Bitcoin Knowledge host and notorious advocate Trace Meyer has suggested Bitcoin could hit $115,000 in 2018 after its correction ends.
Why
$115,000, despite being a theoretical possibility based on previous behavioral cycles, would be “very overvalued,” Mayer adds.
Why
“Current (Bitcoin) run very similar to Jan-Mar 2013 run ($7->$266->$90; $700-$20k->$9k) with backlogged new accounts, etc. then Silk Road catalyst (salable supply shock) for $100->$1,200. Mountain of (Wall Street) money lining up,” he wrote in accompanying comments.
WHY
If that extra investment would “overvalue” Bitcoin, Mayer suggests that a “fair” value would lie anywhere between $9500 and $14,340
(fuck's sake) WHY man, WHY
Before this week’s downturn, Fundstrat investor Tom Lee had suggested a return to $20,000 in 2018, which if managed by June could result in a protracted move into new all-time highs.
TELL US WHY
“So I think Bitcoin is still something you should own,” he told CNBC in comments January 9.
(I know the answer to this one, but still no mention of WHY)
I really wish these "market analysts" would actually substantiate their claims about price predictions. The simple fact is, it comes down to pure demand (with wide ranging, largely psychological, factors driving that demand). And all this baseless talking achieves is feeding into people's psychological reactions to the Bitcoin phenomenon, nothing to do with anything technical or empirically measurable at all.
Their opinions are pretty worthless, in other words. Anything could happen, and there's nothing these over important fortune-tellers can say now to change what actually happens (though I bet they'll be back on TV, telling us why what actually happens occurred, regardless of whether it conforms to their predictions)
