It’s no secret that Bitcoin has been struggling to hold gains since the beginning of the year. However, even with the price dips, some experts still believe that the price of Bitcoin will double by the end of the year.
Light at the End of the Tunnel
Even if the price of Bitcoin hasn’t had any significant gains, the situation will change soon. Regulatory uncertainties and legal problems have contributed in the price stagnation of Bitcoin. The price will remain stagnant short term but it will eventually increase.
According to David Hanson, the CEO of Ultra, there will be continuous price changes short term. In his words:
“The price of Bitcoin will fluctuate and remain around the range of $6,500 and $8,500 for the next few weeks. Long term, the value will increase as top institutions start investing in the cryptoverse.”
If institutional investors tap into the industry, the price of Bitcoin and other cryptocurrencies will boost according to many other known figures in the cryptocurrency industry. Hopefully, Bitcoin will break the $10,000 level in the months to come.
It’s true that Bitcoin is far from its all time high right now and that it has been trading below $10,000 since March. However, there has still been an increased interest in the leading cryptocurrency. It’s only a matter of time till these interest get cultivated.
The director of eToro, Iqbal Gandham is one of the financial experts who believe in Bitcoin.
In his words:
“When the regulatory uncertainties clear up, more institutional investors will be eager to invest in the industry. In fact, there will be a race to make the first cryptocurrency investment in the industry. During these first few months of 2018, the industry has been moving at a slow pace but it will soon sprint and stretch. That time will soon come.”
If the predictions come true, Bitcoin may rise by up to 95% before the end of this year. The price predictions at the beginning of this year were positive following last year’s break into an all time high for cryptocurrencies. People predicted that Bitcoin may go as high as $250,000 by the end of 2022.