Cryptocurrencies or bitcoins are an unpredictable commodity whose price is quite volatile and moves both ways depending on market conditions.
Since the time Bitcoin has made its entry into the market, we have noticed how fast its market fluctuates. A person can never exactly predicts whether in the next second it would go up or down.
We can take the recent example of March 12th or black Thursday when suddenly the price of Bitcoin came down by $5,000 and that too before halving event. This sudden fall brought in chaos in the industry, no one believed that it would recover anytime soon, because of the ongoing COVID-19 pandemic. But gradually, Bitcoin managed.
Although the recent price of Bitcoin is not its best one, still after facing the crisis in March it is performing better in the market than any other traditional commodity.
We can take another example of the year 2018 when the fortune-tellers predicted that the Bitcoin market would follow the bullish trend but nothing like that happened, in fact, that year the value of world’s largest cryptocurrency was going down very fastly.
Hard To Predict Price Of Cryptocurrency
In reality, predicting anything is very difficult, no one knows what he/she gonna face in the next few seconds of their lives. Same is with cryptocurrencies, its prediction is very hard, though some of the predictions do come true.
The reason I say it is hard to predict its value is that its price is very volatile, in one second it can touch the sky and in the very next second can slump down. You can not even analyse what could be the exact reason for the surge or slump.
Whenever an individual plans to invest in cryptocurrency, despite focusing on prediction, it is better they do their own analysis.
I am saying so because there many well-known personalities who predicted the future of Bitcoin at some level which at the end did not even meet a bit of their prediction.
Some Absurd Bitcoin Price Prediction
The popular McAfee developer is one of the big names in the crypto industry also. He has been making some insane price prediction of Bitcoin for a long time.
In the year 2017, he predicted that by the end of the year 2020 the price of the Bitcoin would reach $500,000, and if that did not happen he committed to performing an unusual activity live on TV. By the time of November, when McAfee made his prediction the price, Bitcoin was performing better in the market. From January 2017 to September 2017, its market was going up. Starting the year from $900, it experienced a downtrend in March and then suddenly reached its all-time high price to 20,000.
However, by the end of the year 2017, its market value falls 30 percent. The fortune-tellers believed that in the year 2018, the Bitcoin price will recover in the market but that did not happen. In fact, in the first week of 2018, its value went down by 80 percent.
When entered in the year 2019, the price of the Bitcoin reached $3,717. During the second quarter of 2019, Bitcoin started recovering and as it reached quarter third, the price marked its place above $10,000. That was the time, McAfee again predicted the price of Bitcoin for the year 2020, and this time he staked the value to one million dollars. But we all are aware of the recent situation of Bitcoin. Although it is recovering, still, reaching one million dollars will be a great task.
Once McAfee said that he predicts price while analysing his own model, which no one is aware of.
The crypto researcher forecasted that in the year 2018, Bitcoin Bitcoin would surpass its own all-time high price in 2017, by reaching $25,000. But we all know 2018 was the time Bitcoin value dropped by 80 percent.
After seeing his prediction going wrong, Lee in an interview with Bloomberg stated that his days of forecasting crypto price is over. He further said, “We are tired of people asking us about target prices”.
But then in the year 2020, Lee thought that this year Bitcoin will reach $91,000. While going through its current value, it appears hard for Bitcoin to reach there.
Lee is the one such strategist who is widely cited in the market. He left JPMorgan after his prediction regarding Bitcoin in the year 2009 became true. But then luck does not work always.
Novogratz is a long-time fan of Bitcoin. In the year 2017, when the Bitcoin was doing quite well in the market, the CEO of Galaxy Digital predicted that as the year 2018 would end the crypto industry would see the of Bitcoin reaching $40,000. But as the year 2017, reached its end, the price of Bitcoin started falling. And in the year 2018, the Bitcoin was struggling in the market.
As the year 2019 was going to end, Novogratz forecasted the price of Bitcoin would reach an all-time high of $20,000. According to his theory, if the institutions would have shown the increasing interest in Bitcoin, the price surely would have touched the predicted amount.
Peters after noticing the Bitcoin’s performance from June 26, 2019, to another 14 days, predicted its price rise in the near future. His prediction was totally based on these 14 days pattern, where the Bitcoin started at $11,800 and reached $20,000.
He even though that as most investors and institutions have started investing in Bitcoin, so there will be a possibility Bitcoin market would experience a bull-run.
The host of CNBC’s crypto trader, in the year 2018, forecasted that as the year-end, Bitcoin would touch $50,000. But as November 2018, came and after noticing Bitcoin’s performance in the market he took back his words and tweeted that Bitcoin would not finish 2018, at $50,000.
By now, you must have understood that it is very hard to predict the value of Bitcoin. You can still do it and for that, the better way is to go through the real-worlds events, like Bitcoin’s future roadmap, improved technology and many more things.
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