Bitcoin price could surge by 84% by the end of this year, according to experts surveyed by Finder.com. The experts think the top-ranking cryptocurrency still has room to grow and is on schedule to get there despite the setback.
Towards the end of 2017, Bitcoin was trading at an eye-watering $20,000. But it has been pretty much downhill since, and public interest has waned. At press time, one Bitcoin is worth $3427, according to data from CoinMarketCap, a website that tracks the price of cryptocurrencies on different exchanges. The cryptocurrency has suffered from government crackdowns in China, threats of greater regulation, massive selloffs and problems with algorithms, resulting in massive price fluctuations.
Prices to stabilize as institutional investors enter the market
Ben Ritchie, the chief operations officer of Digital Capital Management, was among the surveyed experts. He made a compelling forecast on Bitcoin’s price over the next few months. According to Ritchie, the flagship cryptocurrency will hit $9500 by the end of the year. He expects the volatility to subside this year as institutional investors Bakkt and Fidelity Investments start foraying into the crypto market. He said:
“Two things to look out for in 2019 will be whether we will see a decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner.
The second is the impact of the traditional markets on cryptocurrencies. Will bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet.”
But not everyone is as enthusiastic about bitcoin’s future as analysts at JP Morgan warned last month that the price of Bitcoin could drop to as low as $1260.
Legions of predictions have been made since the start of the year 2018 regarding the price of BTC. However, the vast majority of those predictions have failed to yield fruit.