Crypto Experts Eye These Various Factors That Could Push Bitcoin (BTC) Price Above $8,500 USD
Various Factors That Could Push BTC Prices Above $8,500
The BTC price predictions for the end of 2018 have been quite erratic. With about seven weeks left to the end of the year, some analysts believe there could be a major rebound in price. Some analysts claim that by the end of the year, the price could be $8,200. However, Tom Lee from Fundstrat claims that the price will hit $25,000.
Not everyone is so positive, the CEO of BitMEX revised his earlier prediction of $50,000 to just $2,000 by the end of 2018. He also predicted that the bear run could go on for as long as 18 months. Another bear market billionaire claims Bitcoin will be worth $250,000 by 2023. Right now, BTC is at around $6,366.
What Is Solid?
While the price is erratic, the blockchain technology that powers BTC has proven solid thus far. However, what is hard to predict is how much this technology will be embraced. It directly challenges the legacy system, which favors the wealthy, governments, and banks.
The Three Routes To A Tipping Point
One would be retail investors coming back to the market in droves as it happened last year. This caused volumes to go up by 90% and the price hit an all high of $20,000.
When consumers and users from North America and Asia adopting the BTC as a payment option, making it useful in daily payments for e-commerce and main street shops. Besides that, it needs to be used more often in P2P money transfers.
If rich people and institutional investors pour their cash into the BTC, this would cement the legacy of crypto as a new asset class.
The three routes are underpinned by various developments taking place behind the scenes. This includes decisions by the regulators and creation of infrastructure for high-volume trading and custody.
Various factors globally have also helped BTC become a store of value and an efficient method of sending money to migrant workers and family. However, what is not known is if there is a single event that will finally push the BTC into the mainstream.
Factors That Could Push BTC Into the $8,500 Mark
• Bakkt Or Bitcoin ETF
Bakkt is an upcoming exchange by intercontinental exchange. This same company owns the NYSE. It plans to drop BTC futures by the end of this year. Both Bitcoin ETF and Bakkt have approval from the SEC. They could bring Wall Street capital into the crypto world.
Poverty rates in the US are about 12.3%. While the poor are hard to reach, technologists and blockchain providers are working on offline solutions that could benefit the poor.
• Commercial Adoption
If a major player such as Facebook or Amazon were to accept BTC, this could push it to its highest point. These companies are known to embrace new technology.
Millennials have the ability to use social media to make almost anything go viral. They could help to pump crypto content in social media and lead to wider acceptance.
• Another Financial Crisis
If the banking system were to collapse again, more people would leave the fiat currency world.