Predicting Bitcoin movement in the coming months can be a guessing game. In fact, looking back, some predictions may sound absurd these days. And why not? In 2017, Bitcoin was able to rise form around $1,000 during the start of the year to almost $20,000 by mid-December.
However, things changed when regulators decided to call for added regulation within the market. You have the US Securities and Exchange Commission going after ICOs that are a scam while the agency also defined Bitcoin and Ethereum as a commodity.
Where Exactly is Bitcoin Headed?
Experts weighed in regarding the direction which Bitcoin is moving. Different experts have their different take regarding what could cause Bitcoin price to make a move. In fact, today, Bitcoin is more stable than stocks such as Netflix and Amazon. It is a far cry from last year’s performance.
For Mike Novogratz, he believed that Bitcoin’s price has bottomed already. He also believes that there will soon be a bull run by next year. He believes that institutional investors are going to get more involved in the market.
He described that there is going to be a “herd of institutional investors” that will head towards ht market. He said that institutional investors will realize that blockchain is “Internet or web 3.0”.
On the other hand, you have the co-founder of eBoost, a company that integrates crypto and gaming, Marshall Long who is also quite bullish with his predictions. He believes regulatory uncertainty dropping to a lesser degree could potentially drive the price of Bitcoin up. Long said that he is “very interested to see how SEC and Bitcoin Exchange Traded Fund plays out as that may be the match that sparks the next bull run”.
However, his advice is that you should be ready to have Bitcoin around March 2020. That is when halving will most likely drive the price of Bitcoin up.
Just Around the Corner?
Michael K Jeong who is the CEO of crypto asset management platform Trust Verse thinks that a bull run is just around the corner. He believes that Bitcoin has bottomed at $5,000. And also, he thinks that antagonism about Bitcoin is quite overblown. He has also been reported to be unfazed by the 75% drop in the price of Bitcoin. He even calls it as the “whalesale” price.
He believes that though there will still be some short-term price drops by the end of 2018, he suggests that you still hold on to your Bitcoin.
And also, you have someone like Tom Lee. Tom Lee of Fundstrat is known for his belief that Bitcoin price can still reach $25,000 this year. He believes that anything can still happen given the possibility of institutional investors at play.
What is the future for Bitcoin at this point? Now that Bitcoin is becoming stable, does it mean that the market is becoming more mature? Or does this mean that there is an impending bull run in the coming months? Are investors holding on to their Bitcoin at this point because they are looking forward for a big news that could move the price up?