A well-known cryptocurrency analyst predicts that bitcoin price could skyrocket this year. According to reports the CEO and founder of digital assets investment fund BKCM LLC, Brian Kelly suggests that bitcoin could set an all-time high record before the end of this year by hitting $25,000 per token price. The cost of the cryptocurrency dropped at the beginning of this year thereby making several investors worry about the future of their assets. Financial institutions and experts also seized the opportunity to air their opinions about the unreliability of the future of bitcoin.
However, the fears of fans and investors were mitigated at the beginning of this week as the cost of the digital coin increased by about 13.5 percent. Bitcoin has maintained the same price range ever since with no significant increase or decrease in its value. It’s believed that this led Kelly to predict that the volumes of transactions in the cryptocurrency, as well as its cost, will likely increase significantly before the end of 2018. He predicted during an interview with CNBC earlier this week. Meanwhile, the analyst is not the first to predict an increase in the price of bitcoin.
Many strategists including Thomas Lee and Tim Draper have suggested that the price of the cryptocurrency will hit the roof over the next few years. During Kelly’s interview, he remarked with regards to the forecast made by draper stating that it is not unrealistic. Draper predicted that there are possibilities that the price of a BTC token could hit $250,000 by 2022 which is about 3,000 percent increase over a period of four years. Kelly supported this prediction and added that because bitcoin recorded a 4,000 percent increase in the past couple of year, the cryptocurrency would likely hit this record by 2022.
Is History on His Side?
If cryptocurrency enthusiast could remember, Draper predicted in 2014 when the price of bitcoin was about $320, that the cost of the cryptocurrency would skyrocket in 2017 to cost over $10,000, which turned out to be true. It may seem that Brian Kelly is not the only one that has high hopes that the price of bitcoin could skyrocket before the end of this year as the management of Pantera Capital – a cryptocurrency hedge fund revealed in their April newsletter that the price of bitcoin would hit the bar before the end of the year.
According to reports, the management added that the price of bitcoin which was about $6,500 at the time the statement was released is probably the lowest the cost that the cryptocurrency could hit and that the price will increase significantly to hit $20,000 before the end of 2018. This is not the first time the management of Pantera Capital is predicting with regards to the price of the cryptocurrency. At the fall of 2017, the CEO of the company, Dan Morehead reportedly predicted that the cost of bitcoin would likely drop about 50 percent before recording new high figures.
This prediction partly came to past as the cost of the digital coin fell drastically below $7000 in the past couple of months which is about 65 percent decrease. However, bitcoin price has risen and has maintained the same range throughout this week. It is still unclear whether these predictions are based on reasonable data or just a wild guess, but the bottom line is that they turned out to be true. Morehead also stated in the newsletter that this is just the beginning of the price increase as a wall of institutional money will contribute to the continuous rise in the price of bitcoin.
Wall Street is Finally Starting to Take Notice
Other reports earlier this week revealed that many different Wall Street players ventured into the cryptocurrency space, one of which is the venture capital arm of Rockefeller – Venrock that partnered with Coinfund, a cryptocurrency investment firm. It’s also reported that the executives at Goldman Sachs have left the company to join a cryptocurrency merchant bank operated by Michael Novogratz. Additionally, Soros Management Fund is reportedly prepping to venture into cryptocurrency trading. Morehead added that the current increase in the cost of bitcoin is a rare buy signal because it’s not wrong to buy something at $7,000 which previously cost about $20,000 and which is expected to cost more within a short term.
The CEO holds a strong opinion about the imminent rise in the cost of bitcoin, and he blamed the post new year decrease generally on the unintended tax position created by the value of the token. This tax position opinion compliments that made by Tom Lee, who stated that tax could be the culprit behind the general downturn of cryptocurrency market since the beginning of 2018. Many cryptocurrency analysts have submitted different opinions stating the reasons they believe to be behind the decline in the cryptocurrency market, which is treated lightly by crypto enthusiasts who are now looking forward to the outcomes of recent predictions.
There’s no assurance whatsoever on whether these predictions will turn out to be true but fans are hoping that it will. Even with the fall in the cost of bitcoin over the past few months, the cryptocurrency is still the biggest in the digital coin space, and as already stated above, there’s a rapid influx of investors. In addition, bitcoin is snowballing regarding awareness and acceptance. Bitcoin enthusiast holds strong opinions that the cryptocurrency will grow even more prominent. A blockchain marketplace executive stated earlier this year that the price of BTC would skyrocket sooner rather than later.
Although he did not state explicitly when this price increase will take place, the CEO of distributed marketplace Shopin, Eran Eyal noted during an interview that the current bitcoin analysis shows the price is likely to grow more prominent to surpass $100,000. That’s one heft bitcoin price prediction, being so, now is the best time to invest in the cryptocurrency. However, many investors are yet to recover from the post new year price drop. The negative attitude of financial institutions and experts toward the cryptocurrencies is also a contributing factor to the reluctance of many other aspiring investors.