Bitcoin Price Prediction 2018\20\25- 10 Forecasts from Professionals
The article features short and long-term Bitcoin price predictions, which may give you an idea of where BTC is going in the nearest future
The cryptocurrency industry undoubtedly reminds the late 90s dot-com bubble. Amazon, which is poised to become the second company to reach $1 tln market cap, was a tiny initially a tiny firm with barely 200 of employees when it went public in 1997. Same goes for Bitcoin– starting at $0.003 on BitcoinMarket.com, BTC is worth $6,023 with a market cap that exceeds $103 bln. However, will it be able to surpass today’s tech giants?
Amazon’s market cap has recently crossed a $921 bln mark
It is crucially important to know where this trend will go in the future. Many would say that it was too late to invest in Bitcoin back in 2012, 2013, 2015…until it reached its all-time high in December peaking at $20,000. Some experts predict that Bitcoin may be worth astronomical sums if it experiences mainstream adoption. However, there are still some ardent Bitcoin haters in the likes of Warren Buffett who keep insisting on BTC being yet another Ponzi scheme.
So, let’s jump into the latest and the most relevant Bitcoin price predictions in order to find out whether it’s worth putting your money in crypto in 2018.
Forecasts in 2010 (expectations and reality)
Forecasts in 2010 (expectations and reality)
You’ve probably heard many inspiring stories about jaw-dropping investment gains of those who jumped on the Bitcoin train early. A Norwegian Kristoffer Koch became a dollar millionaire after having invested only $27 back in 2009. However, do not be too hard on yourself even if you’ve already missed the boat since only biggest crypto evangelists believed that Bitcoin would turn into a multi-billion international industry. Koch, like many other Bitcoin millionaires, wasn’t a firm crypto believer himself– he forgot about his small cryptocurrency investment only to discover a mammoth-size profit a few years later.
‘I thought to myself, didn't I have something like that?’ - Koch told a local newspaper.
To put this into perspective, let’s have a look at the Bitcoin Pizza Index (BPI), which stems from the first known purchase with Bitcoins. Back in May 2018, Laszlo Hanyecz spent a staggering amount of 10,000 BTC in order to buy just two pizzas ($41). As of now, BPI is set at $63.3 mln.
Since the inception of Bitcoin, numerous naysayers (from the mainstream media to run-of-the-mill experts) tried to kill the king of crypto numerous times, but every time it would come back from the dead. Let’s recall the infamous 2011 Forbes article ‘So, That's the End of Bitcoin Then’ which states that Bitcoin would not recover after its price plummeted from $17 to just pennies on the now-defunct Japanese exchange Mt.Gox. Tim Worstall, the author of this prediction, points to the fact that the currency is not liquid enough and has numerous security issue.
Now, have a look how the price of Bitcoin has changed every year since June 20, 2011 (the day when the article was published).
The graph shows a rapid increase of the Bitcoin price over the last 2 years
Bitcoin price prediction in 2015\2016 (expectations and reality)
Bitcoin turned out to be the true winner of 2015 outpacing all the traditional currencies– it gained almost 40 percent, which is nearly twice as much as its nearest competitor Somali shilling. That followed a series of gloomy forecasts about Bitcoin from pundits in 2014. In all fairness, these predictions were not baseless, since 2014 turned out to be the disastrous year for the king of crypto that resulted in a 56 percent price drop. The chart below is a visual representation of how BTC price not only rebounded but also reached new heights.
Bitcoin price fluctuations in 2015
2015 was the year of increasing Bitcoin adoption as a payment method by numerous companies around the globe. Combining with the long-awaited PayPal and Western Union partnerships, it turned out to a boon for the whole crypto industry.
In 2016, BTC continued its growth due witnessing an impressive 75 percent surge. According to the initial 2016 Bitcoin predictions, there were several reasons for that:
Bitcoin halving. As you probably know, the block award is halved every four years and 2016 was such a year. Despite the fact that it didn’t have a significant impact on Bitcoin’s price, many pundits believe that it did ensure the currency’s stability.
The growing trading volume. There is an obvious correlation between the Bitcoin’ value and its trading volume.
The expansion of the Blockchain technology. The more companies get interested in decentralization, the more attention Bitcoin gets.
Bitcoin witnessed a steady rise in 2016
Bitcoin price prediction 2018
The first two quarters of the year are over, so it’s time to evaluate the current state of Bitcoin. As bearish market keeps prevailing, many are curious what is going to happen to the currency in the nearest future. The total crypto market cap has recently dropped below $200 mln for the first time since 2017. However, it is also worth mentioning that the BTC dominance in constantly increasing (currently sitting at 53.3 percent). So, will Bitcoin be able to rebound in 2018? Not really. Here are the main reasons why will not witness another major bull run in 2018:
History is repeating itself. During the aforementioned 2014-2015 period, Bitcoin lost a whopping 80 percent of its all-time high price during a very prolonging decline. Pundits suggest that right now we are going through another bearish trend that is going to last until the end of 2018.
The decline in mining profitability. Due to a constantly increasing mining difficulty, the profitability of mining has by more than 90 percent since last December. Therefore, miners are selling BTC instead of holding it for a longer time.
SEC snub. Bears are out in a full force after SEC the Winklevoss Bitcoin ETF proposal was rejected by SEC. Now, the whole crypto community is still waiting their decision with a bated for breath.
Dwindling investor interest. Google searches for Bitcoin have also experienced a major drop in 2018.
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