The Bitcoin crystal ball may have become a little clouded this week following the ETF turndown by the SEC. But it remains to be seen if that move will take away the abundance of positivity analysts and other crypto experts have been showering on the virtual currency recently. Their crypto fortune telling has been painting pretty pictures of the virtual coin’s value by the end of the year in the past few weeks.
The consensus has been that the Bitcoin value is going to rise considerably – they’ve only disagreed about exactly how high it will jump. Values like $20 000 and $50 000, and somewhere inbetween have been tossed around as within reach of BTC by year end. But that’s quite a leap with only 5 months (or 153 days) left to go in 2018. And with the SEC’s decision taking 4 or 5 percent off its value overnight.
Crypto Fortune Telling Points Upwards for Bitcoin
In many cases, like that of senior market analyst at eToro, Mati Greenspan, it’s all about Bitcoin. For Alexis Ohanian, the co-founder first of Redditt, and now of Initialized Capital, the positivity is broader. It covers the whole array of virtual coins and the cryptocurrency market in general. He does favour Bitcoin as the coin stalwart of the industry, and believes it will make the leap to $20 000 before 2018 finishes, but he also holds out hopes for ETH reaching $1 500 by year end.
Michael Arrington, the founder of XRP Capital and TechCrunch sees Bitcoin testing $25 000 and so does major Wall Street strategist Tom Lee.
Some Crypto Fortune Tellers See $50 000
The $50 000 team include Blockchain venture capitalist Spencer Bogart, who is quoted as calling Bitcoin a “tinderbox waiting to go higher” and Bitmex CEO Arthur Hayes, who said “we’re one positive regulatory decision away, [maybe] an ETF approved by the SEC, to climbing through $20,000, and even to $50,000, by the end of the year”.
I’ve stuck to my $50,000 Bitcoin price target for end of year 2018.
Still have high confidence on the $50,000 number. The timeframe is the big unknown.
The next 5 months will be fun to watch.
— Pomp ? (@APompliano) July 25, 2018
Others joining them include Anthony Pompliano of Morgan Creek Digital assets, as well as cryptocurrency portfolio manager Jeet Singh, who predicted the $50 000 figure as early as January when addressing the World Economic Forum in Davos. Lee did, however, warn of heavy price fluctuations before it got there.
And What About $1million by 2020?
In the longer term McAfee antivirus software founder and BTC supporter John McAfee, has predicted the virtual coin could reach the $1million level by 2020. Last year Bitcoin way surpassed his prediction that it would reach $7000. So what could happen in 2020?