Experts Prediction: Bitcoin May Hit the $50,000 Mark

It has been a big year for Bitcoin and other cryptocurrencies and they could be bigger in near future. The year 2018 also witnessed the soaring value of Ripple and other cryptocurrencies. Satoshi Nakamoto has successfully outlined the decentralized system for a decade. But what will happen to bitcoin as it enters its second decade? Some of the financial analysts also consider referred it as bitcoin bubble, while some of the analysts have strongly believed that the price of the bitcoin could rise 10 times higher in the upcoming years.

At the end of 2017, Bitcoin has experienced a sudden surge in price reaching a record high of more than $19,000. Although it ended down all the way to $13,889, other cryptocurrencies have gained momentum by increasing their value ten times more than they had in the past month. According to the Reports in CNBC, “Investors appear to be taking a breather from bitcoin for now and looking at alternative cryptocurrencies.”

Is Bitcoin a Popping Bubble?

Another area of concern is the Futures Market, as the Chicago Board Options Exchange enabled traders to agree on contracts based on the future predicted price. The Futures market has started the contracts with much hype, but the concerns have been made around the low number of contracts with just 1,098 open from the first week of December.

As per the statements of Peter Tchir a global macro expert with years of experience, “these contracts and the asset class itself seem to be behaving like any normal overbought asset – hardly encouraging for future price action. It is also failing to follow the recent pattern of rising after the weekend – indicating to me, that the buying interest at these prices is running out.”

Experts Hold Strong Positive believes

On the other note, not everyone is so concerned about Bitcoin’s movement. The world’s first commercial antivirus software creator John McAfee, who was also a notable cryptocurrency follower, has predicted that the leading cryptocurrency could achieve unparalleled heights in the upcoming years.

But John McAfee is not the only follower of Bitcoin, Julian Hosp, the well-known cryptocurrency entrepreneur and the co-founder of Crypto firm TenX also has positive aspects for Bitcoin. In a recent interview with CNBC, when asked which one is going to hit first? She stated that “I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark.”

Mike Novogratz, a billionaire who already has invested more than 30% of his net worth into cryptocurrency believes a successful decade for the industries. In one of the interviews, he stated that “The fact that this is our first global mania will make this the single most speculative bubble of our lifetimes.” He also added that he would find it crazy if the crypto bubble will hit the $10 trillion and that is 20 times more than what it is today.

Jitendra Rajput, co-founder of Encrybit, an upcoming Cryptocurrency Exchange also shares his bitcoin price prediction. He has been researching in the field of bitcoin and cryptocurrency since past 8 years and is about to launch an improved and secured trading platform. He stated that, “The bitcoin graph has seen many pumps and dumps, but has bounced back after the dip. I agree with the predictions of the technocrats, bitcoin prices are likely to increase in near future, most probably 2019.”.

Increasing Hype- The Real Reason

Bitcoin has the potential of hitting the $50,000 mark in recent times, shared one of the reputed Bitcoin experts, Spencer Bogart. There has been much hype of cryptocurrencies and they have become a trending thing amongst the people. As the people can sense the much-hyped cryptocurrencies, they are getting more and more aware of the latest form of transactions and other sources. Mr. Bogart stated that “ he thinks they will have to force price higher. If you think about the supply of the equation, the majority of the Bitcoins are locked down with long terms holders. Thus, there is a lot of supply available in near future. Besides, the experts will also have a new uptick on the retail side.

In a poll conducted by Harris showed that 2% of Americans own Bitcoin, but 19% said that they are interested to buy them in near future. This represents that there will a growth and awareness of bitcoins amongst the people and there will be a tenfold increase in the market size.

Predictions to Support Bitcoin

So, if you are not considering bitcoin as the bubble which could go higher before catastrophically popping, then you will find out many reasons to invest in it. Here, we have listed some of the major predictions that you should invest in Bitcoin, who knows that it would nearly triple in value.

  • Cryptocurrencies will grow and more people to invest in it.

One of the experts and cryptocurrency enthusiasts suggested forgetting about the massive crash and permanent close down. He stated that although crypto assets will be volatile, there will be melt-down and an overall increase in the price. For long-term investments, its functionality will only grow.

  • Businesses to embrace Bitcoin

In order to introduce innovation, business will adopt the concept of blockchain projects. Mr. Tapscott predicts that the promising blockchain technology will transform the basic concepts of industries like retail and consumer goods, financial services, energy, transportation, media, technology, and manufacturing.

  • Emerge from Value creation platform

Not just Bitcoin, but Ethereum also continue to grow in value. Experts claimed that the cryptocurrency game has not started yet as there will be an emergence of new platforms like ICON, Cosmos, Aion, and others.

  • ICOs to become equity tokens

In 2018, there will be a plenty of opportunities for ICOs where the tokens represent the value or the stake of ownership in a company. The Ethereum ICOs are getting increasing popularities these days. And if we consider their popularity, then the ICOs will soon become the equity tokens for the investors. This will be a smart kind of ownership in a new product or in the company itself.

  • Technology Giants to embrace cryptocurrencies

Experts predict that digital giants such as Amazon, Google, Facebook, and Apple will soon heavily invest in blockchain technology. They have no doubt that these technology platforms will leave no stone unturned to introduce blockchain technology to their consumers.

Conclusion

No matter if these predictions prove accurate or not, one thing is clear that the cryptocurrency market will have a good future in recent time. After all, the experts and financial analysts predicted that the price of Bitcoin will be $1,500 to $3,000 in the year 2016. But they went wrong and they could be wrong in near future also.

 

Photo by Fab Lentz on Unsplash