Where Bitcoin price will end fiscal 2018? Bitcoin price has created a lot of excitement since the start of this amid a tug of war between bulls and bears. Even though bears have been clearly outperforming bullish sentiments throughout this year, bulls are still optimistic that Bitcoin price will end the year on a high note.
Bitcoin (BTC) Price Today – BTC / USD
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Bitcoin price had begun the year from an all-time high of $20,000 amid traders excitements about bitcoin ETF’s and institutional investments. The largest coin, however, didn’t sustain the momentum after SEC rejected the plea for BTC ETF’s and business magnates like Warren Buffett and Bill Gates started calling crypto market fraud and fools play – leading bears to pull almost 50% of value from BTC price in the first three months alone.
Source:coinmarketcap.com
Bitcoin price is down more than 75% year to date and the largest coins currently trading around the lowest level in the last fourteen months.
Bitcoin Bull Tom Lee Trim Price Outlook
Crypto market bulls have reduced their price outlook for fiscal 20018 following the latest crash. Tom Lee, the Fundstrat Global Advisors co-founder, and Wall Street strategist, has reduced his price bet to $15000 from $25000.
“Days like this, it does make me wonder” about my prediction, the Fundstrat Global Advisors co-founder said on “Squawk Box. ” “These past few days have definitely been a negative development.”
“While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism.” “But we believe the negative swing in sentiment is much worse than the fundamental implications,” Lee added.
Though the price forecast looks quite strange at first considering the current BTC price of $4500, the strategist has presented solid arguments to support his claim. He thinks bitcoin breakeven cost is around $7000 and BTC has the potential to trade 2.5 times higher than its break-even level.
What Others are Saying?
Following the latest crash which has set BTC price at 14-months low, some analysts are the opinion that the bear trend will exist over the following few months. Bloomberg Intelligence agency analysts have predicted BTC price to remain under pressure till the second quarter of 2019; the agency expects BTC price stand around $1500 level by the end of this year.
“The slump was sparked by the pump for the Bitcoin Cash hard fork,” said McGlone. “That pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market.”
Bitcoin price could end the year on a high note if the market sees some hints of institutional investments and higher adoption from retail investors. Trader’s optimism for institutional investment increased since Goldman Sachs and Fidelity announced to commence custodian and trading services for big investors.
