$100,000 Long term Bitcoin price forecast: does this sound like a dream to you? While some ask about when will bitcoin crash and wonder about Bitcoin price forecast, some analysts are very optimistic.
1 June, AtoZForex – The price of Bitcoin is set to hit $100,000 in 2027, according to the cryptocurrency expert, who has correctly predicted digital currency’s surge this year. This would account for the 3,483 percent rise from the recent record in Bitcoin price.
Back in December 2016, “Outrageous Predictions” annual forecast report included the Bitcoin price forecast, which stated that the digital currency will surge to $2,000 in 2017. Back then, the Bitcoin value was standing at $754, so the forecast implied the currency to surge by 165 percent. What did we witness this May?
Right, Bitcoin hit $2,000 on the 20th of May. However, now the analyst behind the forecast, Kay Van-Petersen, believes that the cryptocurrency has much bigger potential.
Long term Bitcoin price forecast
Mr. Van-Petersen believes that all cryptocurrencies will account for the 10 percent of the average daily volumes (ADV) of the fiat currency trade in 10 years. Forex ADV stands at slightly above $5 trillion, according to the data from the Bank for International Settlements.
If we take 10 percent from the $5 trillion, $500 billion, this would reflect the total ADV that cryptocurrencies could have. Bitcoin will stand at 35 percent of the market, which accounts for $175 billion, according to Mr. Van-Petersen. This implies that every day, $175 billion worth of Bitcoin would be traded on the market.
Moreover, Mr. Van-Petersen states that Bitcoin’s market capitalization would be ten times bigger than the ADV. This gives us a figure of $1.75 trillion from the market cap. As of now, this figure stands at $37.8 billion, according to data from CoinDesk.
Following on this, Bitcoin has a restricted supply of 21 million. Mr. Van-Petersen expects the market to reach this number by 2140. As per expert’s predictions, 10 years from now, there will be 17 million Bitcoin in circulation, up from 16.3 million current figure.
If we divide the potential 17 million of Bitcoin in supply by the $1.75 trillion market capitalization forecast. Thus, each Bitcoin would be worth over $100,000.
AtoZForex 2017 Bitcoin price forecast
Earlier in May, AtoZForex presented the 2017 Bitcoin price forecast of Yagub Rahimov also. Based on Yagub Rahimov’s technical and fundamental based outlook 2017 Bitcoin price forecast has more room on the bullish side. He expects Bitcoin prices to find resistance at $2847 and $3250 levels respectively.
Cryptocurrency is the future
Meanwhile, Mr. Van-Petersen in his surprize $100,000 Bitcoin price forecast shared his rough calculation. According to him, Bitcoin growth potential is quite big. Taking into consideration the Bitcoin surge in 2013, when the currency grew over 5,000 percent, anything is possible.
In addition, Mr. Van-Petersen believes that cryptocurrencies, in general, will be staying in the market for the long run. He has stated:
“This is not a fad, cryptocurrencies are here to stay. There will emerge two to three main ones. Bitcoin will be one of those.”
He believes that Bitcoin has the advantage of being a first mover on the market. The scale of the cryptocurrency and pioneering are also significant impact factors. On the other hand, let’s not ignore the fat finger in the cryptocurrencies these days. Many hedge funds are putting more and more pressure in the market. Indeed, in a market where the supply is limited, surged demand will always hike the prices, economics 101. Among the best cyrptocurrencies of 2017 Ripple and Ethereum are the best examples of this supply & demand curve.
Do you think this $100,000 Long term Bitcoin price forecast is correct? What is your 2017 Bitcoin Price Forecast? Share your opinion with us.