Bitcoin seems to be crashing, and its market cap seems to be falling, but there are few analysts who hold on to their predictions. The strongest one is the new predictions defiling all odds to predict an abnormal increase for the cryptocurrency.
Going contrary to the recent prediction by the Quinlan associates estimating the digital asset to trade at $1800 in 2018, Kay Van-Petersen, an analyst at the Saxo bank has predicted that Bitcoin will hit $100,000. The prediction does not consider this figure to be a trading value in any other year other than 2018.
Where Bitcoin Needs to Pick Up
The past few weeks have been a dark age for the majority of the cryptocurrencies led by Bitcoin. The Bitcoin price was once $19,000 winning the heart of most investors and making critics regret their earlier personal comments, but the digital asset has dropped ever since. Currently, Bitcoin trades at $11,379. Its market cap which was once over 200 million is now 86 million.
Ripple has also taken a huge drop from 125 million market capitalization to 46 million. The ripple price is currently $1.4. For Peterson’s prediction to come to reality, it needs to pick up from this valley to that imaginable hill.
According to Peterson, the 50 percent pullback of Bitcoin is healthy. “First off, you could argue we have had a proper correction in bitcoin, it has had a 50 percent pullback at one point, which is healthy. But we have still not seen the full effect of the futures contracts.”
This prediction is no different from that of Tom Lee who predicted the cryptocurrency to trade between $50,000 to $100,000. A Hong Kong trader has also predicted Bitcoin to hit $100,000 . Amidst all these, there stands Nic Kolas comment which forecasts the price to trade between $6500 to $22,000.
Petersen added that the predicted value will not come on a silver platter. He said that more institutions will gradually come on board which will end up pushing the price to that level.
He Foresee Etherium to Outrun Bitcoin
According to Petersen, Etherium looks more promising to take the lead or outperform Bitcoin. The co-creator of Etherium, Steven Nearaoff recently came out with the surprising news that the value of Ethereum will triple in 2018. Petersen said that: “Ethereum came after bitcoin, it has a more unified leadership than bitcoin,” he said. “They seem to be a bit further along the way in regards to forming the solution to scaling issues. And you can see transactions on their side eclipses transactions across other cryptos.”
If Ether will perform, then Litecoin and most of the top digital currencies will perform as well. Neraoff believes that the low transaction fee of Ether will give it the edge, whiles the project being put in place will be the underlying side of attraction to play the magic. “People are actually using it for currency, as well,” he said. “Lower transactional costs are increasing usage of the entire network, and that’s increasing the network effects of it. There are more users, more projects being built on there and more programmers.”
Ronny Moas, a popular figure in the cryptocurrency space has also predicted Etherium to do well. The price of Etherium is currently $1,014.
Can Bitcoin Really Pick Up?
Today, all that investors have is hope, holding on tight that Bitcoin will bounce back. The current performance of the cryptocurrency has been said to be as a result of the earlier announcements made by China to ban Bitcoin Mining.
South Korea also has a share of the drop after the Justice Ministry announced the ban of all cryptocurrencies. The whole cryptocurrency space is struggling to gain back its space, but time will tell whether they will really do.
The current state has sparkled questions whether this is really the time of the burst, but Bitcoin is stronger than Burt’s. Tom Lee has earlier said that the “bubble and burst” analysts should come again. Bitcoin can pick up and go far beyond the moon.
There is hope for the undervalued cryptocurrencies to make investors hit the jackpot. In fact, some investment counselors advise that this is the right time to invest. Bitcoin will bounce back and win back the love.