There are lot of debates happening on the forecasted price of Bitcoin. Some experts are bearish whereas some are bullish (just like me ;))
Below are certain reasoning's for both side of the coin. Let me know what you think whether it will reach 5000 or 50K USD
Why bitcoin will go to 5000 USD:
Interesting BTC price statistics suggest that bitcoin moves southways once in every quarter and the last downward movement was in September when it touched USD 3,100 from the highs of around USD 5000. In November, it witnessed a small correction but a larger one is due in this quarter (October to December). But till this really drag the price to USD 5000???
Cboe announced Monday it is launching futures trading in the cryptocurrency beginning Sunday (10th Dec), making the Chicago-based exchange the first to give investors a new way to wager on, and against, the booming new market. There are investors waiting in the sideline to short BTC and this will give them ample opportunity to short BTC. This according to me will put a lot of pressure on BTC price and is expected to pull down the price.
However, i think it is a short term reaction and will provide an opportunity for investors to get onboard for a long term ride.
Saying that leads to the reasoning's on why BTC can reach 50,000 USD
Limited supply of BTC - It is estimated that around 17Mn BTC will be mined and considering the awareness of cryptocurrencies in the emerging countries will increase the demand for BTC as everyone wants a share of that pie. This will have a very positive impact and will further rise the price of BTC -- Simple Demand and Supply dynamics driven growth
Considering a lot of issues in EU nations of countries going bankrupt their currency will fail soon (similar to situation in Zimbabwe) BTC or Cryptoworld will provide them with an alternative solution which will also reduce their cost of printing paper currencies. This will drive rapid adaption of Cryptos
Bitcoin has a brand value and it is used as a synonym to Cryptocurrencies. Hence adoption and awareness of crypto will first drive the demand for Bitcoin.
Despite the optimism, there will be a massive wipeout, and 95% of the alt-coins out there will go away — just like the dot-com bust. The surviving coins such as BTC, ETH will go up a ton. This will happen within next four-six months.
There are several Price predictions doing the round. Here are some of them:
“I expect that the market cap of bitcoin will begin to significantly erode gold and potentially even sovereign bonds; at that point a market cap of 1T+ for bitcoin is not unlikely. By the end of 2020, BTC having 20% of the gold market cap is possible. A 1.4T market cap divided by the potential supply of 18.4 million bitcoins yields a price of $76,000 per bitcoin.” - HAVVEN FOUNDER KAIN WARWICK
“The increase will not be proportional, as nowadays the ratio between Bitcoin, ETH and altcoins is not natural. By balancing the ratio, Bitcoin will lose a little bit of ground to ETH and altcoins, but will keep its lead on the market up to a cliff of 50,000 USD, which will be very fast pulled back, probably until the beginning of 2019. As more and more entities are building channels for regular customers, the late majority will enter the stage during the second half of 2019, which will push Bitcoin to 6 digits in 2020.” - WAWLLET CREATOR AND FOUNDER MIHAIL LALA
“As we know, Bitcoin has a finite amount of 21 million tokens. This is similar to gold, which also has a finite amount. When people lose faith in a country’s currency, they will often turn to gold and it can be used as a hedge against inflation. I like to call Bitcoin the millennials’ version of gold. I believe next year we’ll continue to see more and more institutional money move into bitcoin and other cryptocurrencies, and this trend will only continue until 2020. While I don’t like to speculate too much about the price of cryptos, I believe it’s entirely possible to reach above 25K.” - TRADE.IO DIRECTOR OF RESEARCH AND BUSINESS DEVELOPMENT JOHN MULLIN
Industry experts always differ in their opinions on how the Bitcoin price will evolve. So far, optimism is still pretty strong, although the price predictions themselves are quite different from what one would expect. The overall bullish sentiment is still in place, for the most part. Whether or not any of these predictions will come true remains to be seen.
WAITING TO HEAR YOUR THOUGHTS COMMUNITY!!!!
