Bloomberg Analyst Says Bitcoin in 2019 Will Have Another Tough Year After Spreading More Crypto FUD
Cryptocurrencies have been in a bear market since the beginning of the current year and analysts and enthusiasts are expecting the next year to be better for the space. Indeed, there are many experts that believe that the next year is going to be very positive for virtual currencies, including Bitcoin.
Nevertheless, there are some individuals that think that 2019 will be ‘wrong, random or worse’ for Bitcoin. Barry Ritholtz wrote an article on December 7 for Bloomberg in which he says that the spectrum of predictions for Bitcoin ‘ran from the sublime to the criminally negligent to the utterly insane.’
In this article, the author says that his colleague, Nick Maggiulli notes that chaotic systems such as Bitcoin cannot be predicted since they are subject to the ‘Three Body Problem.’ Maggiulli has also mentioned several experts and their respective predictions such as Tim Draper, Brian Kelly or John McAfee, all of them predicting Bitcoin between $250,000 and $1,000,000 in just a few years from now.
He said that the prediction made by Thomas Lee ($25,000) by the end of this year was so wrong that he had to modify it. Mr. Lee reduced it to $15,000, however, it does not seem possible for Bitcoin to reach this price by the end of this year.
Those bullish analysts think that Bitcoin could have a good year because there are some events that could trigger a new bull run. In February 2017, the U.S. Securities and Exchange Commission (SEC) might approve the first-ever Bitcoin exchange-traded fund (ETF). This would clearly allow new investors to have exposure to Bitcoin in a more traditional way.
Furthermore, there are some firms such as the Intercontinental Exchange (ICE) and Goldman Sachs, among others, that are working in order to offer new platforms for institutional investors. The demand for virtual currencies increased from institutions and there are no platforms specifically designed for them.
At the time of writing, Bitcoin is being traded around $3,500 and it has a market capitalization of $62 billion.