$250,000 by early 2023. Or $300,000 within five years.” data-reactid=”19″Based on a slew of recent predictions, bitcoin prices could more than double this year to $20,000. Or go to $250,000 by early 2023. Or $300,000 within five years.
What’s confounding cryptocurrency traders now is the wide gap between such lofty forecasts and the banal reality: Since late April, bitcoin has traded in a range between roughly $8,500 and $10,200.
Thursday’s market action was no different, with prices rising 1.3% to about $9,800. The highest in two days. Not much to get excited about.
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Twitter and elsewhere, emerged this week when analysts at Bloomberg predicted, based largely on an analysis of historical trading patterns, that bitcoin prices would approach $20,000 later this year. ” data-reactid=”23″The newest forecast attracting chatter, on Twitter and elsewhere, emerged this week when analysts at Bloomberg predicted, based largely on an analysis of historical trading patterns, that bitcoin prices would approach $20,000 later this year.
A jump to that level would bring bitcoin back to its December 2017 all-time-high of $20,089. Clearing the threshold would represent a remarkable comeback for bitcoin, and it would reset many of the conversations around the market. Imagine the daily breathless headlines – in both cryptocurrency- and Wall Street-focused media – as the 11-year-old digital asset charted new price records.
A glance at bitcoin’s price chart since early 2017 shows how far off bitcoin remains from that $20,000 threshold. But it also shows how rapidly the price ran up in 2017. In the volatile bitcoin market, it’s hard to rule anything out.
First Mover: Bloomberg’s Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible” data-reactid=”26″Related: First Mover: Bloomberg’s Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible
Greg Cipolaro, co-founder of the cryptocurrency analysis firm Digital Asset Research, says “predicting prices for bitcoin has been notoriously difficult.”
“It’s a highly volatile asset with not a lot of understanding of valuation and pricing frameworks,” Cipolaro said in a phone interview. “People kind of throw darts at a dart board. Sometimes they’ve been…