Bitcoin grazed $8500 today at 11:20 UTC before retracing back to $8300 which is still at a 5% increase from yesterday. The current market cap of Bitcoin stands at $141 billion and dominates the market by 42%.
Despite the poor first quarter performance, everyone from influencers to investors and even skeptics feel that Bitcoin’s resilience to the massive regulatory crackdown and governmental pressure makes it a very stubborn digital currency which could propel prices with ten times more the intensity that was experienced towards the last leg of 2017 where Bitcoin peaked at $20K.
Following are predictions from various sources of importance in the order of predicted valuation:
- Pantera Capital: They are an investment firm based out of San Francisco, CA focusing solely on virtual currencies and blockchain technology. Their prediction stands at Bitcoin – $20,000 within this year.
- Thomas Lee, Co-Founder of Fundstrat Global: Wall Street investment specialists put Bitcoin at $25,000 within this year.
- Anthony Pompliano: Predicts Bitcoin at $50,000 within this year.
- Mike Dudas: The Co-founder of Button predicts Bitcoin to be $50,000 by next year.
- Alistair Milne, CIO of Altana Digital Currency Fund: Based out of Monte-Carlo, Monaco, predicts Bitcoin around $35,000 – $60,000 by 2020 halving.
- Tim Draper: Founder of DFJ Venture Capital, based out of Menlo Park, CA predicts Bitcoin at $250,000 by 2022.
- Brian Kelly: CNBC Fast Money Trader and author of The Bitcoin Big Bang predicts Bitcoin at $250,000 by 2022.
A lot of analysts have predicted that Bitcoin could potentially see a massive bull run with Tax day concerns wearing off. Many from the community like Daniel Godhino, a Financial Advisor from Chicago feel that traditionalists who call Bitcoin a bubble would be living in a bubble themselves. He says,
“People who call Bitcoin a bubble are traditional, close-minded oldies who probably will not live past the next 10-20 years. The challenge was initially cross $1000, I think it will only be upwards from here. Looking back at history, we will be doing this same conversation when Bitcoin hits a peak at $100K and then probably retracing back to $50K and people crying that Bitcoin is a bubble”
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