According to some cryptocurrency and fin tech experts, including Ben Ritchie, Bitcoin [BTC] could surge by a significant 84% by the end of the year 2019. This possibility offers some hope to Bitcoin holders and investors who have had to see the price of the world’s largest cryptocurrency fall massively since $19000 high in 2017.
Bitcoin has been going through a bearish market, with it presently priced well below $3500. The bear attacks early this month have also breached any support points the BTC market had while lowering the resistance for the same.
However, according to a panel of experts polled by Finder.com.au, the Bitcoin market will pull through from this bearish market and hit new highs this year. The poll also suggested that on an average, the panel of experts believed that 2019 will end with the price of the world’s premier cryptocurrency at $7000, a 50% improvement over the prevailing price of BTC.
However, that wasn’t the most bullish prediction offered by the panel of experts. Ben Ritchie, the CEO of Digital Capital Management, backed the cryptocurrency market to hit new heights, with Bitcoin leading the charge and touching $9500 by the end of the year. If the coin does indeed do so, it would prove to be an incredible 84% surge over the current price of Bitcoin.
Despite the very optimistic price projection for Bitcoin, Ritchie was conservative when it came to the general future of the cryptocurrency market over the year. He predicted a ‘safe and steady’ 2019 while also suggesting that the market may not see a lot of institutional investors in the market just yet. Further, while implying that he did not believe that the cryptocurrency market was immune to external shocks, he also did not discount the effect traditional markets may have on the already volatile cryptocurrency market.
The panel of experts was constituted after it was found that over 6% of all Australians have presently invested in the cryptocurrency market, with Bitcoin being most popular among them.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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