Bitcoin Price Live – Bitcoin Value Today: Bitcoin volatility is here to stay (Bitcoin Price Prediction 2018) – BTC Predictions – Fri Nov 16

Bitcoin determines its value by supply and demand which is same as the equity class as well. Moreover, it is entirely decentralized and therefore it would not be possible for any one individual to control the entire supply.

Many of the people are tired of the increasing volatility in Bitcoin as well as other cryptocurrencies. Some of the people think that this is just temporary as volumes grow, the volatility would decrease but some have a different view. According to some of the investors, Bitcoin volatility is actually a feature of the cryptocurrency rather than just a short-term problem. Also, according to them, it is this volatility which makes it increase many times in just a span of one year as well. Therefore, if the volatility reduces the returns would also be reduced.

Moreover, many of the media outlets are actually hyping up this volatility in order to feature the negative side of Bitcoin. The truth is that, if an asset class rises by more than 20 times in a single year, it can easily halve as well. This is exactly what is happening with the Bitcoin cryptocurrency. Moreover, many of the companies, as well as investors, are stating that Bitcoin is nothing more than a Ponzi scam. This is again not true at all.

How much is Bitcoin worth? Bitcoin (BTC) Price Today / USD

Name Price24H (%)
Bitcoin (BTC)
$5,588.28
-0.77%

SEE ALSO: Bitcoin Price Predictions 2018: How high can Bitcoin price go in 2018? Up to $1 million or down to $100? (In-Depth Analysis)

Volatility hurting people:

There are many stories where people have actually taken a 2nd mortgage on their home in order to invest Bitcoins at the peak. They are actually suffering from depression as well as other such problems due to the enormous losses in the cryptocurrency. The countries in which the number of investors is high like South Korea have several such stories in their media.

On the other hand, there are also stories of investors who had invested in Bitcoin a few years back and now have made over 1000% returns in just a short period of time. Thus, the stories are on both sides of the coin. This is the reason why Bitcoin is actually a volatile asset which cannot just reduce the volatility.

Thus, if you’re thinking of investing in cryptocurrencies, it is important for you to understand that the volatility is here to stay. You need to understand that if you’re investing at inflated valuations, you run the risk of suffering from losses in the shorter term. However, if you’re thinking of holding Bitcoin for a longer period of time, you would suffer no problems at all.


Bitcoin Price Predictions 2018: How high can Bitcoin price go in 2018? Up to $1 million or down to $100? (In-Depth Analysis)

Bitcoin prices in 2018 have been marked by volatility which has made bitcoin price prediction in short-term a bit of a challenge, even for the experienced analysts. As at the time of writing, the price of Bitcoin took a dip from 10k to under 8k following news that search engine giants, Google will ban crypto-related ads. So far, 2018 has presented its own surprises though not a dramatic as the rollercoaster we say in 2017.

History generally has a way of repeating itself but bitcoin has a lot of history which makes it an equal challenge predicting which history will be repeated. It takes more than a study of past trends to get predictions spot-on this time and so we ended this article by highlighting certain area expert analysts were looking at.

Analysts, enthusiast, and industry figures have very diverging opinions and bitcoin price predictions for both long and short-term. Optimism is still high in many quarters—reports of a new survey among British financials suggest a wide majority will buy more coins in hope of price resurgence later this year.

As we delve into who’s saying what and why, here’s a heads-up. Expect a lot more price fluctuations in the interim. It’s going to be a bumpy ride getting to wherever Bitcoin is headed by the year’s end.

Surely, Bitcoin is headed up – John McAfee

John McAfee, Bitcoin supporter and founder of the popular McAfee antivirus software, is being very positive about Bitcoin. He predicted that Bitcoin price will hit $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.

Bitcoin Price Prediction Tracker portal, Bircoin.top, did the maths and explain that Bitcoin needs to grow daily at 0.4840957034310259% per day.to meet McAfee’s prediction. Currently, Bitcoin is around $ 8,207 compared to $ 7,171. Cool right? However, to hit McAfee’s target, BTC would end the year just over $29k.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my d**k if wrong” – John McAfee[/perfectpullquote]

Apart from the economics behind the limited supply of Bitcoin, his prediction considered the factors like the increased adoption of Bitcoin and blockchain as well as a total cryptocurrency’s market cap around $162 billion which gives large room for growth.

Expect stability only after 10 years – Kristjan Dekleva (Hedge)

The Swiss-based financial expert will have us brace up for a decade of turbulence before any hope for a stable bitcoin. This he suggests will coincide with a general acceptance of Bitcoin even in hard-stance China. This though, not as a fiat replacement but a viable alternative.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“In my opinion, it will be at least 10 years before we see stability”. – Kristjan Dekleva (Hedge)[/perfectpullquote] The finance expert at cryptocurrency project Hedge sees Bitcoin investments as all-too-similar to the DotCom bubble of the 90s.

So Mr. Dekleva, what are we having for supper in 2018?

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“In the short-term, falls have been driven by emotion and in many cases disinformation – a small rumor can have a big impact…Demand is driven by market speculation, but the absence of institutional investors means the market is unstable.[/perfectpullquote]

Instability it is. Next stop is the prestigious Harvard.

Bitcoin to shrink to $100 – Kenneth Rogoff (Harvard Prof & ex IMF chief)

Known for his disparaging remarks against Bitcoin, a former chief economist at the International Monetary Fund’s (IMF) Kenneth Rogoff has poured icy water on hopes of Bitcoin making it to the moon.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“I think Bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now…I would see $100 as being a lot more likely than $100,000.”  – Kenneth Rogoff[/perfectpullquote] Rogoff’s prediction is based on his long-held belief that governments will rise against anonymous virtual currencies like Bitcoin. Government regulations, according to Rogoff, will pop the Bitcoin bubble but a Bitcoin pioneer on Wall Street thinks along very different lines.

Bitcoin to reach $25k in 2018 – Tom Lee (Snr. partner Fundstrat; ex-chief JP Morgan)

Popular Bitcoin forecaster Tom Lee expects Bitcoin to reach $25,000 by mid-2018, more than double its price of about $10,000 in January when the prediction was originally made.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level,”  – Tom Lee[/perfectpullquote] Though Bitcoin went below Lee’s base of $9,000 (nearing $6,000), it has bounced out reaching in March $11,000. It will take a ride similar to the one we witnessed last year for Bitcoin to reach this mark. To make this happen, Lee is counting on more institutional investors taking on Bitcoin and a steady increase in Bitcoin user base. Lee’s target may be half the mark according to fellow crypto-believer.

Volatile Bitcoin to touch $50,000 – Jeet Singh (cryptocurrency portfolio manager)

Speaking in January at the World Economic Forum in Davos, experienced cryptocurrency fund manager, Jeet Singh predicted that the price of Bitcoin will go as high as $50,000. He warned of heavy price fluctuations which he believes is only normal for a Bitcoin market that is still maturing.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]Bitcoin could definitely see $50,000 in 2018…We will probably go through a suffering period of volatility around the time of Bitcoin’s next $10,000 landmark.”  – Jeet Singh[/perfectpullquote] Just like Lee, Singh expects Bitcoin to be adopted not just in the black market but by institutions and entire countries. If 50k seems too optimistic, how about 100k from the “Nostradamus of Markets”?

Bitcoin is the future; Fiat is Past – (Tim Draper, Venture Capitalist)

In 2014 with bitcoin at only $413, popular VC, Tim Draper predicted bitcoin to reach $10,000 in three years. This was fulfilled a month earlier than he predicated earning him a reputation among crypto fans. Though he didn’t categorically, predict a $100k Bitcoin in 2018, He said he expected the Bitcoin to continue its growth in an interview with Bloomberg last year. Tim Draper has made successful bets with Tesla, Skype, and Twitter in the past.

Assuming this growth happens at the same pace as the 3-year journey to $10k then we’re in for six digits. Maniacal right? That’s exactly how Draper feels about Bitcoin prospects. Now onto someone who understands a lot about bitcoin’s foundation.

Bitcoin will hit $ 40,000 – Llew Claasen (Executive Director, Bitcoin Foundation)

Last month, Llew Classen made a bold statement to reassure Bitcoin believers that the cryptocurrency is on the right track –specifically, on track to reach the $40,000 mark. Though his outlook for some altcoin holders was not very encouraging, he made it clear that as something new, cryptocurrency will be as risky as it is exciting.

Bitcoin to pass $43K by December 2018 – (Survey by Finder.com)

Finder.com sought opinions of 13 cryptocurrency experts and concluded that Bitcoin price will witness a 300% growth to land at $43,000 by the end of the year. The site also predicted Bitcoin at over $14K by March 1.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“While we saw the top 10 coins dive by 24 percent last month, our survey shows panelists are expecting this to be a bump in the road as these coins are set to recover.” – Jon Ostler, UK CEO, finder.com[/perfectpullquote]

Ostler noted that the predictions were not cast in stone as they can easily be swayed by “outside factors such as regulations, laws, and banking systems”

Bitcoin Will hit $320,000 someday – Cameron Winklevoss (co-founder, Gemini)

One of the popular Winkelvoss twins, Cameron Winklevoss recently said that he could easily see the price of BTC go up 40% someday. This year maybe? Not likely. The twin said he and his brother were taking longer outlook, 10 to 20 years.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“Bitcoin is actually fixed in supply so it’s better than scarce … it sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.” –  Winklevoss [/perfectpullquote] The fourth wealthiest cryptocurrency investor weighed bitcoin’s prospect against gold and came up with a resounding verdict. “We believe bitcoin disrupts gold,” He said.

Bitcoin will reach $1million – Bobby Lee (CEO BTCC Exchange)

Bobby Lee, CEO of China’s first Bitcoin exchange speaking at the London Blockchain Week went overboard with his prediction. Lee said bitcoin will surpass $1 million but unlike McAfee, he could see this happen in 20 years’ time.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“Bitcoin, I think will get to $1 million per bitcoin…Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000.”  – Bobby Lee[/perfectpullquote]

IN SUMMARY

A good number of analysts have also had their say though very few would be drawn into actual predictions. We observed a general trend in their assessments.

Expect Price Fluctuations:

At this stage, bitcoin and cryptocurrencies will be greatly affected by speculations. Even small developments in governments, traditional will likely affect prices. Most say the fluctuations are normal and wouldn’t affect the longer term outlook.

Long-term outlook

Experts would prefer to make predictions over a longer period. It is more common to have bitcoin price predictions for 2020 or a 10 to 20-year outlook. While the current reality may suggest some gloom, it’s worth remembering that the heights achieved last year came amidst similar corrections along the way. It’s only the 1st quarter of the year.

Bitcoin will be the standard for virtual currencies.

Though bitcoin may have a limited use case, it has been tipped to remain the king of all cryptocurrencies. It’s not going to be a case of “which altcoin will overtake bitcoin” rather how they will impress with their special use cases. It is a fact that the technology behind bitcoin is less sophisticated when compared to many other projects like ethereum.

Bitcoin as a store of value

Gradually, bitcoin is being seen more as a store of value that an actual currency being compared to gold and other assets. Bitcoin was originally designed as an alternative currency to bank the unbanked. Most decision making bodies and financial experts, however, see Bitcoin more as a store of value, an asset rather than a medium of transaction.

Many Altcoins will suffer

Part of the process that will lead to general acceptance of cryptocurrencies will include a clean-up of “useless” cryptocurrencies. A good number of the 2000 coins will naturally go away as their value become worthless—some, only a fraction of cent. Brad Garlinghouse, the CEO of Ripple and Llew Claasen of Bitcoin Foundation are among those raising this alarm.

Economics of Scarcity

The limited supply of bitcoin—a fixed supply 21 million BTCs—will play a role in its price; if not now, in the future.

Outside factors will play a significant role

Many observers believe that outside factors which affect the adoption of bitcoin will ultimately dictate the price in the short-term. The creation and performance of futures markets, for instance, is expected to tilt the price either way.

There are still concerns about bitcoins used for illicit purposes

Due to the anonymity of Bitcoin transactions, it has been used to conduct illegal activities giving Bitcoin a general bad image. This image, analysts believe will affect its adoption and ultimately its prospects in the future.

Finally, Caution against risking your life savings

Crypto investments are new and super-risky. Remember ethereum founder saying that cryptos are so risky the prizes might actually drop to zero. Well, that doesn’t seem practical but the message was clear. Do not invest your life savings in bitcoin or cryptocurrencies generally. Just like John Draper noted, you still need to buy stuff in fiat. So while bitcoin will likely worth a lot more in the future, it’s advisable to invest just as much as one can afford to lose.


Bitcoin price breaks above $6,700, $6,800 is within reach in the short-term.

Bitcoin price is teasing traders with brief bullish signals, besides it has maintained the support at $6,600; covered in an earlier analysis today. The bullish trend is eyeing the critical resistance level at $6,800, however, in the meantime, the buyers must battle to shake off the sellers.

The crypto market has survived an attack on South Korea’s largest crypto exchange Bithumb. The bad news is that the hack was successful and the hackers made away with about $31 million in undisclosed coins, however, the exact amount stolen has not been communicated. The time of the attack is said to have been between Tuesday night and Wednesday morning. Bithumb exchange announcement read:

“All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.”

The exchange has put a stop to deposits and withdrawals and customers have asked to comply. For security, Bithumb has moved its assets to cold storage. More announcements from the exchange read:

“[Notice for the temporary suspension of the deposits].Due to the increasing safety issues, we are changing our wallet system. Please do not deposit until we notify. *All deposits are not deposited into your wallet until all changes are completed.”

Bitcoin price analysis

Bitcoin price has broken above the resistance at $6,700 and is currently testing resistance at $6,750. All the technical indicators point towards bullish movements in the short-term. If BTC/USD breaks above $6,800 it will allow buyers to gain momentum to escape the entrapment of the ranging channel as observed on the chart. The support at $6,600 will continue to hold, although a major support is highlighted at $6,400.


 

SEE ALSO:   Cons and Pros of Ripple: Meet Ripple, the world's most practical financial network - Fri Nov 16

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