Will Bitcoin Surpass $20,000 In 2018?
In December 2017, the price of bitcoin hit an all-time high of $20,000, sending a shockwave throughout the world. This didn’t last though, as the price of bitcoin has struggled to mimic last year’s price performance. As at the time of writing, the cryptocurrency is selling for $6,667. Experts’ analysis revealed that the persistent slump of prices was as a result of the mass transfer of bitcoin from long-term hodlers to new entrants who sold off their bitcoins immediately the price fell.
Despite the persistent bear market, some influential figures in the crypto space have predicted the rebound of the price of bitcoin before the year runs out. In April 2018, Wall Street Journal reported that Pantera Capital Management stated that bitcoin will hit $20,000 before the end of 2018. The San Francisco-based hedge fund believes that the price of bitcoin will not go any lower than $6,500. In a post, Morgan Capital Management’s founder Mark Yusco joined the bandwagon and predicted a peak price of $25,000. A recent report also revealed that Fundstrat’s Tom Lee believes that bitcoin will end the year on a high. Lee explained that new developments in emerging markets similar to crypto market show that bitcoin could hit $20,000 by December.
Another bullish investor, Anthony Pompilano, predicted earlier this year that a bitcoin could sell for $50,000 in 2018. In August, the venture capitalist, however, revealed that his earlier price predictions will not come to fruition until 2024.
ICO’s prolific run last year was one of the major factors that contributed to the surge in prices of cryptocurrencies. However, we haven’t experienced any major investor pull in the crypto space this year. The crypto community believes that the adoption of cryptocurrency by institutional investors is bitcoin’s only chance to pull out of its bearish run. Yet, it has become obvious that institutional investors will not fully commit resources into the cryptocurrencies till it is regulated. As a result, the year-end price of bitcoin hinges on SEC’s decision on the VanEck SolidX bitcoin ETF application.
Ifeanyi Egede is an experienced and versatile blockchain technology and cryptocurrency content writer and researcher with tons of published works both online and in the print media. He has helped several startup companies grow their businesses in the blockchain and cryptocurrency space.
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