BITCOIN’S stuttering recovery is set to continue with a panel of experts predicting the leading cryptocurrency will return to $7,000 by the end of the month, finishing the year at $15,372. Don’t write crypto off yet is the message from leading figures in the cryptocurrency community as sentiment begins to shift and the “excesses” of the price in late last year begin to settle.
Price comparison site finder.com, has released its July Cryptocurrency Predictions Survey suggesting that by the end of July we could see steady rises across the major coins. Finder.com predict that bitcoin will hit $7,247 by 1 August 2018, an 18 percent price rise.
The panel also claims that bitcoin will to see the highest growth by the end of the year at 155 percent. This is followed by ethereum with a 112 percent increase, and bitcoin cash, with an increase of 97 percent. End of year price predictions are understandably being revised with the cryptocurrency community now recognising that the market had overheated and that the price on December 19 of $19,118.30 – with a staggering market capitalisation of $320,242,000,000 – was grossly overeager.
Yesterday CNBC reported that Wall Street’s Tom Lee has slashed his year-end bitcoin price target by about 20 percent, from $25,000 to $20,000. The Fundstrat Global Advisors co-founder said: “Bitcoin has historically traded at 2.5 times its mining costs. It’s not out of the question that it could be over $20,000 by the end of the year at fair value.” Tom Lee, famous for being the only major Wall Street strategist to issue bitcoin price targets, told CNBC that historically BTC has “traded at 2.5 times its mining costs.
He said: ”The reason bitcoin looks really good here is the cost of mining around $7,000 fully loaded. And the difficulty is rising. So by the end of the year, it’s going to be $9,000.” Similarly, Jon Ostler, UK CEO at finder.com remains cautiously optimistic over the year ahead.
He said: “Although the European Parliament’s positive research on cryptocurrencies has given bitcoin’s value a boost, the end-of-year prediction for bitcoin remains half of what it was in January. “At $15,372, our panellists aren’t expecting bitcoin to see the same rally it had at the end of last year.”
Bob Loukas, the founder of Bitcoin.Live told Express.co.uk that much of bitcoin’s volatility is part and parcel of waiting while the “excesses of the 2017 bull market to wear off.” He said: “For bitcoin, it started out perceived as this unknown and underground anarchist movement to what is becoming an accepted currency and an enterprise adopted technology.” “From an investor’s standpoint, bitcoin’s ability to weather multiple attacks and price collapses, while remaining to be a great performing asset in the past decade, is beginning to gain trust in the marketplace.” “The world is continuously watching the rise and fall of bitcoin from a very close proximity. What needs to happen is for investors to look at the progress of this cryptocurrency over time.”