Topic: Bitcoin Looks Unlikely To Cross $10,000 Again This Year - page 4. (Read 638 times)
At the end of autumn or winter, we will see growth to $ 10,000 only if the decision on ETF is positive. I think this is not the most useful thing that can happen, but only this news can lead to rapid growth.
I don't figure it will cross $10k again this year. It might never at any point go anyplace near $20k again either. I'd hold up till the year's end however as that is the point at which the value tends to rally. On the off chance that the SEC does ever permit the ETF however that will without a doubt in any event cause a rally regardless of whether it is just here and now, yet it will get bitcoin once more into the news and perhaps draw in more FOMO again. I'm likewise taking a gander at bitcoin additionally long haul, however. The following splitting will intrigue. I just expectation that bitcoin simply doesn't fall so low meanwhile that it ends up unbeneficial for some to try and mine.
I would like to see $10k by the end of the year and I think this is a realistic possibility, however I would not like to see it moon to $20K. Following a rise to around $10k I would like it to stabilize at that sort of price which would allow traders to make good returns and at the same time being stable Bitcoins take up and usage will increase.
$10K is a good price for Bitcoin this year, and I like steady growth over manipulated hype.
Yes, indeed. ETF got rejected and now is the time to make more pumps in Bitcoin and also the other cryptocurrencies will follow up the bitcoin!
Let us all see. In the previous year, a lot of people were thinking that Bitcoin would hardly even touch $10,000. In September in particular the price was only around $3,000, and yet 3 months later it converted its price from $3,000 to a little shy of $20,000. There is nothing impossible in this wild wild world of crypto. I think we will cross $10,000 once again within the year.
I don't think it will cross $10k again this year. It may never even get anywhere close to $20k again either. I'd wait till the end of the year though as that's when the price tends to rally. If the SEC does ever allow the ETF though that will surely at least cause a rally even if it is only short term, but it will definitely get bitcoin back into the news and maybe attract more FOMO again. I'm also looking at bitcoin further long term, though. The next halving will be interesting. I only hope that bitcoin just doesn't fall so low in the meantime that it becomes unprofitable for many to even mine.
It is possible that this year he will not be able to take this bar, but 19-20 will be very hot )
It is difficult to predict the bitcoin price for the coming days,months even years because it is very unpredictable now and volatile. At this current price of more than $6000,it might going up before year end despite of many possible reasons behind...who knows it will reach $20000 again. Good for all holders but sorry for the losers that panic selling.
As we detailed above, given the headwinds faced by both of these metrics over the month of August, we expect them to grow at a modest pace over coming months. As a result, we believe that the Bitcoin will very likely remain below $10,000 for the rest of the year.
I think $10K is a good price for this year. Currently Bitcoin costs about $6500, so BTC can grow up to +40% under favorable circumstances. I guess that if the SEC rejects the Bitcoin ETF this September, the BTC price will fall deeper than $6000. But their forecast will be correct in any case because Bitcoin will remain below $10K.
July was a solid month for cryptocurrencies overall, with the price of Bitcoin reversing the steady declines seen over the previous two months to hover around $8,200 around the end of the month. This marked a strong recovery from the low of $5,755 seen in late June, but was still well below the all-time high of almost $20,000 last December, and also a good 18% lower than the ~$10,000 figure seen less than three months ago.
Notably, there was a recovery in the level of activity on the Bitcoin network over the month of July, with the average number of unique addresses and the average transaction volume per unique user improving from the lows seen in June. However, with both of these key metrics sliding lower over the first two weeks of August, the price of Bitcoin has slumped to below $6,500. Given the current weakness in Bitcoin trading activity, we have reduced our forecast for number of unique users as well as transaction volumes in our interactive Bitcoin Price Estimator. We now expect the Bitcoin price to settle around $9,500 by the end of the year for our base case scenario – down from our earlier estimate of $10,500. The graphic below captures our base case forecast for the monthly average price of Bitcoin this year based on our estimates for transaction volume and number of Bitcoin users, and also shows a possible price range for the cryptocurrency taking into account a relatively bullish as well as bearish outlook for the rest of the year.
TREFIS
Understanding What Drove The Price Fluctuations Over Recent Months
The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, such as restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies (with some countries even banning their use). This sent cryptocurrencies sliding in value from the all-time highs seen in mid-December 2017, as demonstrated by the slump in Bitcoin’s price from almost $20,000 then to below $6,000 in early February.
However, Bitcoin prices saw a sharp recovery over April and early May, primarily because the traditional financial industry began warming up to cryptocurrencies. While Goldman Sachs became the first investment bank to start a cryptocurrency trading desk, IntercontinentalExchange (which owns the NYSE) reported its ongoing work on a new trading platform that will allow institutional investors to buy and hold cryptocurrencies. As this points to increased adoption of cryptocurrencies in the near term, the good news propelled Bitcoin prices higher.
MORE FROM FORBES
But Bitcoin prices slumped in late May when Mt. Gox dumped more than 8,200 Bitcoins on existing exchanges, and further in June when two South Korean cryptocurrency exchanges were hacked. In addition to having a negative impact on Bitcoin pricing, these events also dragged down Bitcoin trading activity, as evidenced by a notable reduction in the number of users on the Bitcoin network. The trend reversed in July, though, with renewed institutional interest in cryptocurrencies driving activity levels. This was driven by growing optimism around the SEC potentially approving a Bitcoin ETF.
TREFIS
The SEC’s approval would make Bitcoin a more accessible investment option for investors globally, and definitely presents a sizable upside for the cryptocurrency. However, little has been able to quell investor concerns about the security of cryptocurrency exchanges over recent months – something that we believe will continue to weigh on activity levels in the near future.
What Does This Mean For Bitcoin’s Price?
Like the price for anything, Bitcoin’s fundamental price depends primarily on demand and supply. Demand for Bitcoin is primarily driven by two factors: the number of active users, and how much they transact. On the supply side, the number of available Bitcoins is capped, and about 80% of the capped number is already mined. As such, it is sensible to focus on the demand, both in terms of users and transaction volumes. In our interactive Bitcoin Price Estimator, we forecast changes in the number of unique users as well as transaction volumes for each month over the rest of 2018 to arrive at our estimate for Bitcoin’s fundamental value.
As we detailed above, given the headwinds faced by both of these metrics over the month of August, we expect them to grow at a modest pace over coming months. As a result, we believe that the Bitcoin will very likely remain below $10,000 for the rest of the year.
This video shows how to leverage our bitcoin pricing dashboard. While the dashboard looks fairly basic, in back-testing – a method to see how well it could have predicted prices in the past – it was almost 94% accurate.
Like our charts? Explore example interactive dashboards and create your own
Led by MIT engineers and Wall Street analysts, Trefis (through its dashboards platform dashboards.trefis.com) helps you understand how a company's products, that you touch, read, or hear about everyday, impact its stock price. Surprisingly, the founders of Trefis discovered ...
https://www.forbes.com/sites/greatspeculations/people/trefis/#7fcca4de4462
Notably, there was a recovery in the level of activity on the Bitcoin network over the month of July, with the average number of unique addresses and the average transaction volume per unique user improving from the lows seen in June. However, with both of these key metrics sliding lower over the first two weeks of August, the price of Bitcoin has slumped to below $6,500. Given the current weakness in Bitcoin trading activity, we have reduced our forecast for number of unique users as well as transaction volumes in our interactive Bitcoin Price Estimator. We now expect the Bitcoin price to settle around $9,500 by the end of the year for our base case scenario – down from our earlier estimate of $10,500. The graphic below captures our base case forecast for the monthly average price of Bitcoin this year based on our estimates for transaction volume and number of Bitcoin users, and also shows a possible price range for the cryptocurrency taking into account a relatively bullish as well as bearish outlook for the rest of the year.
TREFIS
Understanding What Drove The Price Fluctuations Over Recent Months
The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, such as restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies (with some countries even banning their use). This sent cryptocurrencies sliding in value from the all-time highs seen in mid-December 2017, as demonstrated by the slump in Bitcoin’s price from almost $20,000 then to below $6,000 in early February.
However, Bitcoin prices saw a sharp recovery over April and early May, primarily because the traditional financial industry began warming up to cryptocurrencies. While Goldman Sachs became the first investment bank to start a cryptocurrency trading desk, IntercontinentalExchange (which owns the NYSE) reported its ongoing work on a new trading platform that will allow institutional investors to buy and hold cryptocurrencies. As this points to increased adoption of cryptocurrencies in the near term, the good news propelled Bitcoin prices higher.
MORE FROM FORBES
But Bitcoin prices slumped in late May when Mt. Gox dumped more than 8,200 Bitcoins on existing exchanges, and further in June when two South Korean cryptocurrency exchanges were hacked. In addition to having a negative impact on Bitcoin pricing, these events also dragged down Bitcoin trading activity, as evidenced by a notable reduction in the number of users on the Bitcoin network. The trend reversed in July, though, with renewed institutional interest in cryptocurrencies driving activity levels. This was driven by growing optimism around the SEC potentially approving a Bitcoin ETF.
TREFIS
The SEC’s approval would make Bitcoin a more accessible investment option for investors globally, and definitely presents a sizable upside for the cryptocurrency. However, little has been able to quell investor concerns about the security of cryptocurrency exchanges over recent months – something that we believe will continue to weigh on activity levels in the near future.
What Does This Mean For Bitcoin’s Price?
Like the price for anything, Bitcoin’s fundamental price depends primarily on demand and supply. Demand for Bitcoin is primarily driven by two factors: the number of active users, and how much they transact. On the supply side, the number of available Bitcoins is capped, and about 80% of the capped number is already mined. As such, it is sensible to focus on the demand, both in terms of users and transaction volumes. In our interactive Bitcoin Price Estimator, we forecast changes in the number of unique users as well as transaction volumes for each month over the rest of 2018 to arrive at our estimate for Bitcoin’s fundamental value.
As we detailed above, given the headwinds faced by both of these metrics over the month of August, we expect them to grow at a modest pace over coming months. As a result, we believe that the Bitcoin will very likely remain below $10,000 for the rest of the year.
This video shows how to leverage our bitcoin pricing dashboard. While the dashboard looks fairly basic, in back-testing – a method to see how well it could have predicted prices in the past – it was almost 94% accurate.
Like our charts? Explore example interactive dashboards and create your own
Led by MIT engineers and Wall Street analysts, Trefis (through its dashboards platform dashboards.trefis.com) helps you understand how a company's products, that you touch, read, or hear about everyday, impact its stock price. Surprisingly, the founders of Trefis discovered ...
https://www.forbes.com/sites/greatspeculations/people/trefis/#7fcca4de4462
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