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Despite the price of bitcoin reaching a record level in 2017 and then taking a bearish turn in 2018, the bitcoin bulls were not discouraged and continued to make too optimistic forecasts throughout the year.
Among the prominent bitcoin bulls, the co-founder of the market analysis firm Fundstrat Global, Tom Lee, stood out for his relentless optimism despite being continually denied. Speaking to the CNBC commercial channel at the end of April 2018, Tom predicted that the price of the bitcoin will reach $ 25,000 by the end of the year:
We are still confident that bitcoin is a big risk / reward and we think it can reach $ 25,000 by the end of the year.
The Lee of Fundstrat predicts a price of 25 million bitcoins by 2018 End https://t.co/l2H8yqTrMe
– CCN (@CryptoCoinsNews) April 13, 2018
At that time, the price of the bitcoin ranged between $ 7,500 and US $ 8,000 and Lee blamed the price drop that had been observed in the weeks before May 2018 on sales by US investors who were looking to make profits while on the tax day he was approaching .
Lee would later revise his price target from $ 25,000 to $ 22,000 as the bear market intensified. Last month, when the price of bitcoin was around $ 3,400, Lee indicated that the fair market value of the digital asset should be between $ 13,800 and US $ 14,800 based on the "active portfolios of the portfolio," use for accounts and factors that influence the offer ".
To the moon!
One of the most ambitious forecasts of last year was that of an analyst of the Danish investment bank Saxo Bank, Kay Van-Petersen, who projected at the beginning of 2018 that the price of bitcoin will reach 100,000 USD by the end of the year. Thus, Van-Petersen indicated that the rally would be driven primarily by the entry of institutional investors.
The price of the bitcoin to reach $ 100,000 in 2018, involves the Saxo Bank analyst https://t.co/5yJk2Pyg3i
– CCN (@CryptoCoinsNews) January 16, 2018
A more modest prediction was made by the billionaire founder of the cryptocurrency company Galaxy Digital, Mike Novogratz, who predicted that the bitcoin would reach $ 40,000 in the United States in 2018 when Ethereum reached $ 1,500:
Bitcoin could be at $ 40,000 at the end of 2018. It could easily. Ethereum, which I think has just touched $ 500 or is approaching, could be triple where it is.
The prediction of Novogratz did not occur exactly as in the case of the co-founder and CEO of BitMex, which had predicted that the price of the bitcoin would have skyrocketed $ 50,000 in 2018. At that time, the price of the bitcoin was around the US $ 8.800 level.
Bullish call: the BitMEX boss expects a bitcoin price to reach $ 50,000 in 2018 https://t.co/D0PMXpjDCN
– CCN (@CryptoCoinsNews) May 15, 2018
It did not go to zero
With the bitcoin that has accumulated almost 100 obituaries in 2018, the year has not been complete without a prediction that the cryptocurrency would have crashed to zero. One of the most important of these recalls was the chief economist of the asset management company Vanguard, Joe Davis, who claimed that the bitcoin would become useless as its price was not based on "economic fundamentals":
I am enthusiastic about the blockchain technology that makes bitcoin possible. In fact, Vanguard uses this technology. What about the bitcoin currency? I see a fair chance that its price will go to zero.
With bitcoin that has challenged both the skeptics and the optimists last year, it will be interesting to see what the 2019 has in store for the cryptocurrency.
Shutterstock foreground image.
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