A lot of so called experts and other personalities really like to make predictions about where Bitcoin is headed next. We have seen outrageous predictions of Bitcoin hitting $1 million and other predictions a bit more realistic.
The latest prediction comes from Michael Novogratz, the CEO of Galaxy, an investment firm. He says that bitcoin has achieved immense growth during this year and will settle around $14k for some time before going back to its ATH.
This seems a bit unlikely right considering Bitcoin is having a lot of trouble maintaining $10k, currently trading at around $9500. There are certainly a lot of good news that could push the price back up but it’s not clear right now when that will happen.
Tom Lee, self-proclaimed Bitcoin bull and known for making really bad predictions is now saying Bitcoin will hit $40,000 within a few months. Lee had a few really bad predictions in 2018 when he said BTC would hit $22,000 and then changed it to $15,000.
Bitcoin was trading at around $4,000 only by the end of 2018, though.
It’s hard to take Tom Lee seriously anymore, he is obviously enthusiastic about Bitcoin, however, his predictions are not even close to being right.
Tim Draper – $250,000
Tim Draper is a billionaire investor that predicted Bitcoin would hit $250,000 by 2022. Around 2 weeks ago, Draper said again that Bitcoin will hit $250k but maybe it will do it in 2023. He also mentioned that the consolidation was tougher than he expected. Draper thinks that in 2022 people will use Bitcoin for daily transactions like buying groceries or coffee.
I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using Bitcoin or other cryptocurrency…It will be like the old lady paying out with pennies.
John McAfee – $1 Million
Of course we couldn’t leave without mentioning McAfee and his prediction of $1 Million or else… McAfee has said several times that Bitcoin will hit $1 Million by the end of 2020. McAfee is so confident that he said he would eat his D**C on national television if the prediction doesn’t pan out.
if not, I will eat my dick on national television.
— John McAfee (@officialmcafee) July 17, 2017
Clearly, Bitcoin has done overwhelmingly well in 2019. Going from a low of $3340 to a high of $13970 in only 6 months is really significant. The overall trend is definitely still bullish and positive. The shorter time frames are not looking as good for Bitcoin, however, the monthly chart is definitely showing a really nice uptrend with a lot of volume behind it.
The most likely scenario will be a little bit more consolidation for the bears before the bulls can take over again. This recent pullback was healthy, an asset simply cannot experience a 4x in months and not expect to have at least half of that as a pullback.
There are other factors that could influence Bitcoin, the adoption in 2019 has been great and any piece of news regarding that could certainly give the bulls a big push. Only time will tell.