Bitcoin and cryptocurrency markets have been extremely bearish over the past six weeks straight, and many investors are waiting for the light at the end of the tunnel. Last year around this time we reported on a variety of cryptocurrency dignitaries, pundits, and bigwigs and they revealed to us that their outlook for 2017 was exceedingly bullish. Now even after the long run of recent bitcoin market dips many blockchain industry luminaries and outside investors are still remarkably optimistic about cryptocurrency markets in 2018.
The ‘Wolf of Wall Street’ Thinks BTC/USD Markets Will Top $50K But Then Crash
Ever since December 16, 2017, cryptocurrency markets have been on a downward spiral that seems never-ending. BTC/USD markets reached an all-time high globally touching $19,600 per coin and have since dropped to $7,200 six weeks later. Many traders are calling out different “bottoms” as some think the storm is almost over and others believe the price of bitcoin may drop even further. However with all the ‘doom and gloom’ charts and different ‘bottom calls,’ many cryptocurrency investors and industry executives believe 2018 will be just as phenomenal for bitcoin as it was last year.
On January 31 the infamous “Wolf of Wall Street,” Jordan Belfort explained during a recent interview with the entrepreneur Patrick Bet-David that he doesn’t believe BTC is a scam. But he does believe Wall Street investors can easily manipulate the decentralized currency’s markets. Belfort thinks bitcoin will top last year’s all-time high, and explains to Patrick Bet-David that the cryptocurrency will likely top $50,000 before dropping significantly in value.
Fundstrat’s Tom Lee: ‘Crypto Remains Intact’
Three days ago the investment firm Fundstrat’s Tom Lee published a report that details even with the current bearish sentiment he is still bullish on bitcoin. Lee believes BTC/USD markets will reach $20K by mid-year and $25,000 by the end of 2018.
“It has been a terrible few weeks, but the fundamental positive story for crypto remains intact,” the head of research at Fundstrat Global Advisors stated.
Past sell-offs were followed by rallies of ~150% within 84 days,” Lee said. “In other words, we think the risk/reward at these levels warrants adding here, even if there is additional downside.
Nine Executives and Investors Predict Cryptocurrency Prices by the End of 2018
This week the survey and decision helper website Finder.com surveyed nine well-known fintech investors to see their cryptocurrency predictions for 2018. Cryptocurrencies included in the study include bitcoin core (BTC), bitcoin cash (BCH), Cardano (ADA), Ethereum (ETH), and nine other popular digital currencies. Survey participants in the research include Clayton Daniel of Fintech Founder, Michael Dunworth CEO and co-founder of Wyre Inc, Joseph Raczynski from Reuters, and more well-known executives.
According to the survey, the participant’s cryptocurrency average price predictions (USD) place bitcoin core (BTC) at $14,928 by March 1, 2018. By the year’s end, the nine candidates say BTC/USD markets will top $43,472. Contributors also believe that bitcoin cash (BCH) will be $2,167 by March 1, and $3,083 at the end of 2018. The survey taken in February shows panelists believe Cardano (ADA) will have the most prosperous price climb this year (+1,669.52%) reaching $10.63. Further, each participant commented on each prediction and why they believe cryptocurrency markets will reach these levels.
“I think [BTC] will show promise from scaling solutions, and ETFs platforms integrating the buying/selling component will provide broader reach for market adoption,” explains Michael Dunworth the CEO of Wyre.
‘We’re Really Still at the Beginning Stages’
Jen Greyson, the founder of the Neureal Network who was named one of the top eight women in crypto this past year by Chipin says cryptocurrency adoption is just getting started.
“As adoption in the space continues, we’ll see a rise in bitcoin along with other altcoins — The usability of this new asset class continues to be a hurdle,” says Jen Greyson, CEO of the Neureal Network.
As we find more opportunities to use crypto to pay for burgers and rent, we’ll see a continual uptick in the values across the board — We’re really still at the beginning stages.
Above all the mainstream media headlines predicting bitcoin’s price will continue downwards towards zero, there’s still many individuals who believe bitcoin and many other cryptocurrencies will continue their triumphant runs in 2018. Most of the time, unless there’s some market phenomenon the old saying ‘what comes up, must go down’ is usually correct. But at the same time, it is typically true for when markets hit a ‘bottom’ — Usually, the market is bound to go up.
What do you think about these luminaries, pundits, and executives crypto-predictions? Let us know in the comments below.
Images via Shutterstock, Jordan Belfort, Fundstrat, Finder.com, and Neureal.