoin: Popularity and Regulations
First, individual owners have less power over the price of Bitcoin, and, second, it creates stability since more people have a stake in the cryptocurrency. The other possibility is that government regulation could help stabilize Bitcoin. In the short term, that could cause its value to drop drastically (like what happened in China and South Korea), but in the future it could help calm down speculation and drive out the types of sketchy Bitcoin-related business that threaten to drag down the entire concept of cryptocurrencies.
How high can Bitcoin go in 2018?
Bitcoin prediction: Cryptocurrency price WILL rise despite fears of collapse
Bitcoin has been the top-performing currency in the world in six of the past seven years.
BITCOIN’S price will rise again, investors have predicted, amid fears of a cryptocurrency collapse after the digital currency and its rivals saw values plummet.
But despite the fall and fears the bitcoin bubble has burst, crypto investors suggest cryptocurrencies could surge. Francesco Nazari Fusetti, CEO of AidCoin which allows individuals to track their donations thanks to blockchain technology said: “At present, prices in the cryptocurrency market could, of course, be better, however, the sharp correction that we see now is nowhere near a collapse.
“The drop in price is actually beneficial for the industry, as investors and cryptocurrency enthusiasts will be more incentivised to educate themselves about the space. As people become more educated it will, in turn, limit fear surrounding further price drops, as this is the nature of the volatile cryptocurrency market.“The recent drop in prices and uncertainty in the current market is heavily influenced by a mix of an unfavourable news cycle and speculation fuelled by the media.”
Gabriele Giancola, CEO and Co-Founder of Qiibee, a blockchain based loyalty ecosystem said: “South Korea has had somewhat of an impact on the current market and price situation, however we have seen prices plummet previously and the market tends to rally.
“In the long-term this will not have a big impact, as the power of blockchain and cryptocurrencies goes far beyond the price.”
There are individuals within the financial world who believe bitcoin will breach the $100,000 mark this year.Kerim Derhalli, CEO of investment app Invstr, said: “Bitcoin is the next logical stage of the information revolution. This time a year ago it was worth under a $1,000. I predict next year [2018] it could hit the $50,000 to $100,000 mark.“Bitcoin is something that has gone against the established government system and seems to be winning.”
SEE ALSO: Foxconn and Sirin Labs partner to Manufacture Blockchain Phones – Blockchain News -Thu May 31
Olga Feldmeier, CEO of Smart Valor, said: “it can easily go to $100,000 by the end of the next year [2018] and possibly even beyond.”
Nick Spanos, founder of Zap.org and the Bitcoin Centre NYC, said: “Bitcoin has a stellar year ahead [2018]. No matter how low bitcoin went in the past, it always climbed back at least a few times stronger.
“Bitcoin is now tested and proven to the market: more importantly, people now separate the Blockchain’s incredible abilities from outside issues, so bitcoin is gaining more solid confidence from users and outsiders as this understanding improves. These perceived downsides are being taken care of, while the upside for bitcoin is virtually limitless.”
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Bitcoin Price Predictions 2018: How high can Bitcoin price go in 2018? Up to $1 million or down to $100? (In-Depth Analysis)
Bitcoin prices in 2018 have been marked by volatility which has made bitcoin price prediction in short-term a bit of a challenge, even for the experienced analysts. As at the time of writing, the price of Bitcoin took a dip from 10k to under 8k following news that search engine giants, Google will ban crypto-related ads. So far, 2018 has presented its own surprises though not a dramatic as the rollercoaster we say in 2017.
History generally has a way of repeating itself but bitcoin has a lot of history which makes it an equal challenge predicting which history will be repeated. It takes more than a study of past trends to get predictions spot-on this time and so we ended this article by highlighting certain area expert analysts were looking at.
Analysts, enthusiast, and industry figures have very diverging opinions and bitcoin price predictions for both long and short-term. Optimism is still high in many quarters—reports of a new survey among British financials suggest a wide majority will buy more coins in hope of price resurgence later this year.
As we delve into who’s saying what and why, here’s a heads-up. Expect a lot more price fluctuations in the interim. It’s going to be a bumpy ride getting to wherever Bitcoin is headed by the year’s end.
Surely, Bitcoin is headed up – John McAfee
John McAfee, Bitcoin supporter and founder of the popular McAfee antivirus software, is being very positive about Bitcoin. He predicted that Bitcoin price will hit $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.Bitcoin Price Prediction Tracker portal, Bircoin.top, did the maths and explain that Bitcoin needs to grow daily at 0.4840957034310259% per day.to meet McAfee’s prediction. Currently, Bitcoin is around $ 8,207 compared to $ 7,171. Cool right? However, to hit McAfee’s target, BTC would end the year just over $29k.
“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 d**k if wrong” – John McAfee
Apart from the economics behind the limited supply of Bitcoin, his prediction considered the factors like the increased adoption of Bitcoin and blockchain as well as a total cryptocurrency’s market cap around $162 billion which gives large room for growth.
Expect stability only after 10 years – Kristjan Dekleva (Hedge)
The Swiss-based financial expert will have us brace up for a decade of turbulence before any hope for a stable bitcoin. This he suggests will coincide with a general acceptance of Bitcoin even in hard-stance China. This though, not as a fiat replacement but a viable alternative.
“In my opinion, it will be at least 10 years before we see stability”. – Kristjan Dekleva (Hedge)
The finance expert at cryptocurrency project Hedge sees Bitcoin investments as all-too-similar to the DotCom bubble of the 90s.
So Mr. Dekleva, what are we having for supper in 2018?
“In the short-term, falls have been driven by emotion and in many cases disinformation – a small rumor can have a big impact…Demand is driven by market speculation, but the absence of institutional investors means the market is unstable.
Instability it is. Next stop is the prestigious Harvard.
Bitcoin to shrink to $100 – Kenneth Rogoff (Harvard Prof & ex IMF chief)
Known for his disparaging remarks against Bitcoin, a former chief economist at the International Monetary Fund’s (IMF) Kenneth Rogoff has poured icy water on hopes of Bitcoin making it to the moon.
“I think Bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now…I would see $100 as being a lot more likely than $100,000.” – Kenneth Rogoff
Rogoff’s prediction is based on his long-held belief that governments will rise against anonymous virtual currencies like Bitcoin. Government regulations, according to Rogoff, will pop the Bitcoin bubble but a Bitcoin pioneer on Wall Street thinks along very different lines.
SEE ALSO: A potential Amazon cryptocurrency exchange: Everyone is wondering about this move (Amazon Cryptocurrency Review) - AMZN Forecast -Thu May 31
Bitcoin to reach $25k in 2018 – Tom Lee (Snr. partner Fundstrat; ex-chief JP Morgan)
Popular Bitcoin forecaster Tom Lee expects Bitcoin to reach $25,000 by mid-2018, more than double its price of about $10,000 in January when the prediction was originally made.
“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level,” – Tom Lee
Though Bitcoin went below Lee’s base of $9,000 (nearing $6,000), it has bounced out reaching in March $11,000. It will take a ride similar to the one we witnessed last year for Bitcoin to reach this mark. To make this happen, Lee is counting on more institutional investors taking on Bitcoin and a steady increase in Bitcoin user base. Lee’s target may be half the mark according to fellow crypto-believer.
Volatile Bitcoin to touch $50,000 – Jeet Singh (cryptocurrency portfolio manager)
Speaking in January at the World Economic Forum in Davos, experienced cryptocurrency fund manager, Jeet Singh predicted that the price of Bitcoin will go as high as $50,000. He warned of heavy price fluctuations which he believes is only normal for a Bitcoin market that is still maturing.
Bitcoin could definitely see $50,000 in 2018…We will probably go through a suffering period of volatility around the time of Bitcoin’s next $10,000 landmark.” – Jeet Singh
Just like Lee, Singh expects Bitcoin to be adopted not just in the black market but by institutions and entire countries. If 50k seems too optimistic, how about 100k from the “Nostradamus of Markets”?
Bitcoin is the future; Fiat is Past – (Tim Draper, Venture Capitalist)
In 2014 with bitcoin at only $413, popular VC, Tim Draper predicted bitcoin to reach $10,000 in three years. This was fulfilled a month earlier than he predicated earning him a reputation among crypto fans. Though he didn’t categorically, predict a $100k Bitcoin in 2018, He said he expected the Bitcoin to continue its growth in an interview with Bloomberg last year. Tim Draper has made successful bets with Tesla, Skype, and Twitter in the past.
Assuming this growth happens at the same pace as the 3-year journey to $10k then we’re in for six digits. Maniacal right? That’s exactly how Draper feels about Bitcoin prospects. Now onto someone who understands a lot about bitcoin’s foundation.
Bitcoin will hit $ 40,000 – Llew Claasen (Executive Director, Bitcoin Foundation)
Last month, Llew Classen made a bold statement to reassure Bitcoin believers that the cryptocurrency is on the right track –specifically, on track to reach the $40,000 mark. Though his outlook for some altcoin holders was not very encouraging, he made it clear that as something new, cryptocurrency will be as risky as it is exciting.
Bitcoin to pass $43K by December 2018 – (Survey by Finder.com)
Finder.com sought opinions of 13 cryptocurrency experts and concluded that Bitcoin price will witness a 300% growth to land at $43,000 by the end of the year. The site also predicted Bitcoin at over $14K by March 1.
“While we saw the top 10 coins dive by 24 percent last month, our survey shows panelists are expecting this to be a bump in the road as these coins are set to recover.” – Jon Ostler, UK CEO, finder.com
Ostler noted that the predictions were not cast in stone as they can easily be swayed by “outside factors such as regulations, laws, and banking systems”
Bitcoin Will hit $320,000 someday – Cameron Winklevoss (co-founder, Gemini)
One of the popular Winkelvoss twins, Cameron Winklevoss recently said that he could easily see the price of BTC go up 40% someday. This year maybe? Not likely. The twin said he and his brother were taking longer outlook, 10 to 20 years.
“Bitcoin is actually fixed in supply so it’s better than scarce … it sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.” – Winklevoss
The fourth wealthiest cryptocurrency investor weighed bitcoin’s prospect against gold and came up with a resounding verdict. “We believe bitcoin disrupts gold,” He said.
SEE ALSO: Bitcoin volatility is here to stay (Bitcoin Price Prediction 2018) - BTC Predictions –Thu May 31
Bitcoin will reach $1million – Bobby Lee (CEO BTCC Exchange)
Bobby Lee, CEO of China’s first Bitcoin exchange speaking at the London Blockchain Week went overboard with his prediction. Lee said bitcoin will surpass $1 million but unlike McAfee, he could see this happen in 20 years’ time.
“Bitcoin, I think will get to $1 million per bitcoin…Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000.” – Bobby Lee
IN SUMMARY
A good number of analysts have also had their say though very few would be drawn into actual predictions. We observed a general trend in their assessments.
Expect Price Fluctuations:
At this stage, bitcoin and cryptocurrencies will be greatly affected by speculations. Even small developments in governments, traditional will likely affect prices. Most say the fluctuations are normal and wouldn’t affect the longer term outlook.
Long-term outlook
Experts would prefer to make predictions over a longer period. It is more common to have bitcoin price predictions for 2020 or a 10 to 20-year outlook. While the current reality may suggest some gloom, it’s worth remembering that the heights achieved last year came amidst similar corrections along the way. It’s only the 1st quarter of the year.
Bitcoin will be the standard for virtual currencies.
Though bitcoin may have a limited use case, it has been tipped to remain the king of all cryptocurrencies. It’s not going to be a case of “which altcoin will overtake bitcoin” rather how they will impress with their special use cases. It is a fact that the technology behind bitcoin is less sophisticated when compared to many other projects like ethereum.
Bitcoin as a store of value
Gradually, bitcoin is being seen more as a store of value that an actual currency being compared to gold and other assets. Bitcoin was originally designed as an alternative currency to bank the unbanked. Most decision making bodies and financial experts, however, see Bitcoin more as a store of value, an asset rather than a medium of transaction.
Many Altcoins will suffer
Part of the process that will lead to general acceptance of cryptocurrencies will include a clean-up of “useless” cryptocurrencies. A good number of the 2000 coins will naturally go away as their value become worthless—some, only a fraction of cent. Brad Garlinghouse, the CEO of Ripple and Llew Claasen of Bitcoin Foundation are among those raising this alarm.
Economics of Scarcity
The limited supply of bitcoin—a fixed supply 21 million BTCs—will play a role in its price; if not now, in the future.
Outside factors will play a significant role
Many observers believe that outside factors which affect the adoption of bitcoin will ultimately dictate the price in the short-term. The creation and performance of futures markets, for instance, is expected to tilt the price either way.
There are still concerns about bitcoins used for illicit purposes
Due to the anonymity of Bitcoin transactions, it has been used to conduct illegal activities giving Bitcoin a general bad image. This image, analysts believe will affect its adoption and ultimately its prospects in the future.
Finally, Caution against risking your life savings
Crypto investments are new and super-risky. Remember ethereum founder saying that cryptos are so risky the prizes might actually drop to zero. Well, that doesn’t seem practical but the message was clear. Do not invest your life savings in bitcoin or cryptocurrencies generally. Just like John Draper noted, you still need to buy stuff in fiat. So while bitcoin will likely worth a lot more in the future, it’s advisable to invest just as much as one can afford to lose.
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