At the time of writing this, the world’s biggest cryptocurrency in terms of its market capitalization and popularity, bitcoin, is standing at around the price of $9,118 . With the volatility that is associated with this asset, one does not know where it might head the very next day. It can either shoot up or it can fall down severely and with no physical backing, the asset is far from stable.
Despite all the uncertainty, bitcoin has its set of market experts and traders. Since markets usually have memories, traders are always trying to find out the next possible position of the asset in terms of its price by looking at its behavior in the past.
Besides, a lot of other factors such as developments made on the technological or legislative fronts establish a positive aura around the asset thus pushing its price up. Positive sentiment in the media also helps boost the price of cryptos up as more people get interested and start buying the digital assets with the hopes of making profits. But where is the price of bitcoin, the most looked-upon asset in this space, going to end up in the future?
While long-term predictions made by experts like John McAfee go even as far as a million dollar for the asset bitcoin, it’s the medium-term and short-term prices that attract most of the general public.
In order to get a roundup of various price predictions floating around so that one can carve out an approximate guess for the asset’s year-end price, BlockPublisher recently got in touch with several industry experts and here are a few of the predictions that were made.
“We will see BTC above $10,000 sooner rather than later but that is not much of a prediction. After $10000, what then? Will we see six figures relatively quickly or will BTC stick around the $10,000 level? In the short-t0-medium term I believe we’re headed for a $11k-£12k trading range, but as Crypto re-writes the rulebook there doesn’t appear to be an obvious ceiling. From here there could then be a number of drivers for the price. Uncertain geopolitical conditions are a major factor. Political instability pushes people towards safe haven assets and Bitcoin is quickly taking on the safe haven mantle of gold. When BTC starts trading around $11,000 it will be time to re-evaluate.” – Clem Chambers, Forbes Columnist CEO ADVFN and Online Blockchain plc.
“My Bitcoin price prediction for the end of the year is $23,000. Although we are still very much in the infancy of this type of currency, the technology behind it is rapidly growing, and so will the value of the currency.” – Eric Brown, Founder and CEO Aliant Payments
“The price of Bitcoin changes every day. Obviously, the more popular it is, the higher the value will be. Since there was a major increase with regards to pricing towards the end of 2017 and 2018, I’m predicting that the same will happen towards the end of this year. The price has been depressed since the crash following the boom in late 2017, but the pricing will likely pick up closer to November. As Bitcoin is perceived to be more valuable than many other cryptocurrencies, and there’s an increase in media attention and promising projects, the price and demand is expected to fluctuate. It’s currently about $8,300. But, if things pan out well for investors, Bitcoin could reach $30,000 by the end of 2020.” – Monica Eaton-Cardone, Co-founder and COO Chargebacks911.
“Speculation is the key ingredient to bitcoin’s price. If enough influencers in the crypto world claim it will be $1 million, then due to bitcoin’s sentimental value and inherent volatility, anything is possible.
An interesting new approach in attempting to map out bitcoin’s price, and one that tends to be more accurate than most, is the Transaction Amount to Active Addresses Ratio (TAAR) first introduced by Chris Brookins, Founder of Valiendero Digital Assets. TAAR graphs the interplay between transaction volume and active addresses and their impact on bitcoin’s price. With indicators revealing that a strong bull run is in full effect, I believe by the end of 2019, bitcoin will have passed the $10k mark.” – Daniel Popa, Founder and CEO of Anchor
2019 Bitcoin (BTC) Price Prediction
By looking at these set of prediction, it seems that John McAfee’s prediction of bitcoin hitting $1 million might not get fulfilled this year but overall, things do seem quite bullish. From this set, one can say that by the end of the year $10,000 does seem to be a probable one.
Though these predictions do give some sense of future pricing, it is a very dangerous road to tread on owing to the uncertainty associated with bitcoin and the crypto world overall. There is no physical backing of the asset and the only thing controlling bitcoin’s price is speculation.
Speculation is people believing that the asset is worth something and will be worth something in the future. So for the price, public sentiment is a very strong factor. Moving forward into the year, expectations for positive developments are largely being made by the experts.
Once advancements are made on both technological and legislative fronts, a more positive aura will build a more strong base for the asset’s growth. With cryptos like “GlobalCoin“, which is the cryptocurrency being launched by the social-media giant Facebook, crypto adoption across the world is expected to increase thus bringing in even more investment in this space.
All in all, bitcoin’s price is majorly based on speculation and FUD (fear, uncertainty, doubt). If all things go well, bitcoin might even touch an ATH (all-time high) price, but with the volatility and uncertainty floating around, price prediction for bitcoin is very hard to make. Predictions have previously been proven to be wrong on several occasions, the same might occur in the future as well. But as of now, the short-term future of bitcoin looks bright.