Topic: [2017-08-19] BTC Price to Reach $6,000 in 2018, Predicts Wall Street Strategist (Read 5078 times)

$6K may be achieved within a few months, if the current trends continue. The trigger may come after November 2017, when the 2MB block size will be implemented (if things go as per our plan).

I still don't get it, Bitcoin has already proven that it can reach price that nobody this is possible. Year-to-year bitcoin has surge to 300%, so it you still doubting this bitcoin could reach $6000 then I think you need to re-examined the price chart again. I disagree, even without the fork, bitcoin can even got to $3000, actually it has already reached this price around May or June if I'm not mistaken. Estimates do not reflect reality, but estimates are good basis on how the price would moved.



We should appreciate those prediction, and let this be a guide for most of us if we are willing to invest in bitcoin more or pulling it back. But from the looks of it, people are willing so that this price can be realized in in the future. So hodling really will get us good results in the future in this price prediction happen.

If we purely look at how things are right now, the $6000 level is 'just' 50% away from current levels of $4000. If we directly also look at a lot other predictions made recently, where they aim at insanely higher levels (e.g $25,000, $50,000, $100,000), current prediction of $6000 to happen next year isn't all that bad. If we more or less manage to not swallow any sort of damage at the time the hard fork in November is supposed to kick in, we'll be at +$6000 levels in 2018 without much effort. Before that, the market needs to correct itself as we have gone up considerably in such a short period of time - current market is overbought.

What you mean by that? If we didn't had Segwit activation upcoming, that we wouldn't be this high? If so, then perhaps that could be the case, but you can also look at things from this perspective > if miners didn't 'block' the original Segwit proposal, we would have seen the price rocket up to current levels way sooner. We perhaps would already made an attempt to break through the $6000/$7000 level by now. But then again, it's all empty speculation at this point. If that wasn't what you meant, please explain what you were aiming to say.

I was happy to read the article, but such estimates are not realistic to me, if it were not fork it would be at the level of $ 2500, nobody could predict fork, sometimes estimates do not reflect reality.

The bitcoin price pulled back from its all-time high this weekend, weighed down by a bitcoin cash price surge and disagreements over the SegWit2x scaling proposal.

However, Wall Street strategist Tom Lee believes that the long-term prospects of the bitcoin price remain quite promising. As CNBC reports, Lee–who co-founded Fundstrat Global Advisors and is bearish on the outlook for the stock market–wrote a note to clients establishing a mid-2018 bitcoin price target of $6,000. He also forecasts that it could rise as high as $25,000 by 2022.

Bitcoin Price to Reach $6,000 in 2018

He says several factors will fuel bitcoin’s continued rise to $6,000,  including a 50% increase public adoption of bitcoin as a store of value and mainstream financial investments in cryptocurrency:

    "We see bitcoin as gaining from institutional sponsorship, improving transaction platforms and ultimately, greater public adoption."

Pointing to LedgerX and CBOE Holdings, which have both receive regulatory approval, Lee says the availability of cryptocurrency options and futures trading will increase overall bitcoin transaction volume.

    "[This] implies significant rise [in] institutional holdings of Bitcoin in next 6-8 months given recent approvals….No doubt, this will lead to an increase in overall transaction volumes for bitcoin."

Central Banks Could Acquire Bitcoin

Lee’s comments echo a recent Goldman Sachs note, which advised that it is “getting harder” for institutional investors to ignore cryptocurrencies. He adds that even central banks may begin acquiring bitcoin if it reaches a market cap of $500 billion, which will happen if the bitcoin price reaches about $30,000.

    "While one may say this is preposterous to say central banks would own bitcoin — we believe that Central banks would view crypto currencies differently if Bitcoin’s aggregate value exceeded $500 billion"

That said, Lee anticipates short-term volatility for the bitcoin price heading into late August of this year.

    "Short-term traders should be prepared for another volatile consolidation period heading into late August given the XBT is nearing our next resistance levels with daily/short-term momentum becoming overbought."

Other Bitcoin Price Forecasts

A number of financial analysts have issued bitcoin price forecasts. Sheba Jafari, a chief technical analyst at Goldman Sachs, believes the bitcoin price will near $5,000 but crash as low as $2,221 as its fifth wave ends. Stock researcher Ronnie Moas believes bitcoin will beat Lee’s target and cross $7,500 in 2018, and one Harvard academic believes a unique application of Moore’s Law could result in bitcoin breaking through $100,000 in 2021.

>>> https://www.cryptocoinsnews.com/bitcoin-price-to-reach-6000-in-2018-predicts-wall-street-strategist/