As we all know, markets can be highly volatile and anyone paying attention to Bitcoin news lately is well aware that the cryptocurrency markets is no exception.
After a record peak last December, Bitcoin prices plunged sharply.
Add to that increased regulation from some world governments and several major credit card lenders, Bitcoin’s future might seem shaky at best right now. However, industry analysts remind investors to remain patient and focus on long term gains versus short term peaks and valleys.
Blockchain Capital partner, Spencer Bogart, predicts the price of Bitcoin could rise up to $50,000 in 2018 which would be over double its highest price in 2017.
Mr Bogart said Bitcoin price will rise thanks to institutional investors. “Institutional investors that want to play in this market, even if they do, they are going to wait a little bit and either dip their toes in the water or just wait on the sidelines until they see the products themselves function.”
Speaking candidly to CNBC, Bogart went on to state that “I can’t tell you exactly what’s going to happen with price and neither can anybody. But when I look out over the next 12 months, what I see is a significant supply and demand imbalance at the current price levels,” he concluded.
Imran Wasim, a financial analyst at AMSYS Group, told News BTC he was optimistic, predicting cryptocurrency will become “more mainstream” in 2018.
Wasim added “[BTC] has dropped in price, this is good [because] a lot more money is going to come into bitcoin. Bitcoin will go up around $30,000-$35,000 this year – next couple of years? $100,000.” While admitting he had “no idea” when the price would increase notably, Mr Wasim explained that “it is going to happen, because of its store of value.”
Last week, CEO of Shopin Eran Eyal said on CNBC “I have no doubt that Bitcoin is going to reach well beyond $100,000.”
He further noted, “Have a look at how it has climbed over the past. I think it’s important not to just look at it at this moment in time, but, also to look at it historically, at what has happened around the world.”
