Experts predict recent price surge is ‘just the beginning’
Following the sudden price surge for the cryptocurrency market in the last couple of days, experts predict more highs are due.
Bitcoin’s soaring value has led to a flurry of price predictions from analysts and experts.
Some pundits are now suggesting “crazy” gains for the leading cryptocurrency in 2018 and beyond.
Billionaire investor Tim Draper has spoken out with an ambition forecast for Bitcoin.
Mr. Draper, who earned his fortune through early investments in Twitter and Skype, says we can expect Bitcoin’s price to keep rising to $250,000.
Draper was able to correctly predict, in 2014, that Bitcoin price would rise from $300 to $10,000 by 2017.
Addressing a crowd outside Draper University in California, the investor relayed his prediction:
“I’m thinking $250,000 a bitcoin by 2022.
“Believe it, it’s going to happen.
“They’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome.
“$250,000 by 2022, you heard it here first, it’s going to happen.”
According to the Coin Thud live price charts, Bitcoin’s price is hovering around $8000, at the time of press.
The value is down from nearly $20,000 in late 2017, but up from February 6 lows of $6000.
The price is continuing to rise after a dramatic surge on 12 April.
In less than one hour, Bitcoin’s value suddenly jumped more than $1,000.
Other analysts also predict the positive price trajectory to continue.
Many leading experts have been anticipating a price hike in April that would trigger a bull run.
This phase would lead to optimistic investors driving up the value.
Speaking to The Independent, CEO of cryptocurrency investment platform Atlas Quantum, Rodrigo Marques says to expect record highs:
“Bitcoin deflationary characteristics are an indication that in the long run, the market is bullish.
“We believe the price could be set to go up and have the potential to reach December 2017 levels again.”
The CEO of fintech firm Smart Valor, Olga Feldmeier, says Bitcoin will hit $20,000 in less than eight months from now.
Ms. Feldmeier also predicts that the leading crypto will continue it’s rise to new record-breaking highs, saying:
“I believe that we will see a comeback to the height achieved at the end of 2017 this year.
“Over the next two years, I still predict we could see it reach a value of $100,000.”
Other key proponents in the crypto space also predict an even more optimistic future for Bitcoin.
In November 2017, cybersecurity legend John McAfee made headlines by stating that bitcoin would hit $1 million by 2020.
McAfee, the founder of the eponymous anti-virus company, who now works at MGT Capital Investments, has put his money where his mouth is.
So confident in his prediction for Bitcoin, that he vows he will “eat his d**k on national television” if he is wrong.
Mr. McAfee continues to stand by his statement, saying it’s a bet he “can’t possibly lose.”
Recent positive news surrounding cryptocurrency is also spurring the bullish predictions to flow.
A prominent Islamic scholar this week declared that Bitcoin is a legitimate currency and therefore considered halal under Sharia law.
This ruling could potentially open the market up to 1.6 billion Muslims around the world to drive investment and help sustain recent gains.