Bitcoin price predictions have become a norm nowadays, especially since Bitcoin hit its all-time high (ATH) in December 2017 at $19,500. From Bitcoin hitting its bottom to rising exponentially, we have all heard it all.
So, let’s check out the latest Bitcoin price predictions from bizarrely bearish to insanely bullish ones.
The Naysayers: Extremely bearish ones
As the Bitcoin price starts moving downward, the anti-Bitcoiners come out and starts ranting and predicting it to hit zero or get burst into oblivion.
Dr. Doom rips Bitcoin apart
Nouriel Roubini, the famous “Dr Doom” economist is one such name who has always been in opposition of Bitcoin and expecting this “bubble’ to get burst. Last time Bitcoin took a plunge to $6k, Roubini predicted it to hit zero, calling it the “biggest bubble in human history”.
But as we know, Bitcoin is still going strong and awaiting the next bull rally.
This time he went with,
“Maybe Bitcoin is not a fraud, but it’s not scalable. So it’s nice, it’s there, but it doesn’t have any future.”
He further added:
“Bitcoin’s going to be there. It’ll be worth close to zero, but it’s going to be there.”
Vanguard economist predicts zero
Another name is Joe Davis, the chief economist for $5.1 trillion asset manager Vanguard, who is enthusiastic about blockchain but not at all about cryptocurrencies. Talking about bitcoin, he shared back in May,
“I see a decent probability that its price goes to zero.”
Unlike stocks, he believes cryptos’ investment case is weak and it isn’t based on economics fundamental either. As per him, it is all speculation.
Say aye: The bullish ones
Emerging markets will take Bitcoin explosively higher
Tom Lee of Fundstrat has always been extremely bullish on Bitcoin and recently reaffirmed his $20,000 prediction by the end of this year.
But this time, he shared another potentially bullish scenario as he explains the correlation between the emerging marketings and the bitcoin market. According to Lee a change in tide is coming that will lead to a forthcoming rally.
“Both really essentially peaked early this year, and they both have been in a downward trend. Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.”
Whenever there is trouble in the emerging markets, investors avoid risk meaning no bitcoin for them. But as soon as the risk appetite returns and Fed puts a stop to rate hike policy, “Bitcoin could end the year explosively higher.”
A new number, faster adoption
The latest Bitcoin price prediction is by the co-founder of BTCC exchange, Bobby Lee who says:
“When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide.”
He further offered the explanation on his prediction:
#BitcoinMining industry is at just $12 million/day, compared to $335m/day for #GoldMining industry.
I predict #hashpower will continue to grow for #Bitcoin with daily $ numbers increasing.
Once global daily output reaches $54m in 2+ years, that would give $BTC a price of $60,000.
— Bobby Lee (@bobbyclee) August 26, 2018
A few other notable mentions are:
Earlier this year, Winklevoss twins said that Bitcoin is undervalued and has “a potential appreciation of 30 to 40 times.”
Max Keiser, an early Bitcoin adopter, his short-term price prediction is $28,000 while long-term goes well beyond $100,000.
This pattern will repeat all the way to Bitcoin $100,000 and beyond… pic.twitter.com/o9Wj4reBtv
— Max Keiser (@maxkeiser) June 2, 2017
Both sides of the Bitcoin
Either $2k or $60k
Recently, Panos Mourdoukoutas, a professor, and Chair of the Department of Economics at LIU Post in New York shared on Forbes two forecasts for Bitcoin price in 2020. The year of halving will be seeing either about $55,930 based on Hayes model or $2,300 as per Wheatley model.
$3k before the moon
Another interesting prediction has been shared by Anthony Pompliano, who is expecting Bitcoin to hit new highs, but not before 2023. Furthermore, he analyzes, before going to the moon, it will hit a new bottom of this year which is likely to be $3,000.
I’ve revised my Bitcoin outlook after spending more time digging through data than I would like to admit. I’m still very bullish, but it may take longer than anticipated: https://t.co/TYEuoBaChh pic.twitter.com/yjF0VRt5Ey
— Pomp 🌪 (@APompliano) August 24, 2018
Crypto is well-known to be unpredictable and highly volatile so it’s anyone’s guess which price prediction is likely to realize. For now, we can just wait and hope for the charging bulls!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.