What are the predictions for Bitcoin reaching year end of 2018?
Image source: pixabay - Didgeman
An article on Bloomberg - Mourdoukoutas speaks about his recently published Bitcoin price predictions together with his co-author, Greg Giordano.
Three forecasts have been made, using the Hayes' model, Wheatley model and market model.
The Hayes' model focuses on Bitcoin's supply. As the mining reward decreases inflation slows down and the mode expects Bitcoin to reach $12,619.15.
The Wheatley model focuses on Bitcoin's demand. As adoption rates of Bitcoin remains slow as of late, and seeing an increasingly stable market, the mode makes a conservative prediction at $816.91.
Lastly, the market model takes into account both of the previous models. The prediction stands at $8,573,56, which is very close to the current price range of $6000 - $6500.
Image source: pixabay - rootport
Several Bitcoin investment and analysts have stepped forward to give their predictions. They include: Raghav Reggie Jerath, Patrick E. Palacio, Abraham Merkin and Clement Thibault.
Raghav Reggie Jerath is the CEO of Gath3r Web Miner, who follows the predictions from the market model:
“Historically, Bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around 7500 - 8500 range for the remainder for the year,” says Jerath.
Source: Bloomberg - Mourdoukoutas
Patrick E. Palacio, CEO of LoyalCoin, makes a prediction for the next few weeks. He notes of a slight increase in Bitcoin prices in the range $7000 to $7500.
Bitcoin trader Abraham Merkin thinks that $6000 is rock bottom for Bitcoin. Neither Bitcoin may hit $8000 in 2018 nor it will hit $7300 before Christmas.
Clement Thibault, Senior Analyst at global financial platform Investing.com, also believes in Bitcoin staying close to $6000.
While making these predictions might seem like futile efforts to some, technical analysts are not giving up on forecasting the price trends. Rachel Lee, technical analyst for EWN, noted of a positive recovery in November, and the correction could allow Bitcoin to gain a bullish momentum reaching $7000. Source: EWN - Lee.
Annyush Jindal of NewsBTC believes otherwise, noting that Bitcoin reached resistance at $6350, and while prices traded at $6475 there will be a correction in the downward direction. Source: newsBTC - Jindal.
Image source: pixabay - Couleur
Lastly I would also present to you Bitcoin forecasts from two websites: longforecast.com and 30rates.com.
Longforecast.com maintains a low volatility price change during November and December 2018. Hence prices are predicted to hover around $6253 to $6361. Source: longforecast.com.
30rates.com shows a slight increase of 2.3% to hit $6277 in Dec, maintaining a a prediction ranging from $6270 to $7215 for Dec 2018. Source: 30rates.com.
Right now it might be too confusing to see who is making the best prediction, but using the consensus we can summarize them below based on the current price of $6432:
| Predictor | Price | Trend |
|---|---|---|
| Hayes | $12,619.15 | UP |
| Wheatley | $816.91 | DOWN |
| Market | $8,573,56 | UP |
| Raghav Reggie Jerath | $7500-$8500 | UP |
| Patrick E. Palacio | $7000-$7500 | UP |
| Abraham Merkin | $6000-$7000 | = |
| Clement Thibault | $6000 | DOWN |
| Rachel Lee | $7000 | UP |
| Annyush Jindal | $6250-$6400 | DOWN |
| Longforecast.com | $6253-$6361 | DOWN |
| 30rates.com | $6270-$7215 | UP |
Total: 6 UP, 4 DOWN, 1 =
What's your take?
Nice article but can you also write an article outlining major developments in the industry which supports these bitcoin price forecasts. 2018 has been a big year for bitcoin with so many new developments. For example people all around the world can finally spend bitcoin now on physical goods with the Bitplaza app. Also Sony is entering the bitcoin space with a new crypto hardware wallet. And there has been many there exciting projects in the bitcoin community. It would make a very interesting article.
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Hi @baran-g, thank you for bringing to my attention about these developments! It is closing near to the end of 2018 and "real life" world needs wrapping up. I will try my best to read up about what you have mentioned and discuss about it soon.
-tysler
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