In our previous article we’ve discussed, how Bitcoin came into existence and how it grew from a simple concept to something that almost nobody believed, into a worldwide phenomenon to one of the most promising digital currency.
Today we’ll touch on Bitcoin price forecast for the upcoming year and some speculation that surrounds the field of cryptocurrency in general. But first a quick recap:
Bitcoin came into existence in 2009. The lowest actual value that it ever had was $0.008 when 10,000 BTCs were spent to buy pizza. Bitcoin progressed in spikes, rapidly magnifying its value almost three times between years 2013 and 2017 about ten times. At the time we are writing this article, the price of Bitcoin is roughly $8224.00.
So, without further ado, let’s talk about, Bitcoin future price prediction.
An Interesting Development
Before today, we were going to write about recent drops in Bitcoin value, what can it mean, is it likely for Bitcoin to plummet. However, just recently there was a fascinating development.
One of the top Wall Street strategists – Tom Lee the managing partner and head of research at Fundstrat Global Advisors, officially came out with a prediction for 2018 that puts Bitcoin 40% higher than this year. By his estimation, the price of Bitcoin in mid-2018 is likely to reach $11,500.
Tom Lee said, “In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted.” He then continued “We recommend steady buying of Bitcoin at these levels”.
Now as exciting as it might sound, the word of 1 Wall Street bear, no matter how successful, is still a speculation. But as more news was coming up, this prediction seems more and more plausible. For example, Big Wall Street banks currently are quite caught up in the cryptocurrency rise. Even JPMorgan Chase is now considering the possibility of its clients trading in Bitcoin futures. This is especially unusual, since the current CEO of the company, has been openly very critical of Bitcoin’ viability.
Considering that previous Bitcoin forecast 2017 was estimating that Bitcoin will not reach $7,500 until 2018, and we all know how this turned out.
Why Bitcoin Future Predictions are Uncertain
Despite a rapid growth and increasing interest from both general public and financial institutions alike, the Bitcoin future price predictions might not come into being. What many people don’t take into account is that as cryptocurrency become more and more popular and widespread, the legal issues surrounding this sector might come into play.
Consider the possibility of one major country simply putting regulations on Bitcoin trading. Even the news of such development would negatively affect the price of all cryptocurrency the same day. The Chinese government has already proposed a legal initiative that outlaws any domestic Bitcoin exchanges. And China currently holds the largest cryptocurrency mining operations, including for Bitcoin Etherium and other altcoins.
And in fact, in its official statement, the Chinese government is putting the ICOs as illegal activities. As of this moment raising virtual currencies is considered to be a financial fraud. The official statement was given on Sep 4, 2017. Soon after the press conference the market declined by 25%. Cutting of any portion of the market would cause rapid fall exchange rate as well as would slow down the recovery process.
Bitcoin Forecast 2018
Other notable experts have offered their predictions for the year 2018. The Bitcoin, Bitcoin Gold and Bitcoin Cash are all put on the rise. As Ronnie Moas, one of the most famous Bitcoin bulls states the values of these currencies are inversely correlated, but regardless of the actual exchange rate, their total market capitalization is on the rise, meaning that possible drop in the value of Bitcoin will most probably trigger the rise of its “little brothers”.
Financial analysts seem to be raising their forecast for Bitcoin, from an average of $11,000 now to $14,000 per 1BTC. But not all of them are in total agreement. Sheba Jafari, head of technical strategy at Goldman Sachs said that “Bitcoin is looking heavy.”
Whatever happens next?
But, regardless of the Bitcoin’ market price, the cryptocurrency is here to stay with us for a long run. You can always safely earn Bitcoin with some of our mining hardware that we offer at BitmainMasters. Check out the wide range of ASIC miners that we offer for sale, plus we provide free shipment worldwide.