There is simply no getting away from Bitcoin in 2018. Even after the roller-coaster that was 2017 which saw BTC rise in value from less than a thousand dollars to almost $20,000, there is speculation that Bitcoin could finish 2018 as much as ten times its current value. All hyperbole aside, we at CryptoTraderPros.com believe that Bitcoin will again finish the year strongly, and investors who once again shun BTC don’t like making money!
Bitcoin (BTC) is the oldest, most famous (some might say infamous), most popular and most expensive cryptocurrency of them all. Bitcoin first appeared almost a decade ago, in 2009, the physical manifestation of the genius that was the individual or group called Satoshi Nakamoto, who introduced the world to both cryptocurrency and blockchain technology.
Back then, one Bitcoin would have cost only a few cents. However, within a few short years, the public’s increasing fascination with cryptocurrency – Bitcoin in particular – and all it represented including anonymity and nonconformism has kept it in the news and escalated the demand for BTC, so much so that it was valued at $20,000 per coin only a few months ago.
High as that price was, it may well be rendered obsolete by another spectacular market surge which most crypto experts expect to take place at some point in 2018. The more optimistic of those crypto experts believe that Bitcoin could finish 2018 as high as high as $100,000, or more than ten times its current value. Could that realistically happen, and if no, why not?
Will BTC’s Performance Improve On 2017?
As we enter the month of May, Bitcoin’s value seems a cert to hit the $10,000 mark any day now, which while impressive, is still only half of the value it reached in November 2017, which was just shy of $20,000. Of course, what made that figure all the more remarkable was that in January 2017, BTC’s value was around $900, so within less than one year, Bitcoin’s value had increased by 2,000%. No matter how well it does in 2018, Bitcoin is unlikely to top that kind of performance mathematically. However, numerically there is every possibility that BTC will improve on last November’s price, and by a significant margin.
BTC began 2018 at just over $15,000, and by early April had dipped to lower than $7,000, before its current turnaround. Before reading too much into a dip like that, we need to remind ourselves that we are still living in the first decade of cryptocurrency, and the crypto market is still finding its feet, which is why there is such crazy fluctuations in the evaluation markets, even from day-to-day.
Therefore, in theory we could see a scenario where Bitcoin meanders along before finally leveling off at the end of the year at a similar price which it finished at in 2017, i.e. around the $20,000 mark. That said, all the indicators are that that won’t be the case, and Bitcoin’s value can only increase.
Here are three reasons why Bitcoin’s price will increase in 2018:
- Bitcoin has started out at a much higher value than it did in 2017, and has maintained that advantage throughout the year thus far. At no point in 2018 was Bitcoin worth more exactly twelve months earlier. Using that argument, that factor will remain for the rest of the year.
- Secondly, there is much more interest in BTC now, both from a practical and an investment perspective, and with every passing month that increases.
- Cryptocurrency in general and Bitcoin in particular have gained and increased level of respectability over the past twelve months, which makes investing in them far more appealing to the average person. Cryptocurrency was once viewed solely as a tool for criminals looking to wheel and deal on the “Dark Web”, but now is seen as the latest technological innovation, much as the internet was.
Where Will Bitcoin Finish In 2018
As previously mentioned, in terms of investability, Bitcoin smashed all opposition aside in 2017 with its 2,000% value increase. Unforgettable as that was, some experts are expecting something similarly spectacular this year. Dave Chapman, Managing Director of Hong Kong-based cryptocurrency traders Octagon Strategy says:
“I would not be surprised to see a six-digit headline.”
That would mean BTC hitting a value of at least $100,000. Dmitry Zhulin co-founder of INS Ecosystem had a more conservative estimation:
“Bitcoin is expected to further rise to approximately $30,000-$40,000 in 2018, based on its convenience and further adoption as a means of payment and capital preservation.”
At the start of May 2017, Bitcoin’s price was $1,417. At the start of May 2018, BTC’s value is around the $10,000, seven times what it was. If we use that a starting point, and then expect a similar – but 50% reduced due to increased familiarity – late surge to the year as was experienced in 2017, we could be looking at a peak value for Bitcoin of around $70,000, with a slight end-of-year dip reducing BTC’s value coming into January 1 2019 to $55,000.
$55,000 would still be a hefty 275% increase on last year’s peak value, and keep Bitcoin on its upward trajectory, which it is likely to continue on for a few more years yet.