Now that the market has calmed down a bit, analysts are rushing in to share their price forecasts. Despite the recent price drop, many prominent analysts give very optimistic crypto forecasts for the year’s end.
June saw a little over $1000 swiped from bitcoin’s value. This is completely natural when we take into consideration that bitcoin’s price, has countless drivers behind it. Recently, the price was impacted positively by the trade wars between China and the United States.
Currently, the price hasn’t reached even 50% of the all-time height from 2017. The optimistic crypto forecasts however, overwhelmingly state that there are no worries for a market turnaround.
Plenty of optimistic crypto forecasts to go around
Oliver Isaacs, a very prominent bitcoin analyst shared his thoughts on the near-future of bitcoin:
“There is no doubt in my mind that bitcoin has the potential to reach $25K by the end of year. The trade wars between China and the United States, are definitely not the only reason bitcoin interest is rising.”
The countless optimistic forecasts could also be due to the fact that bitcoin is now viewed as a safe haven. Isaacs stated:
“Investors trust bitcoin. The market is finally being protected by regulatory oversight and many investors are beginning to understand how valuable bitcoin truly is. Just look at how many companies are beginning to adopt cryptocurrencies: Microsoft, Amazon, Starbucks and countless others, and this is only the beginning.”
One of the most optimistic forecasts, belongs to Tim Draper. He became known for saying that Bitcoin would hit $250K by 2023. Earlier this year, he doubled down on the statement and told Fox Business:
“I believe that in 4 to 5 years, bitcoin will have a 5% market share of the global market.”
Many people would say that Draper’s optimistic crypto forecasts are taking things a step too far. Draper’s crypto adoption hopes are definitely rushed. He once said:
“When you go to Starbucks to buy coffee and you try to pay with USD, people would laugh at you. Think of an old lady trying to pay with pennies.”
The bitcoin whales out there, would be very pleased if Draper’s predictions turn out to be true in the time window he gives. If not, hodling seems to be the name of the game.
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