What could be the price of Bitcoin by Christmas? Last year, we’ve seen Bitcoin go near $20,000 in mid-December. It was an event that caught so many people’s attention including institutional investors. But before institutional investors get involved in such a volatile market, it is important to have the necessary regulations.
And in 2018, we’ve seen yet another massive correction that dropped Bitcoin to just around $6,200 to $6,500. It has become less volatile than tech stocks such as Amazon and Netflix in the last few weeks. As for its price this coming Christmas, there are different forecasts to Bitcoin.
Tom Lee’s 25K Prediction
For instance, you have the likes of Tom Lee who believes that it is quite possible to see Bitcoin hit $25K before the end of the year, despite the bearish performance of the cryptocurrency for the rest of the year.
He even stated that “People are too bearish…What happens is people get bearish because it makes sense. You know the market conditions have been terrible and we are under our 200-day moving average”.
He also added that “We (at Fundstrat) just published a report this week that pointed out to our clients that when Bitcoin is under 200-day, it only goes up 50% of the time in the next six months. But when its above 200-day, it is up 80% of the time (in the next six months), so the trend implied by the 200-day is obviously important”
Bullish December By Raghav Reggie Jerath
Raghav Reggie Jerath is the CEO of Gath3r Web Miner. He is expecting the price of Bitcoin to follow the usual trends of the market. Jerath said that “Historically, Bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around $7,500-$8,500 range for the remainder for the year”.
A Moderate Increase?
For Patrick E. Palacio who is the CEO of LoyalCoin, he sees that there is a moderate increase in the price of Bitcoin. He said that “I do believe we will see a rise in Bitcoin in the next few weeks and BItcoin will increase slightly to around $7K and $7.5K”.He isn’t alone in his prediction. For Bitcoin Trader Abraham Merkin, he thinks that “Bitcoin will not hit $8000 in 2018; and it might not reach $7,300 before Christmas given the current calm”. However, for Merkin, he believes that Bitcoin’s bottom is at $6,000.
But there are those that are also quite pessimistic when it comes to Bitcoin’s price this coming Christmas. Clement Thibault who works as the Senior Analyst at global financial platform Investing.com thinks that Bitcoin is staying close to $6,000. “For now, it seems like the selling pressure keeps on pushing the price down”. He also added that “As for a bottom, Bitcoin has maintained a hard floor at $6K most of the year, which I would be surprised to see broken”.
Bitcoin’s price forecast has always produced different opinions coming from different crypto experts. What do you think will happen to Bitcoin in the coming days as we approach December and the Christmas season?