Crypto analysts say Bitcoin will end the year at $7,000
Bitcoin has been beaten up, but there may be some relief later this year.
A panel of 6 crypto and blockchain analysts were brought together and asked their thoughts on the crypto markets and bitcoin specifically.
In 2018, analysts were predicting big things for bitcoin's price.
None of them turned out to be correct.
We heard numbers from $25k all the way up to $100 by the end of 2018.
Instead we finished the year just under $4k.
What did the 'experts' say this time around?
Accord to the report released by Finder.com.au, the average estimate for bitcoin comes in right around $7k.
The highest estimate was $9,500 by Ben Ritchie of Digital Capital Management.
Ritchie thinks that Bakkt and Fidelity will help bring in Institutional money which will ultimately help propel bitcoin higher to close out the year.
Specifically, he had this to say:
"Two things to look out for in 2019 will be whether we will see decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner. The second is the impact of the traditional markets on cryptocurrencies. Will Bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market.”
Light at the end of the tunnel?
Things seem bad right now folks, but if these 'experts' are close to being right, we should see some relief later this year.
If prices do indeed get to at least $7k before the end of they year, that would represent a double for anyone willing to put some money down today.
Not sure about you, but I think that's better than you will do in the stock market this year.
More from the report can be seen here:
Stay informed my friends.
Image Source:
https://bitcoinist.com/looking-to-2019-what-will-bring-about-the-next-crypto-bull/
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Prices are definitely going to 100k.
It is just a matter of when.
Things seemed to have been pushed off.
The bear market extended.
I do not feel any of the numbers are wrong. Just the timing shifted.
I think bitcoin will either be very high, like you suggested, or virtually worthless within the next 5-10 years or so.
There are two possibilities for worthless.
And since, bitcoin is just code, if anything monumental in how to do blockchain happens, bitcoin will just adopt it. So, i don't see #1 happening.
Everything else falls under the category of humanity is screwed.
While it is true that bitcoin is just software that can be updated it has proven very difficult to actually get upgrades/updates done due to the decentralized nature.
And we could just as easily finish the year around $1000, and still have the possibility of that investment doing better than the stock market as well. I'm glad you shared some of the reasoning behind their prediction, but I'm just going to go ahead and assume we're going to keep going lower until we dont >< LOL.
Probably a pretty safe assumption.
The only way I see crypto rising (or falling) will directly correlated to the fall in the stock market (or rise).
Money has to go somewhere, and if its not in stock or metals, crypto seems the next 'go to' place..
With the stocks collapse this year? I dunno, but everything is long overdue for a reset..
Bitcoin seems to be acting more like a risky asset currently than a safe haven asset. Interesting to see what happens if the US enters a recession. My guess is that it would not be good for bitcoin.
Where is all the big money gonna park itself. ....It has to go somewhere.
There isn't enough gold and silver to going around to honor the paper contracts, even at the moment.
If the stock market crashes , where are they gonna put there wealth?
(banks?, hardly)
I thought crypto may actually have been invented for this eventuality.
(everyone knew the system had to crash...so..)
Historically it sits in USD and gold during times of extreme turmoil.
historically, we never had paper gold contract..
(leveraged hundred of times now, re per oz.)
Yes, but that would also make it easier for money to find it's way in there. IE the GLD gold ETF.
No - the smart money know they are not worth the paper they're written on...not when the collapse occurs.
(like fiat notes)
..but crypto just might be the new store of value...
If the collapse you need to happen in order for this scenario to actually happen, I am not even sure holding gold would do you much good... You'd want food, water, shelter, and ammunition.
If prices do indeed get to at least $7k before the end of they year, that would represent a double for anyone willing to put some money down today.
If everbody allready in crypto could motivate 10 friends = moon!
Hope they are right 🧐💰🧐
Me too.
$7k means an easy way to double up our money!! I'm pretty satisfied with that.
But my opinion is, that prediction might be correct (a little undervalued in my opinion), which means January 2020 will be an incredible month with a big boom in BTC price!!
Would be nice.
Let's hope that they are wrong again! But this side on the other side :)
Yes, that would be nice wouldn't it!
Not many investments out there with the potential to double these days so the risk/reward balance surely seems attractive!
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Yep, agreed. I do like me some asymmetrical returns!
Wow...they really don't know what they're talking about at all...or we all just can't seem to see the forest through the trees.
Looking back at the chart, we really should have seen that Bitcoin was going to crash. It went up way too fast. Price always crashes when it does that. Sometimes only to go right back up. But that time it didn't go right back up.
For Bitcoin to be at those numbers, it would have to go sideways for a long time from where it's at. Fully possible. Maybe they're right. But, I would suspect that it at least goes up quite a bit at least once during the year.
Well we are already 10% through the year, and prices are slightly lower than where they started the year. I took their predictions as pretty optimistic.
LOL! I think we'll see a bump to around those numbers in the next few months, if not higher. I think the highest number is likely a bit more accurate. Not sure if we'll have a serious move up, but it's not like it's gonna be all sideways action. At least I don't think so.
$6k is going to be tough to crack. If we get through there I think we go to $10k.
That would be nice.
But I for some reason feel that if it does go up to there, it will probably bounce off, at least the first time. Then we'll have doom sayers panicking. :P Things are often only clear in retrospect.
Yea, $6k probably won't break on the first tough, and neither will $10k. Price often breaks on the 3rd attempt at a region...
Totally agree, have a similar target in my mind. No way we're getting a huge pump anytime soon but bullish news later this year could help boost the price up about 200%
That $6k number is going to be tough to crack, but if we can get past that I think $10k is doable.