Well, Bitcoin prices have plummeted in the last two months or so. The turn of events could have discouraged those who entered the market while the currency was at its highest- above $10,000. But this does not mean it is all bad for the bitcoin. The good news is still very positive. In fact, prices seem to have stabilized for the last few weeks. The prices have also risen from trading $6,000 deep to above $8,000 as write this article. But what are the experts saying about 2018?
Before we discuss what 2018 predictions are, let us flash back a little and see how experts predicted 2017. Late 2016, Kay Van-Petersen predicted that Bitcoin prices would hit $2,000. Similarly, Alex Tapscott and Don Tapscott made the same prediction in their book Blockchain Revolution early 2017. The two analysts predicted that Bitcoin price would hit $2,000 by the end of 2017. Although most people laughed them off, the predictions came to pass earlier than they had expected. By May of 2017, the value of Bitcoin had exceeded $2,000 mark. That’s how predictable Bitcoin prices can be:
So what are the experts’ Bitcoin predictions 2018? Most of the Bitcoin predictions are in line with 2018 cryptocurrency prediction. Here are 3 predictions that should give inspect hope and urge to keep investing.
Bitcoin Price to Hit $100,000
Well, this could sound weird, but bitcoin has shown us that nothing is impossible. According to most experts such as Kay Van-Van Peterson, they believe bitcoin prices will hit anything between $50,000 and $100,000. We have no reason to doubt this guy considering his insight last year. Many cryptocurrency and finance experts also believe bitcoin could sell at $100,000 in 2018. So the current deep is just temporary- good things are coming.
BitCoin Transformation to ‘Means of Storage Value’
This is another prediction that will definitely change bitcoin currency for the better. Since Bitcoin was introduced into the market, it has been used as a ‘means of transaction.’ But this is like to change, and most investors are likely to use it as a ‘means of storing value due to its steady increase in price. The fact that the platform is experiencing a problem of adding more users to the network is another factor making it attractive. That means that transactions will continue getting costly thus limiting currency activities. The result is a steady currency price thus making it a perfect ‘Means of Storage Value.’ The transformation will stabilize prices thus reducing fluctuation as we are experiencing today.
In 2017, CME confirmed a plan to create futures contract for bitcoin. Such move will make the currency accessible to the general public by facilitating the trading of assets. It will so reduce the transaction costs significantly thus allowing for more transactions. That’s what will lead to increase in the value of the currency at steady but stable rates. However, experts also fear the introduction of futures would devalue the currency. But we still have to wait and see how the currency will behave.