6 expert predictions about Bitcoin price; which is the most reasonable?
Many crypto enthusiasts are weighing in on whether or not Bitcoin (BTC) will break through this slump and hit its highs from January or if it will continue to plummet after various media outlets release their predictions on the crypto’s future. Here are the views of 6 experts on the matter throughout the past few months.
Nicholas Colas: Bitcoin ‘Was absolutely a Bubble’
According to Nicholas Colas, co-founder of DataTrek Research, Bitcoin "was definitely a bubble based on futures launch in December and a lot of enthusiasm for assets." He also urged investors to be careful regarding the interest towards the dramatic cryptocurrency decline.
He stated, this “kills” the possibility of new money coming into the market.
Ran Neu-Ner: ‘Now is a good time for buying’
According to Ran Neu-Ner, the number of blockchain startups reached 27,000 in 2017. However, in the first two quarters of 2018, this number has exceeded 28,000. It is safe to say that the market's interest in this field is far from declining.
Neu-Ner stated on june 28, Right now the market continued to go down and going down to about $5,350 which is the next two weeks.”
However, Neu-Ner continues to argue that “now is a great time to be buying” if someone still believes in Bitcoin and/or blockchain technology.
Mohamed El-Erian: Bitcoin ‘will fall below $5K’
Chief Economic Adviser at Allianz, Mohamed El-Erian, believes that Bitcoin will fall below $5,000. However, El-Erian also said that the future of digital currency is strong, but there will have to be much more government participation.
Arthur Hayes: ‘May reach $50K this year’
According to Arthur Hayes, co-founder & CEO at Bitmex, stated that they are looking at a positive regulatory decision, perhaps an ETF approved by the SEC that will make Bitcoin break through $20,000 or even break $50,000 by the end of the year.
Brian Kelly: ‘Etherem might be better than Bitcoin’
The founder and CEO of popular cryptocurrency trading firm BKCM LLC and active trader, Brian Kelly, noted that in terms of relative value, Ethereum has been trading a little bit better than bitcoin. Therefore, if I want to hold it for a long time in this market, then I would be more optimistic about Ethereum.
Tom Lee: ‘We still believe Bitcoin can reach $25K in 2018’
Just a few days ago, Tom Lee, who is currently a Managing Partner and the Head of Research at Fundstrat Global Advisors, said that he still believes that Bitcoin can reach $25,000 by the end of the year. His main point is that the difficulty of bitcoin mining is gradually increasing:
“The reason Bitcoin looks really good here is the cost of mining around $7,000 fully loaded”
Executive editor： Nino