Will Bitcoin Go To $25,000 USD in 2018?

in #bitcoin6 years ago

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Financial market research firm Fundstrat’s Tom Lee is actively defending his statement that Bitcoin will trade at values of up to $25,000 USD at year end. Just yesterday he stated it once again in two CNBC interviews.

His statement or expectation on the Bitcoin value is based on it's proven correlation to the mining costs of a single coin. Those are according to him to be expected to reach more than $9,000 USD at the end of 2018, which would drastically raise the price of Bitcoin as well.

I would definitely love to see that happening and for the whole market to reach new all time highs once again. Anyways I'm still a little unsure whether we're going to such high values that soon again after the terrible crash at the beginning of this year.

But as we all know, nothing is impossible in the cryptosphere. So let it be a surprise but of course hope for the best at the same time ;)

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( Source - Cointelegraph.com )

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I am very skeptical with these wild claims with not much thought behind. The cost of mining comes from number of miners and the price of electricity. The price of electricity has nothing to do with BTC and anyways should stay constant since mining is done globally it can easily be moved away from the places that become more expensive.
Now for the number of miners, or hashrate power, it increases as more people get interested in BTC or see it as an investment (or speculation). At the end of last year it went up but it can be said that it worked the other way around, price went up causing more people to join.
I would even argue that the cost of mining goes up because the price of BTC goes up not the other way around, the correlation may work the other way as Tom is stating.
Will it go to $25,000 because of the cost of mining? No way.
Do I wish it goes to $25,000 for any other reason? Hell yeah

"The price of electricity has nothing to do with BTC and anyways should stay constant since mining is done globally it can easily be moved away from the places that become more expensive."

The problem is that you need the infrastructure. You can easily try to mine in Venezuela but you won't find the infrastructure you need.
The cost increase is probably due to China raising its energy prices where a huge part of the miners are.

To the question in your title, my Magic 8-Ball says:

Signs point to yes

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

Normally you are right, dear bot, but this time I have to tell you that you are wrong.
BTC will - even with a bull run end of the year - not even reach 10k.

@steembusiness will banning cryptocurrency in India could effect it's international price ?

Sure. This will have an negative impact as every ban has.

I think the next ATH will come in 2019, but I might be wrong. Let's see!

last time predictions were made we exceeded those predictions..

No I don't think so. It will probably be much lower or much higher!

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