What price do you think bitcoin will reach by 2020?
I personally think that bitcoin can reach $100.000 by 2020 but i think it's never going to go to $1.000.000!
$100,000 isn't going to happen unless bitcoin suddenly goes mainstream, and by mainstream i mean everyone knows it and at least half the world is actively using bitcoin to transact. Bitcoin will eventually hit $100k, but 3 years isn't enough.
These sort of things are impossible to predict but i think around $7,000 would be a fair estimate, looking at how things are going right now. Market is extremely bullish right now, i think that between 2018-2020 we'll see a couple of pretty major adjustments and 2020 will bring the price up once again to a new ATH.
I think the primary reason why you even think that btc is going to reach that high is because btc is growing at an exponential rate right now. FYI, this does not happen normally and you'll see when a bearish market comes by.You do realize that bitcoin has been growing at an exponential rate its entire life right?? I has an average doubling rate of 8 months. If that continues bitcoin will be almost $150k by the end of 2020. I'm not saying it will be that high, but your prediction of $7000 for 2020 will very possibly be passed by the end of this year. Also $100k would not even be close to half the world is actively using it, more like 5% of the world, which is do-able by then.
Between 50 and 150k.
Exactly. $150k is the absolutely limit I'd say for 2020, as I stated above, if it keeps its average rate of appreciation until the end of 2020 it'll be just under $150k. I expect bitcoin to pass $50k in 2020 so that is my lowest estimate. I think it'll likely end up hitting $60k-75k in 2020.
If we look at history, you will see that bitcoin usually is extremely quiet after halvings occur. Sure, it has a doubling rate of 8 months, but this growth is concentrated on times that are near the halving block, +- 1 year.
We could well hit $7k this year, but it doesn't mean that bitcoin can't crash down to $2-3k and have to go onto rebuild mode after that. This is what i think will happen, anyways. If the timeframe was extended by 1 more year i'd say $15k is entirely possible, this is because usually pumps happen around 6 months to 1 year after the halving, not directly at the halving.
What makes you think that bitcoin will hit $50k MINIMUM in 3 years time anyways?
Sure it will crash, it crashes all the time, and then soon after breaks new all time highs and continues its exponential growth. I think you and some other people are basing your ideas off the Chinese manipulated bubble plus Mt. Gox crash which led to a 2 year downtime. In the past bitcoin has boom and bust/consolidate cycles every six months or so. Mt Gox crash badly hurt bitcoin so that one lasted two years. That is very unlikely to happen again as we are starting to head towards mainstream acceptance now. I mean the last boom/bust cycle was only 4 months from April through July, and in August bitcoin started another boom.
That's what happens with something that is growing exponentially - it goes way up and then people get scared and it pulls back some, when the price stabilizes they realize its time to get in again and another boom occurs, but now that it is just starting to barely touch the mainstream there is going to be constant buy pressure so the cycle is getting shorter.
Why do I think it'll be minimum $50k in 3 years?
That's easy, we are on the cusp of getting mainstream adoption. 2017 was the start - in 8 months bitcoin has gone up about 4.7x and by end of year it could very well be 6x or 7x this year of sustained and stabilized growth. Over the next couple of years I'm fully confident investment firms will start letting people invest in bitcoin through them, which means bitcoin will be seen as a normal (albeit small) part of the middle class portfolio. As this occurs the market cap will get big enough for bigger and bigger fish to get in without affecting the market too much, and so they will jump in. As adoption increases, usage as an actual currency will increase. Probably a few more countries will legalize bitcoin as a currency, many more merchants will take bitcoin - the big one being Amazon, pretty sure this will happen within three years. A bit of the gold market and stock market will move over to bitcoin. Plus the 2020 halving will drive it up a bit further, also the Olympics in Japan that year might also drive it up further by providing a lot of coverage on people spending bitcoin at the Olympics.
All this means $50k minimum in 2020. I'd be pretty shocked if it is only at $50k by the end of 2020.
If bitcoin hits $6000 end of this year, and all it does is double the next three years, that's $48k in 2020. And that is pretty much the most conservative estimate I could possibly think of assuming no great tragedy befalls bitcoin.