Bitcoin headed to $100,000 in 2018, says analyst who predicted last year’s price rise.
- Bitcoin could hit $100,000 in 2018, an analyst who correctly predicted the cryptocurrency’s rally at the start of last year told CNBC
- Kay Van-Petersen, an analyst at Saxo Bank, said in December 2016 that bitcoin would reach $2,000 in 2017, a feat achieved in May
- Van-Petersen now says bitcoin will be driven by a larger uptake of institutional investors and futures contracts
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Bitcoin price prediction 2018
The values of Bitcoin, Ripple, and other cryptocurrencies have been crashing lately, but one analyst is predicting a huge rise ahead for Bitcoin—with a forecast for it to reach as high as $100,000 in 2018.
That might seem highly unlikely. But the analyst predicting Bitcoin’s 2018 surge has been right before. Toward the end of 2016, the Danish firm Saxo Bank released its annual list of “Outrageous Predictions” for the year ahead. In it, the bank’s analysts said that Bitcoin could easily triple in value in 2017.
That prediction came true by the spring of 2017. Bitcoin went on to increase from around $900 to $18,000 in the course of the year.
Why Is Bitcoin Price Changing So Fast?
In 2017, Bitcoin’s value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year. Since then, it’s value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies like Ether and Ripple along with it.
If you’re new to cryptocurrencies, this kind of volatility can be dizzying (and painful if you invest at the wrong time), but if you take a closer look it starts to make sense. Here’s why Bitcoin’s price keeps changing so drastically, and why it may get more stable in the future.
Reasons for Price Changes in Bitcoin: Popularity and Regulations
First, individual owners have less power over the price of Bitcoin, and, second, it creates stability since more people have a stake in the cryptocurrency. The other possibility is that government regulation could help stabilize Bitcoin. In the short term, that could cause its value to drop drastically (like what happened in China and South Korea), but in the future it could help calm down speculation and drive out the types of sketchy Bitcoin-related business that threaten to drag down the entire concept of cryptocurrencies.
How high can Bitcoin go in 2018?-
Bitcoin prediction: Cryptocurrency price WILL rise despite fears of collapse
Bitcoin has been the top-performing currency in the world in six of the past seven years.
BITCOIN’S price will rise again, investors have predicted, amid fears of a cryptocurrency collapse after the digital currency and its rivals saw values plummet.
But despite the fall and fears the bitcoin bubble has burst, crypto investors suggest cryptocurrencies could surge. Francesco Nazari Fusetti, CEO of AidCoin which allows individuals to track their donations thanks to blockchain technology said: “At present, prices in the cryptocurrency market could, of course, be better, however, the sharp correction that we see now is nowhere near a collapse.
“The drop in price is actually beneficial for the industry, as investors and cryptocurrency enthusiasts will be more incentivised to educate themselves about the space. As people become more educated it will, in turn, limit fear surrounding further price drops, as this is the nature of the volatile cryptocurrency market.“The recent drop in prices and uncertainty in the current market is heavily influenced by a mix of an unfavourable news cycle and speculation fuelled by the media.”
Gabriele Giancola, CEO and Co-Founder of Qiibee, a blockchain based loyalty ecosystem said: “South Korea has had somewhat of an impact on the current market and price situation, however we have seen prices plummet previously and the market tends to rally.
“In the long-term this will not have a big impact, as the power of blockchain and cryptocurrencies goes far beyond the price.”
There are individuals within the financial world who believe bitcoin will breach the $100,000 mark this year.Kerim Derhalli, CEO of investment app Invstr, said: “Bitcoin is the next logical stage of the information revolution. This time a year ago it was worth under a $1,000. I predict next year  it could hit the $50,000 to $100,000 mark.
“Bitcoin is something that has gone against the established government system and seems to be winning.”
Olga Feldmeier, CEO of Smart Valor, said: “it can easily go to $100,000 by the end of the next year  and possibly even beyond.”
Nick Spanos, founder of Zap.org and the Bitcoin Centre NYC, said: “Bitcoin has a stellar year ahead . No matter how low bitcoin went in the past, it always climbed back at least a few times stronger.
“Bitcoin is now tested and proven to the market: more importantly, people now separate the Blockchain’s incredible abilities from outside issues, so bitcoin is gaining more solid confidence from users and outsiders as this understanding improves. These perceived downsides are being taken care of, while the upside for bitcoin is virtually limitless.”