Bitcoin
Here Are More Ways for $50k Bitcoin (BTC) by End 0f 2018 and $500k before 2024
Bitcoin (BTC) price predictions are being offered from all over the crypto-verse. We have prominent investment analysts on Twitter giving their predictions as well as other forms of traditional media such as interviews. One such price prediction is for a $25,000 Bitcoin by the end of the year by Mark Yusko: a hedge fund manager with $1.5 Billion in assets under his watch. Yusko has also put forth a BTC price prediction of $500,000 by end of 2024.
According to him, the reason for these price predictions is based on the fact that the market performance of Bitcoin follows parabolic moves or crashes. There have been 5 so far and more will obviously come. There is also the fact that many traders are on the sidelines waiting for the Bitcoin Bull run to be confirmed, then they can jump in.
There is also the $50k Bitcoin prediction by Anthony Pampliano that BTC will get to $50k by end of the year. The major reason he gave for this, is human psychology. According to him $50k is a good round number that traders want and they will drive it to that point.
Tim Draper has put forth his $250,000 price prediction by 2022. His reason for this bold prediction is that BTC is gaining popularity and will continue to do so in the next 4 years.
So what are the other reasons for a $50k BTC by the end of 2018 and $500k by 2024?
Both price predictions by Yusko and Pampliano had not factored in the possibilities of a Bitcoin ETF being approved by the SEC. The due date for a verdict on the CBOE ETF is sometime in mid-August. However, many experts believe it will be postponed; which is alright. So long as it is not a rejection like the Bats ETF.
The SEC is actually being swamped by new Bitcoin ETF applications by various trading firms. A screenshot of the number of pending ETFs can be found below.
Source, Bloomberg and SEC.gov
The SEC at one point will have to approve one of these ETFs even if it is not the one sponsored by the CBOE. There are under a lot of pressure from not only the trading firms listed but the general public. With regards to the latter, the SEC actually allows the public to comment on filed applications on their website. The CBOE filing has received overwhelming comments as can be seen on this link. The SEC cannot ignore the sentiments of the public.
If the CBOE is approved, we can see Bitcoin doing gains as was seen with Gold when its ETFs were first offered in March 2003. Eight years later, the value of Gold had increased by a factor of 5.41 as earlier calculated. Comparing this to Bitcoin (BTC), and using a base value of $10,000 when the ETF gets approved in the future, we see that by the end of 2018, we could get to $54,100. In 4 years, this figure would have probably done more gains and past Mark Yusko’s price prediction of $500k.
In conclusion, the crypto-markets are on the cusp of something great with the resurgence of Bitcoin in the markets as well as several pending ETFs. Adding the factor of people psychology earlier mentioned, and seen in the comments to the CBOE ETF on the SEC website, we get the possibilities of a far bigger value of BTC than the ones predicted of $50k by end year and $500k by 2024.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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Fundamentals
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