Five bitcoin price predictions for 2018 🔮
"Paper money eventually returns to its intrinsic value, zero" - Voltaire
2017 was an absolutely crazy year for Bitcoin and cryptocurrencies overall. Starting the year hovering around the price of $1000 to reaching an all-time high at $20,000 in the month of December.
However, we didn’t get far into the new year before the movement changed direction and quickly went crashing all the way down to the $6000 range, showcasing once again Bitcoins extreme volatility. At the writing of this article, the price has stabilized around the $8-9000 range and the uncertainty is big around whether we have another big bull run in front of us, or a cooling off- period. So to get a better sense of which one it is let’s look at what the analysts predict for bitcoin in 2018.
Spencer Bogart, a partner at Blockchain Capital which was the first Venture Captial fund to focus on cryptocurrencies, is very positive regarding bitcoins potential valuation in 2018. An ever-growing interest in demand from institutional investors combined with the limited supply is behind Spencers price-prediction. A prediction that we will see a doubled increase from 2017’s all-time high where a bitcoin this year would be worth $50,000.
This is a price-prediction repeated by many other analysts and traders. Ran Neuner, the host of CNBC’s show Cryptotrader took his prediction even further by pinning a tweet of his certainty about the year ahead for bitcoin.
Kay Van-Petersen, an analyst at Saxo Bank even believes bitcoin could reach up to $100,000 this year which would mean a +1100% increase from current levels. The main factor behind this bull run would be an effect of the futures contracts that Kay argues we’re still haven’t witnessed.
The other side 〽
Of course, there are skeptics on the other spectrum as well usually consisting of Wall Street bankers and economists rather than crypto folks. A professor of economics at Stern School Nouriel Roubini, also known as Dr. Doom is super-bearish on bitcoins future. He expects bitcoin to reach zero as soon as governments start clamping down on it with regulations. Dr. Doom even takes it a step further calling bitcoin the worse bubble we ever witnessed and a “Ponzi game”.
That bitcoin is a bubble is also shared by the chief investment officer at Bleakley Advisory Group, Peter Boockvar. He predicts that the price of it can drop to the $1000 price level in 2018 calling it a classic bubble that will pop when central banks will start increasing the interest rates.
Which of this experts do you think will be correct at the end of the year? Comment below with your own predictions.