Thinking Bitcoin for 2018-2020
Bitcoin has continued to showcase its dominance as a digital currency over the recent years. The 2017 explosion marked the currency’s all-time high price, and it somehow piqued the interest crypto assets investors. With a market cap of $116 billion, as of writing, there is no doubt that Bitcoin is a big deal. But what does the future of Bitcoin look like? Well, there has been a lot of talk and predictions for the future price of Bitcoin, but the opinion is divided. Whereas there are pessimists who believe that the currency will crash to zero, a majority believe that it will hit six figures very soon. So what does the future look like?
Belief History of Bitcoin
Bitcoin was introduced into the market in 2009 as the first cryptocurrency powered by blockchain protocol. At that time, the coin was trading at $1 around 2010. But the introduction of the Ethereum was a great boost to Bitcoin since for the first time a competitor came along. The price started rising steadily. By the December 17th, 2017, the currency had hit its all-time high of $19,783.06. However, the coin would then go through a devastating crash few weeks into 2018 to trade below $6k. But by mid-February, the coin value rose to $11k+ before starting to drop again. As of writing, BTC was trading at $6.9k up from $6.7 previous day’s closing value.
The Future (2018-2020) Prediction
History shows a resilient cryptocurrency that can make a comeback. The trend shows the predictability nature of the cryptocurrency depending on how it has behaved in the previous years. It is also important to note that last year’s explosion was predicted by financial experts late 2016 and early 2017. So have you checked the 2018 predictions? If not, they are already out. The year has been named as the cryptocurrency year by experts. This can be seen from the numerous ICOs flying all over.
According to the digital currency and financial experts, the currency is expected to trade between $50,000 and $100,000 in 2018. Thomas Glusksmann, Head of APAC business at Gatecoin also puts the value of bitcoin at $50,000 in 2018. But according to Dave Chapman, CEO of Octagon Strategy, Bitcoin will reach $100k by the end of 2018. Other financial institutions such Saxo Bank also puts the figure at $60k before the currency crashes. If that figure will be realised in 2018, then it will be a significant milestone for the cryptocurrency market.
However, 2019 is expected to be a relatively calm year with the market stabilising from the 2018 activities. The period is described a ‘steady rhythm’ and the currency will either grow or just to keep the achieved level. During this time, the Bitcoin is expected to stabilise, but it will still reach six figures according to crypto and financial experts’ prediction. But come 2020, the projections get wild. The predictions range from $500,000 to $1m but $500k is the most common.
According to Mike McGlone, Bloomberg Intelligence commodity strategist, the Bitcoin will be trading at $900. But for the most optimistic people such as Winklevoss twins, and others puts it at $1 million. However, according to John Mcfee, founder of Mcfee Associates, and others say the currency will be trading at $500k. In general, it is widely agreed that the Bitcoin will be trading anywhere between $500,000 and $1,000,000 in 2020. But these predictions will come to pass various factors remain constant or change in favour of the currency.
Factors Driving the Prices of Bitcoin
There are various that have been working in favour of Bitcoin and most of the cryptocurrencies such as Ethereum. These factors must not change if the said prediction will come to pass. These factors include:
What Should Crypro Investors Make Of All Of This?
The most important thing to note is that these are just predictions. However, there is one interesting thing about Bitcoin predictions; they are almost 80% accurate if the previous results are anything to go by. So you can bet your money for the next 3 years, and you might reap big. But the market is very dynamic, and the mentioned factors can at any instance turn the tables. But we must also be alive to the fact that this is a relatively young and undiscovered thing, and thus anything can happen. For now, we just watch the space as the events unfold.
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