Bitcoin price (BTC) has lost more than 60% of its value since hitting the all-time high in December; BTC price traded in the range of $6,000 to $12,000 over the last two months. However, the market pundits don’t see a downside in bitcoin price volatility in the long-term. They expect BTC price to move higher once regulators settle on laws for crypto markets.
LDJ Capital, David Drake forecasts a strong upside in bitcoin price by the end of this year.
“I’d say this year is a cryptocurrency Wall Street time and … we think cryptocurrency on the bitcoin will be worth $30,000 at the year end—it is limited,” David Drake said[1].
Based on technical and fundamental factors Tom Lee, Co-founder and Fundstat strategist, said that BTC is likely to hit $25,000 by the end of 2018.[2]
Furthermore, Tom Lee believes the dip in bitcoin price as the best buying opportunity for investors. “We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level. We view this $9,000 as the biggest buying opportunity in 2018.”
Regulators Are Retreating From Stiff Stance
Global regulators are now reconsidering their firm stance on cryptocurrencies. Mark Carney – who had previously criticized bitcoin and other digital currencies, now says that cryptocurrency mania isn’t posing any threat to the global financial system. The South Korean authorities have also been taking steps to improve the trading system for virtual currencies, contrary to the earlier stance of imposing the complete ban. [3]
U.S. SEC wants to streamline crypto markets. They have directed crypto exchanges to get a registration certificate, while some officials have suggested imposing stock market rules to crypto markets to take out illegal practices.[4]
Influential Supporters Of Bitcoin
Twitter and Square CEO Jack Dorsey spoke loudly in favor of bitcoin despite controversies over advertisement bans. Indeed, Dorsey had predicted that bitcoin could have the potential to overtake the strength of the dollar in the days to come, particularly in online markets.
“The world ultimately will have a single currency; the internet will have a single currency. I personally believe that it will be bitcoin,” he said. “This would happen over the next decade, but it could go faster.”
So if David Drake believes in the coins growth, and Jack Dorsey predicts it to be the worlds single currency, where do you stand on Bitcoin? Are they right – should we be buying in now? Or running for the hills? Comment below.
Featured Image: Depositphotos/© SectoR_2010
