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Here Are More Ways for $50k Bitcoin (BTC) by End 0f 2018 and $500k before 2024

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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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

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.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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