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Forecasting or estimating the price of any asset is a tricky thing. Estimating the price of wildly fluctuating Bitcoin, which is much more than just some financial instrument, is nearing almost magic.
CoinTelegraph have asked experts for their opinion on the price of Bitcoin as of 12/31/2016 and what could drive the market next year.
Bitcoin, Price, Blockchain, Forecasting, speculation, investing, mining, supply
Forecasting the price of any asset is a tricky thing. Estimating the price of wildly fluctuating Bitcoin, which is much more than just some financial instrument, is nearing almost magic. One day it can shoot up by 10% just to see it fall 5% following day. Is this volatility a reason for disinterest in the future price direction and levels?
CoinTelegraph.com doesn't think so and have asked experts for their opinion with two questions:
Some experts didn't want to comment at all; the most courageous ones put their heads under the guillotine and provided exact price levels. We will see in one year who is in the money or out. Let's not forget, it's just a speculation game, you are strongly advised not to make your investment or trading decisions based solely on these statements. You know the saying “talk is cheap”...
Erik Voorhees, CEO Shapeshift:
“$1,800. Mining supply cut in half, continued growth and use of the platform, financial institutions realizing Bitcoin is the Blockchain, and more people discovering they can save 20% at Starbucks with FoldApp.”
Bobby Lee, CEO BTCC:
“My estimate is around $2,000. The biggest driver behind price increases will be increased global awareness of Bitcoin. Today, the price of Bitcoin is $1 per capita. My price target for the next year is $5 per capita, which is around $2,000 per Bitcoin. For comparison, the price of gold is at $1,000 per capita.”
Jeff Berwick, chief editor of The Dollar Vigilante:
“$1,799. Biggest drivers: bank, currency and economic collapse.”
Tuur Demeester, chief editor of Adamant Research:
“I think it'll be higher than today but I don't want to pin myself down on a number.”
Andreas Antonopoulos, Bitcoin expert, speaker, entrepreneur:
“I don't do price speculation. It's astrology for markets and I think it is irresponsible for media companies to do this.”
Simon Dixon, CEO BnkToTheFuture and Fund Manager Bitcoin Capital:
“I am forecasting a bull market in 2016 with the largest factor being too much attention to the Blockchain and not enough credit to Bitcoin. Investors will start to realise that the banks favourite buzzword - Blockchain, is far less interesting and valuable than the only Blockchain working at scale - Bitcoin. This should produce a new flow of investors as banks promote Blockchains, introducing new investors to this concept, but eventually investors will realise Bitcoin is more valuable as a global way to transfer value from A to B without needing a bank, bringing new buy pressure to the market and institutional volume. Looking at the all time chart, if the bull market takes us past $600 I see no reason why we should not see new highs breaking through the $1,200 level, but this time sustained support at the new high for several months at the end of 2016 with significantly higher volume."
Vishal Gupta, CEO SearchTrade:
“Next year post halving I expect 5x price rise, so we could see Bitcoin between $1,500 to $2,000 range by the end of 2016. Mining rewards halving had 8x impact on price last time around in 2012.”
Ivan Tello, a technical analyst specializing in Elliott Wave at Ruartereports.com:
“After completing the bearish wave the next target is $600. Elliott waves are not focused on time estimation, but if I have to share my opinion that five waves look very euphoric. I think it might hit 600 $ in less than 3 months. Then there will come a sharp correction and the price can fall down back to $350. 2016 will be the best year for Bitcoin. The price should test and finally break the historical maximum of $1,200, but I can't say it's going to be in December 2016.”
Michael Sonnenshein, director of Sales and Business Development at Grayscale Invest:
“I don't have a specific price to mention, however, I do believe that increased adoption and usage of Bitcoin for various applications will drive buy-side demand in the coming year, which could be accretive to the price. Additionally, I believe increased institutional interest and involvement in the space will continue to drive awareness, adoption, and usage.”
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