CRYPTOCURRENCY experts predict Bitcoin will double in value by the end of the year despite recent price stagnation.
Though the world’s No 1 cryptocurrency has fallen from more than $19,000 in December, to today’s value of around $7,700, it is still worth more than double its value from this time last year.
In June 2017, Bitcoin was valued at $2850.
“I believe bitcoin’s price will continue to fluctuate between $6,500 and $8,500 in the coming weeks,” David Hanson, a blockchain expert and CEO of the gaming platform Ultra has predicted.
“In the medium-to-long term, bitcoin’s value should go up, as big institutions enter the crypto space in a bid to gain first-mover advantage, further legitimising the market.”
His view that institutional investors remain poised to get in on BTC is shared by others who believe Bitcoin will break $10,000 in the coming months.
“As the regulatory landscape clears up we can expect far more investors, including big ticket institutions, to make their first cryptocurrency investments,” Iqbal Gandham, the UK managing director of the investment platform eToro, told The Independent newspaper.
“For the first few months of this year, the crypto industry has been jogging along at a relatively slow pace, waiting for the opportunity to stretch into a sprint. This may just be that moment.”
Celebrated investor Tim Draper said bitcoin could hit $250,000 by 2022.
Self-proclaimed “bitcoin evangelist” Alistair Milne said he believed bitcoin would reach between $35,000 and $60,000 by the end of next year.
Recently, TenX co-founder Julian Hosp told The Cryptograph he expected Bitcoin to reach $500,000 in the near future.
In January, a panel of cryptocurrency experts compiled by price comparison site Finder forecast that bitcoin would hit $33,000 by the end of this year.
A new prediction released this week revised that figure to less than half that initial outlook at just $14,638.
That would constitute a 100 per cent gain on bitcoin’s current price.