The value of Bitcoin (BTC) will double by the end of 2018 irrespective of its recent price stagnation – according to a lot of digital currency experts. Over the past six months, the value of the digital currency has dropped from almost $20,000 in December last year, to its current value of $6,751 today.
The Reason for the Decline
The dramatic decline in the value of the coin has been attributed to uncertain regulations and also the seizure of the digital currency in several legal cases, such as MtGox, which were later sold on trading platforms. While the digital currency markets continue to settle, the near term predictions are expected to remain relatively stagnant.
David Hanson’s Forecast
The CEO of Ultra (a gaming platform) and blockchain expert – David Hanson said that he believes that the value of bitcoin will continue to fluctuate between $8,500 and $6,500 in the coming weeks. In the mid-to-long term, the value of bitcoin should increase, as a lot of big institutions are entering the market in a bid to gain first-mover advantage, and this legitimizes the market further.
The view that key institutions will provide a boost to bitcoin, as well as other digital currencies in the market, is shared by some experts in the crypto-space that believe that the value of bitcoin will finally surge over the $10k mark in the coming months.
The Positive Predictions Earlier This Year
The price predictions of bitcoin were positive at the beginning of this year, engineered by the price explosion in December last year. Tim Draper said that the value of Bitcoin (BTC) could hit $250k by 2022, while Alistair Milne (bitcoin evangelist) believes that the value of bitcoin would be within the range of $35k and $60k by the end of 2019.
Bitcoin is currently trading at $6,751, and it’s facing a major resistance at the $7k mark. There are lots of predictions about the digital currency, and everyone is watching to see what will happen next.