The Bitcoin price has been very volatile this year, with analysts and several industry experts of the view that it will soar by the end of the year. A research firm, however, has lowered its end of the year prediction by thousands of dollars.
Some Analysts Still Bullish
Despite the Bitcoin price currently down by over 60% from its all-time high, some industry experts and analysts still maintain their bullish stance. Analyst Tom Lee is of the view that the Bitcoin price would reach $25,000 before the year runs out, while BitMEX CEO Arthur Hayes is expecting double of that, pegging his predictions at $50,000 by the end of the year.
John McAfee meanwhile believes the Bitcoin price would hit $15,000 this month. The price of the flagship cryptocurrency was expected to soar after the Consensus conference, with history an indicator of that. However, that didn’t pass and even the recent June 6th predictions didn’t come true.
Expectations Lowered By Some
The price of Bitcoin has found it very difficult to mount a recovery after dipping below $8,000 and this has led to some analysts and experts lowering their price expectations. One of them is research firm, Trefis Research, which has lowered its price expectations from a previous $15,000 to just $12,500.
The research firm made this known in a tweet;
Lowering Our Year-End Bitcoin Price Target To $12,500 Due To Weaker Transaction Volume Outlookhttps://t.co/Plya7iHWKo
— TREFIS (@Trefis) June 6, 2018
The firm is known for keeping track of current price trends in the crypto industry. Trefis makes use of daily transaction volumes and the number of daily users when making their price predictions. So far, they have been very efficient having recorded a 94% accuracy rate.
Talking about their lowered expectations, the research firm stated that;
Adjusting our forecast for transaction volumes in our interactive Bitcoin Price Estimator now leads to a year-end price target of around $12,500—down from our earlier estimate of $15,000.
Trefis further added that;
The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies.
With the Bitcoin price movement hard to predict, it will be very interesting to see if anyone would get their predictions correct.