Bitcoin Prediction by Brian Kelly, CEO of BK Capital Management, outlined the drivers of the bitcoin price for the new quarter:
1️⃣ US tax season’s nearly over:
The previous year, bitcoin hits an all-time high of $ 19,000 and closes the deal in mid-December. The price which is believed to be 13 times of value than any other extreme height attained before. Going deep into statistics it was 450 percent higher in the time frame of past 12 months. As of now, it surely is a tough start for Bitcoin in Tax-related selling.
2️⃣ Coincheck deal in sight:
Coincheck failed to restore their customer’s trust. Monex Group is a trading firm. They specialize in alternative investments, brokerage, foreign exchange and insurance, certainly does not have any kind of exposure to crypto business.
3️⃣ Bitcoin Predictions keeping History in check
It has been this correction that’s been mainly responsible for an evolution in investor attitude. I believe that now the overwhelming majority of investors do not view cryptocurrencies as a way to make a fast buck, as perhaps previously many more might have done
Bitcoin Prediction for the next quarters of 2018:
I think Bitcoin would reach as high as $ 50,000 this year. If indeed that happens, the current price of Bitcoin being around just $ 10,000, that would be a fivefold increase once again.
It is still too uncertain for most of the investors to take a call. On the other hand, institutions are increasing their presence in the cryptocurrencies pace as well which is sure to benefit the cryptocurrencies space and would add value and credibility to the cryptocurrencies in the future as well. This is one of the main reasons why it is not seeing further fall after creating a bottom few weeks back. Also, once the regulatory hurdles are sorted, you can be sure that the value of cryptocurrencies would again more. For all the latest trends, tech news, & reviews follow us on Instagram, Twitter, Facebook & Do Subscribe to our newsletter for all the latest articles directly to your Inbox.
Read more about Bitcoins: Wikipedia
Article By Saket Joshi