Bitcoin Predictions, Consolidation and $7 Trillion Market Caps

While a website called Gotsatoshi.com is promising to deliver us the real Satoshi within days, Bitcoin continues on its upward trajectory. The price has risen by 100% this year with it’s bullish ascent to $8,200. At this rate, it could easily flirt with $10,000 this year. Many bitcoin bulls are doubling up and forecasting $20,000 by the end of the year.

Investors with a lot of money in bitcoin frequently appear on the CNBC circuit auguring the future of bitcoin. Their forecasts are are often wrong, and it’s clear that just because you have lots of bitcoin doesn’t mean you’re smart, nor can you predict the future. However, interestingly, many of the forecasts are converging.

Although price predictions still swing wildly from $10,000 to John McAfee’s $1 million by 2020, a convergence around $20,000 is a sign the digital coin is becoming more predictable. In 2019, Bitcoin has been growing at a monthly growth rate of 11.93 %. A growth rate of 18.2% is required to reach $20,000, or a compound annual growth rate of 500 %.

Here are the latest forecasts of some of the most influential Bitcoin prophets:

  • Thomas Lee — $14,000 in 2019

Thomas Lee of Fundstrat Global — the man who officially called the end to the crypto winter on CNBC at the end of April — has made a strong case for the ascendance of the price of Bitcoin in 2019. Among the strong underlying fundamentals, Lee cites a surge in blockchain transactions and a 27 % growth in Bitcoin wallet openings. In April, Fundstrat’s sentiment index, the Bitcoin Misery Index, hit a 2016 high of 87. Lee forecast Bitcoin in the $10,000–$20,000 range, before zooming in on a forecast of $14,000, in 2019.

  • John McAfee — $169,000 by the end of 2019

McAfee has been busy lately trying to out the real Satoshi, but he still finds time to promote his bold Bitcoin forecast. In July 2017, McAfee famously predicted the Bitcoin price would hit $1 million by 2021. This bold prediction implies a daily growth rate of 48 %. At a constant growth rate, Bitcoin would hit a price of $169,000 by the end of 2019.

  • Mike Novagratz — $10,000 by mid-year on its way to $20,000

Mike Novagratz, CEO of cryptocurrency investment firm Galaxy Digital, expects big adoption of Bitcoin this year. He expects Bitcoin to hit $10,000 by mid-year on its way to $20,000.

  • Tim Draper — $27,000 by the end of 2019

In April 2018 venture capitalist Tim Draper predicted Bitcoin would reach $250,000 by 2022, a snappy 20% daily growth rate. At the time of the forecast, this would have implied a price of $27,000 by the end of 2019. (He’s actually had a pretty good track record, and previously predicted that BTC would get to 10k by 2017, which it did).

  • CEO of BitMEX Arthur Hayes — $10,000 in 201

Hayes predicts a Bitcoin price of $10,000 in 2019, and tells Venture Coinist he expects a price rise to $50,000.

  • Gemini’s founders, the Winklevoss twins$50,000 at the end of 2019.

The Winklevoss twins (of Facebook fame) expect bitcoin’s market cap to hit $7 trillion. Given the 21 million bitcoins that can be mined, this would imply a price of $333,333. The twins threw out a forecast of $320,000, but for when? Others have forecast this number for 2022. To reach this goal would require a 177 % compound annual growth rate over four years. At the time of this forecast, Bitcoin was trading around $7,000. That would place the Bitcoin price around $50,000 at the end of 2019.

  • The CEO of Binance Changpeng Zhao — $300,000.

Zhao has recently forecast the same number, $300,000. The trigger for this price increase could be the four-year halving of Bitcoin supply, next scheduled for 2020. Zhao does not provide a date.

The Exchange Roundup…

With the exception of McAfee’s $1 million forecast, these forecasts from $14,000 to $27,000 are converging. This convergence is a sign Bitcoin is becoming a more stable, predictable digital coin.

Source: Crypto New Media

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