Cryptocurrencies did not start the year of a Dog on a right foot - the market capitalization has fallen by a lot. Now, the majority of investors are wondering about the future moves of digital currencies, especially the price movements of Bitcoin. Here, we discuss the 2018 Bitcoin Price Outlook from the industry experts.
8 February, AtoZForex – After the cryptocurrency market has experienced several of quite volatile days, industry experts have shared their outlook for 2018. In fact, despite some negativity in press with Bitcoin dropping below $7000, experts appeared positive. They stated that the total market capitalization of cryptocurrency market has the potential to reach $1 trillion. In addition, their forecast for the end of the year’s Bitcoin price stood at $50,000.
2018 Bitcoin Price Outlook: Experts Predict $50,000
The CEO at Outlier Ventures, Jamie Burke has stated the cryptocurrency bull run will be followed by settling down of the market. He has explained:
"We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”
The head of APAC business at Gatecoin, Thomas Glucksmann, believes that the regulation along with the introduction of institutional capital will push the cryptocurrency prices higher. He also mentioned the technological advances as one of the key factors in improving crypto prices. He has stated:
"There is no reason why we couldn't see bitcoin pushing $50,000 by December."
Regulators are the drivers?
When back in April 2017 Bitcoin has reached $1,300, Mr. Gluksmann saw a connection between the price jump and the start of the US Securities and Exchange Commission’s (SEC) Winklevoss twins Bitcoin ETF proposal review.
As we reported yesterday, the SEC and CFTC hearings have taken place earlier this week. The regulatory meeting has helped to push the prices of cryptocurrency market up.
Gluksmann also notes that a possible factor for market growth could be the release of a cryptocrrency-based ETF. He explained:
"One possible appetizer for the bulls, or the catalyst for the recovery, will be the release of another cryptocurrency backed instrument listed on a major exchange. There are several candidates in the pipeline, it's only a matter of time until we have a cryptocurrency backed ETF (exchange-traded fund)."
Pat attention to IOTA, NEO, Ethereum
The CEO of Hercules Tech Mick Sherman has added that investors should pay attention to the utility tokens, such as NEO, IOTA, and Ethereum in the next months. He has shared:
"Utility tokens and assets with a working platform and a clear-cut reason for requiring both a blockchain and their own token, are more likely to appreciate in value this year. Some of these cryptoassets will not be used for years, meaning they have no utility value.”
Another crypto industry insider, Ran Neuner, has also reiterated his prediction about Bitcoin hitting $50,000 at the end of 2018.
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