Bitcoin to Reach $36,000 by 2019
Investment research firm Fundstrat predicts BTC prices to reach $20,000 to $64,000 price range
Image source: pixabay - EivindPederson
With overwhelming news of Bitcoin's bullish future, many investment research firms are making sky-high predictions on its prices. Sam Doctor, head of data science research at Fundstrat, "believes that the current path of hash power supports a BTC price of $36,000", as reported on CNBC news - Evelyn Cheng. The prediction was made based on the potential growth in the hashpower of Bitcoin mining.
However, the economics of bitcoin mining likely create a support level for the cryptocurrency, Doctor said. He said bitcoin miners are more likely to hold bitcoin as its price falls to breakeven for operating costs, and sell as its price rises, leading to greater profits.
Source: CNBC news - Evelyn Cheng
Source: https://www.coindesk.com/events/consensus-2018/
Bitcoin could break $10,000 After Blockchain Week
As the Blockchain Week has begun, there is anticipation going around about the rise of Bitcoin prices in the next week. The same phenomenon has been observed last year, where Bitcoin hit $19,000 after the Consensus event during the Blockchain Week in 2017 (source: Forbes - Billy Bambrough). Apparently, these predictions are made by Fundstrat's Tom Lee. Tom Lee is also famous for making other overly-optimistic and bullish BTC predictions. By the end of this week we will see if Lee's predictions came true.
As reported on UltraGamerZ - Mohsen Daemi, the Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Although not solely focused on Bitcoin, the Blockchain Week boosts publicity for the adoption of blockchain technologies. Tech startups which bootstrap their ICOs on cryptocurrencies such as Ethereum will provide additional benefits to the cryptocurrency market.
Image source: pixabay - ComFreak
Other un-worldly BTC predictions
John Pfeffer, a partner at UK-based Pfeffer Capital has previously commented that Bitcoin would hit $700,000 based on his estimates that Bitcoin would displace 25 percent of foreign reserves (source: Independent - Anthony Cuthbertson).
On the other hand, Goldman Sach's plan to trade Bitcoin futures weaken the Bitcoin price. According to bravenewcoin.com - Andrew Gillick, Bitcoin prices crashed on 17th December 2017, after the Chicago Mercantile Exchange launched its bitcoin futures trading.
However due to the dominance of altcoins such as Ethereum, EOS and Bitcoin Cash, the effect of these trading platforms are no longer the sole factor controlling the Bitcoin prices. Taking into account all factors contributing into Bitcoin is the only way to properly predict BTC prices of the future.
I definitely agree with the contents in your posting!!
Upvoted & resteemed
Most probably and infact considering the hashrate for example BTC will get within the range of $20,000 to $64,000. I don't think its a misguided optimism at all.
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