It is natural for experts to make predictions and people end up praising those whose predictions go right. But, if someone’s calculation misses the mark by huge amounts, they will definitely be detested. When it comes to crypto markets, they have been performing in a volatile manner. Crypto industry has become prone to variations and fluctuations. It has become a mammoth task for anyone to foresee what is likely to unravel in the time to come.
Two years ago, the cryptocurrency market registered a bull run like never seen before. During that period, major cryptocurrencies including Bitcoin managed to break all previous records and create a new one of sort. Bitcoin hit the $20,000 mark and no one anticipated this rise in the market. The price continued its rising spree and raised people’s expectations to a new high. People become millionaires overnight as a result of investment in Bitcoin and they were called Bitcoin Millionaire by mainstream media.
Amid the rising trend in Bitcoin prices, almost everyone had a new desire for purchasing Bitcoin for which a new term was coined as “Digital Gold.” Even Wall Street players began displaying a keen interest in Bitcoin. But, to everyone’s disappointment, the hype built around Bitcoin soon came to an end as the price of Bitcoin slumped soon. The headlines in leading newspapers soon changed from Bitcoin surging to Bitcoin crashing.
The prices of Bitcoin began falling at the beginning of the year 2018, but the hopes for yet another remarkable bull run did not die. A large number of investors were still highly hopeful and kept their fingers crossed in the hope that there would be a change of fortunes. The investors thought that things would change for the better by the end of 2018. But, investors’ hopes dashed and Bitcoin continued to remain low throughout the year. As 2018 was coming to an end, the Cryptocurrency ended the last day of the year with a value of $3,691.86.
Interestingly, 2019 kick-started with a moderate uptrend of Bitcoin when the coin traded at around $4,000. A strong bullish move started appearing by mid-2019 when Bitcoin reached $8,500 and then skyrocketed to $13,796 on June 26. As the bulls made their presence felt, the crypto community started making exceptional predictions, resulting in tremendous expectations from Bitcoin.
Sadly, the second half of the year started experiencing a moderate downtrend with Bitcoin falling to $9,000-$10,000. The downtrend continued further and Bitcoin ended the year at around $7,500, thereby proving all predictions wrong.
Let’s have a look at some interesting forecasts made throughout 2019.
German bank BayernLB: It is quite rare to witness bank speaking in favor of Bitcoin’s price rise. Germany’s state-owned bank BayernLB had forecast a massive rise for crypto. The bank said, “If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000.”
Mike Novogratz: CEO of Galaxy Digital, Mike Novogratz, had also made predictions regarding the price of Bitcoin. He had believed that the Bitcoin price would hit an all-time high level of $20,000 before 2019 comes to an end. The most important reason due to which Novogratz became hopeful about Bitcoin price prediction was the rise in anticipation of Facebook’s Libra and Telegram’s TON launch. But, both of them could not be launched. He also took cues from the surge of Bitcoin’s price from a mere $4000 to approximately $13,500 and hoped that if institutions display better interest again, Bitcoin’s price will jump to $20,000.
McAfee: While mentioning the various predictions that went haywire, John McAfee’s name cannot be ruled out. He had given an interview to Forbes earlier last year in September, where he was asked about his forecast of BTC hitting $500,000 level by the end of next year. McAfee raised his prediction and claimed that Bitcoin would hit the level of $1 million per coin.
Peter Schiff: The above predictions claimed that Bitcoin would scale a new high, but this one has come straight away from the cynic. Last year Bitcoin began falling from $9,700 to $8,000 in a matter of few hours. Renowned Bitcoin critic Peter Schiff believed that the decline in Bitcoin was just the beginning of the collapse. He said there is a high risk of a fast decline in Bitcoin that may come down to $4000 or lower than this level.
Therefore, we can conclude here that it will be interesting to see if Bitcoin will ever emerge as the cryptocurrency that everyone begins using. The possibilities of Bitcoin staying around for the long term appear to be higher this year.