Yes, you read well. Bitcoin could reach $1,000 this year after losing 90% of its value, according to Peter Boockvar, Chief Investment Officer at Bleakley Advisory Group. Bitcoin (BTC) could be playing an important role for a long time only if its price drops significantly.
During the last year, Bitcoin moved from $960 up to $20,000 dollars. Now, it is being traded around $11,300 dollars.
Can Bitcoin Hit $1,000?
The last time that Bitcoin touched $1,000 dollars it was on March the 27th 2017, almost one year ago. It will be difficult for Bitcoin to reach again this level. In order for this to happen, Bitcoin should lose 90% of its value, something highly unpredictable. Bitcoin lost almost 90% of its value when MtGox was hacked, in 2014.
MtGox was the biggest cryptocurrency exchange at that moment. Today, the exchanges are more regulated and they have implemented different security measures. Even if one important exchange is hacked, the cryptocurrency would not lose 90% of it price.
Mr Boockvar commented:
“When something goes parabolic like this has, it typically ends up to where that parabola began. I wouldn’t be surprised if over the next year it’s down to $1,000 to $3,000. You have to wonder if we never heard of quantitative easing, would there have been cryptocurrencies?”
Boockvar has also been asked about what would happen in case the cryptocurrency market would crash. According to him, if there is an important impact on the markets, this would be psychological. Bitcoin is ‘not something that really is that relevant in a 19 trillion-dollar economy.’
But this is not the only prediction that Bitcoin has had. Other experts have been predicting different Bitcoin prices. For example, Tom Lee, an old Bitcoin price predictor, has set a price target of $25,000 by the end of 2018. CNBC’s Jim Cramer, said that Bitcoin would reach $100,000 by mid 2018.
On January the 16th, the cryptocurrency market suffered important loses that were related to FUD. Several times, South Korea has been used in order to spread fear in the markets. This time it was related to a possible cryptocurrency trading ban in the Asian country. As we discussed at CoinStaker, that’s highly unlikely to happen.
South Korea is one of the most important countries in the cryptocurrency world. It moves a huge amount of money. The South Korean won is the third currency in the world in volume involved in the cryptocurrency market. Only the United States Dollar and the Japanese Yen are first than the Korean won. The Euro is the fourth currency according to the volume moved in the market.
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