Bitcoin was simply trading below $6,000 in June. It was able to recover and is now above $8,000. On July 31, the price fell by 4{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} momentarily and dropped to $7,800 only to recover shortly after. There are investors such as Peter Brandt who thinks that a mid-term price surge is expected on Bitcoin as it could potentially reach $9,400. This is because of the fact that Bitcoin has tested $10,000 twice in the last three months already. And therefore, Brandt concludes that a mid $9,000 price for Bitcoin is a possible scenario for the cryptocurrency.
Can Bitcoin surpass its all-time high? If you will be asking the likes of Jeet Singh who is a cryptocurrency portfolio manager, he believes that the current volatility is normal. He also mentioned that there is the possibility that cryptos could fluctuate by 70{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff} to 80{4ede17fdd9b4ce8121d01fc4b54913fe84f8215aace504cc657695cefb5329ff}. And for this reason, Singh isn’t worried about the current price of Bitcoin and other cryptos.
He also compared cryptocurrencies to companies such as Apple and Microsoft. Initially, stocks of these companies were actually volatile. However, as the companies developed their business model, the stocks became more stable and went up.
Singh suggests that long-term investors don’t have anything to worry about. He even sees Bitcoin reach as high as $50,000 this year.
He isn’t the only one that has this type of prediction on Bitcoin. Tom Lee mentioned that he sees Bitcoin reach $22,000. He mentioned that regulatory clarity is needed in order to drive the price up.
The US Securities and Exchange Commission considered Bitcoin and Ethereum not as securities. And though the rest of the other cryptocurrencies are still in a limbo along with other ICOs, this is a good start.
One of the reasons for the bullish crypto price recently is due to the anticipation of having Bitcoin-related ETFs. Unfortunately, the application submitted by the Winklevoss twins was rejected for the second time around. The agency cited concerns regarding price manipulation. Though you have the likes of Hester Peirce in the SEC who favored cryptocurrencies, it seems that the agency as a whole is still concerned how it is going to handle cryptos.
Another factor that could affect the price of cryptocurrencies is the participation of institutional investors. Institutional investors could bring a serious amount of capital to the market that could easily surpass the all-time high reached by Bitcoin late last year.
In fact, Nasdaq is quite serious about legitimizing the industry at this point. It even had a meeting recently with some cryptocurrency exchanges. At this rate, Nasdaq wants to see the changes and is even helping the likes of Gemini by providing its technology to crypto exchanges.
Are we going to see Bitcoin reach $50,000 as predicted by Jeet Singh? Or will it be Tom Lee’s $22,000 prediction? There are only a few months left in 2018 and it we will all see whether or not Bitcoin can actually perform this good. And also, it is important to watch out for the possibility of crypto-related ETFs getting approved.
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