The current Bitcoin value has this year taken a nose dive from its highs in late 2017. From a high of $20k to a low$6,525.50at the time of writing, Bitcoin is having a hard time disengaging from the powers of the bears.
While this is written all over the place,experts projectionsare indicating a positive momentum soon and the current Bitcoin value is marked to appreciate to even higher heights before the end of the year. Not to mention long-term predictions which are even more promising.
Below we look at the current Bitcoin value from the eyes of five experts.
A well known professional expert in the ICO and crypto space, Phillip Nunn, is positive that the price of Bitcoin will rise to $60K. Although Nunn said this at the beginning of the year, he has not deviated from his positivity.
The truth is that we are moving from depending on the internet of information to depending on the internet of value. Everything will be disrupted from record-keeping, financial issues, to legal issues. This is why I will continue to stand by my predictions. My prediction was Based on market volatility which is currently high,saidPhillip.
Whether his projections will come to fruition and considering the volatility of virtual currencies, this will depend on how best the 10 years old cryptocurrency market will respond to regulations and security concerns.
Tom Lee, a senior partner at Fundstrat, a cryptocurrency market analysis company, has never wavered from his$25K commitment.
Lees prediction is based on his belief that leading financial institutions will soon start flocking the cryptocurrency market. According to Tom, banks and other traditional firms will enter the market because of opportunities.
Also, Tom sees a maturation of regulations guarding the cryptocurrency market. This, for Tom, will bring both retail and institutional investors to the bright light of virtual currencies. The expert from Fundstrat also bets on the rise of the cost of mining Bitcoin.
For Keneth, an ex IMF chief and a professor at Harvard University, its not as promising as it seems.
Rogoff sees the current Bitcoin value headed to lows near the $100 mark. This is because Keneth sees financial regulators pouncing on cryptocurrencies and bursting the Bitcoin bubble.
I think Bitcoin will be worth a tiny fraction of what it is now if were headed out 10 years from now I would see $100 as being a lot more, indicated Keneth
Cameron, the co-founder of theGemini cryptocurrency exchange, is positive Bitcoin will reach $320K although not in 2018. Cameron has set his eyes to more than 10 years.
Bitcoin is actually fixed in supply so its better that scarce. We think regardless of the price moves in the last few weeks, its still a very underappreciated asset.
The Bitcoin Foundations executive director is raising the adrenaline level in the Bitcoin community by noting that Bitcoin is well on its tracks to touch forty thousand U.S dollars. However, Llew distances himself from losses the crypto traders may encounter noting that virtual currencies have an equal measure of excitement and risk.
Other experts, eg, Tim Draper and Jeet Singh, are all positive indicating that the price of Bitcoin will be somewhere between $50K and $100K. Tim had in 2014 predicted a price of $10K within three years, something that came to pass in two years.
The above expert predictions as to where the current Bitcoin value is headed by the end of the year and beyond have one thing in common even if Bitcoin rises or falls in value, it will be the industry standard. There will not be such thing as altcoins detaching themselves from Bitcoin.
Over the years, Bitcoin is slowly acquiring the store of value tag which was fixed on assets like gold.
Since the supply of Bitcoin cannot exceed 21 million, the price is likely to appreciate once supply becomes lower than demand
Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.
Use pending pullbacks to continue accumulating Bitcoin, Fundstrat technical strategist
Tom Lee: Augusts Bitcoin (BTC) bull run will be for healing purposes
Tom Lee refutes claims that crypto is broken says its only bent
Daily crypto brief: Ripple (XRP) price spots another bullish divergence
U.S watchdogs give Coinbase the green light to list more coins
Cryptocurrency Market update: BTC, ETH, XRP, LTC
Cryptoline News strives on providing Bitcoin, Cryptocurrency and Blockchain enthusiasts with unbiased news and tips to facilitate trade and investment decisions. Nevertheless, please do your due diligence before investing in any coin.