Reports State That The Price Of Bitcoin Could Triple In Six Months
The Bitcoin investors which had high hopes for 2018 have been disappointed with 2018 so far as the price of the token plummeted. 2017’s huge increases in price are, at the moment, nowhere to be seen in this year. However, recent reports state that the situation might be about to change for the second half of the year.
One of the biggest Bitcoin bulls on Wall Street still believes that the token could finish 2018 in an all-time high, though. Tom Lee, a Fundstrat Global Research analyst, has recently stated that the year-end of Bitcoin could be $20,000 USD. While Tom Lee’s prediction for the beginning of the year was $25,000 USD a piece, this is still a high price for the prediction.
According to the specialist, Bitcoin has historically traded at 2.5 times the costs of mining it. Because of this, Lee told the media that the $20,000 price range is actually very realistic and not too far off the market.
Bitcoin Price Will Continue To Grow… Or Not?
Lee believes that 2018 is still digesting the huge gains of 2017. The price surge was incredible and many people left the boat, so that is why the sell-off is happening. In any case, he did not still abandon the $25,000 USD price range as he believes that there is a lot of potential for growth.
The specialist believes that the market is facing regulation right now and that this has some uncertainty with it but that the market will stabilize soon. He believes that institutional investors will enter the game after regulation and this will be seen in the price of the token.
Will 2019 have the highest price ever for Bitcoin? That really depends a lot on who you ask. While Lee is maintaining a really positive view of the situation, it is clear that there are always plenty of critics to disagree with him. Many of them believe that the sell-off is just the beginning of a bubble starting to burst.
Joe Davis, economist, says that the real value behind Bitcoin is actually the value of the distributed ledger technology, the blockchain, not the actual currency. He affirms that he is enthusiastic about the blockchain technology and that it is what makes Bitcoin possible but that the currency will not live long.
According to him, there is a decent probability that the price of the token will go to zero again in the future. Which one of them is right? Place your bets because we will all know in the future.