We have been involved in a downtrend since Bitcoin hit its all time high during last December. Bitcoin reached $20,000 dollars and it couldn’t touch this price level since then. At the moment, Bitcoin is being traded around $8,200 dollars after being traded under $6,000 dollars some days ago. Even when it was not the best starting for 2018, experts predict that Bitcoin may reach new all time highs during 2018 surpassing $50,000 dollars.
Experts Predict $50,000 Dollars Bitcoin
Different experts have been talking with CNBC about cryptocurrencies and Bitcoin. They are predicting that the cryptocurrency market will reach $1 trillion dollars and Bitcoin $50,000 dollars.
Thomas Glucksmann, head of APAC business development at Gatecoin said:
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year. There is no reason why we couldn’t see bitcoin pushing $50,000 by December.”
It is clear that Bitcoin developers are working with SegWit, Lightning Network and Atomic Swaps. Indeed, SegWit is being adopted by different cryptocurrency platforms and exchanges and Lightning Network may be operative in August. This would allow Bitcoin to scale smoothly, reducing transaction fees and times.
“One possible appetizer for the bulls, or the catalyst for the recovery will be the release of another cryptocurrency backed instrument listed on a major exchange,” explains Mr Glucksmann. “There are several candidates in the pipeline, it’s only a matter of time until we have a cryptocurrency backed ETF.”
It is important to remember that the last year, the Chicago Mercantile Exchange and the Chicago Boards Options Exchange released bitcoin futures. Some time ago, the first blockchain ETFs were released as well.
Cryptocurrency Market Keeps Increasing
AS mentioned before, in 2017, the cryptocurrency market grew exponentially. But experts believe that in 2018 it could grow even more.
We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals,” explained Jamie Burke, CEO at Outlier Ventures.
According to Mick Sherman, CEO of Hercules Tech, utility tokens like IOTA, NEO and Ethereum would have the biggest increases during this year. As these tokens are used in specific blockchains, developers from all over the world are using them every single day. That increases the value of the currencies and have better perspective into the future.
Just some days ago, Ran Neuner, said that Bitcoin was going to hit $50,000 in 2019. He explained that during 2018 Bitcoin will see more individuals investing in the market meaning that the price is going to stabilize in the middle term.
For the record, I am pinning this tweet. Bitcoin will finish 2018 at $50 000.
— Ran Neuner (@cryptomanran) February 2, 2018
“We have seen it go down 50% at a time. It is quite a resilient currency that just keeps going up afterwards. I think 2018 is the year where the mechanism to allow retail consumers to get into cryptocurrencies start to open themselves up… the price will become more stable.”