Bitcoin might have had its bad side in the year from the splits. The infighting of this led to the formation of Bitcoin Cash to blockage by China government to limitations on its network and to competition from other cryptocurrencies, but it has been adamant to maintain an upward trend in price, recording the highest gain in price ever since formation.
In the year 2016, Bitcoin managed a high of $964 in December, the first time it was above $800. It returned to above $1000 in January 2018 and has never looked back. On 19th November, the cryptocurrency passed $8,034 for the first time in history. Now in November 2017, it surged above 700 percent this year.
FundStrat Global Advisor co-founder Tom Lee last month put the forecast at between $20,000 and $55,000 by 2022. The company estimated the price using Metcalfe’s law of valuing social networks. According to this law, the value of a network is the square number of its users. Because the digital age will consider personal information as their gold, and it will be a digital gold according to Lee.
Since Bitcoin provides an unprecedented level of security, he reasoned out that given the gold market value of 9 trillion, Bitcoin could rise very high because it will be a store of value for the digital age and the digital generation.
It is easy to understand why the price of Bitcoin is not reaching its peak before 2020: an effect of price reduction as a result of encroaching of other cryptocurrencies into its scenes is not likely to be felt to a larger extent until in 2019 or 2020.
But those forecasts are rather more cautious and bit on the lower end. If Bitcoin reaches $10,000 by end of January, it could close 2018 by more than $20,000, meaning it will reach $25,000 well before the end of 2019.
Bitcoin value was less than $2 in 2011. It took 6 years to rise to $8,000, an increase of 4000 percent or about 670 percent each year on average. If the average trend assumes, the price could soar far beyond the said $25,000 in the next six years. Of course, several factors will come to play to cut down that average growth.
The Economy Forecast Agency this month put its forecast for Bitcoin price at $12,018 by end of 2017. Since it is expected the cryptocurrency could be worth more than 14,967 by end of March. That would put the growth to about 187 percent in total from today’s price of $8,000.
Economy Forecast put the price at $10,360 before the close of this month, with the monthly average hitting $8,337. According to them, the coin will rise to a maximum of $12,859 in December, hit an average of $11,399 and close at $12,018.
So, the coin will start next year with a good standing.
According to the Agency, Bitcoin price will soar to $22,243 by close of Q2 or second quarter of 2018. This would represent an increase of 244.8% since the beginning of this month when the cryptocurrency traded at $6,451.
The third quarter will also be a good time for Bitcoin, expecting to rise to $27,228 by end of September. The coin is expected to reach above $33,137 before the close of next year.
The estimates are quite aggressive but considering the coin has moved from $1000 to $8000 so far. As they couldn’t be far from the actual price if everything holds together for the cryptocurrency.
In fact, according to the agency, the coin could soar to well above $60,000 by end of 2019 before reaching $74,095 in mid-2020. Hence, its all-time peak of $79,361 in September same year, before starting to fall again.