Bitcoin

Bitcoin price prediction for 2018: cryptocurrency will see major swings

Bitcoin will be going through a wild ride in 2018 predicts analyst Nick Colas claiming that the cryptocurrency could see swings between a low of $6,500 to a high of around $22,000.

DataTrek research co-founder said that bitcoin’s volatility will persist throughout 2018. According to the analyst, bitcoin will swing drastically with the midpoint of the crypto somewhere around $14,035. As of this writing bitcoin is trading at around $15,300. The year 2017 has been an amazing one for bticoin owing to the fact that the crypto reached an all-time high of $19,200 from a low of $900 at the beginning of the year.

Near the end of the year, bitcoin saw major swings and fell from a high of $19,200 to around $12,500 in a matter of few hours.

Colas predicts that like bitcoin’s price, the cryptocurrency’s market cap will also swing substantially with altcoins set to further reduce the bitcoin’s dominance. This year, bitcoin’s market share went down from about 87{cfd33ef53068284e3f2a252178f0dbd47fa1013ca8482e8f07cb909bc87ae8e7} to 44.2{cfd33ef53068284e3f2a252178f0dbd47fa1013ca8482e8f07cb909bc87ae8e7} at press time. Although bitcoin’s market cap is currently above $256 billion, there are now 34 cryptocurrencies with a market cap above $1 billion, with Komodo (KMD) currently at $999 million.

Moreover, he sees “at least four crashes” of 40{cfd33ef53068284e3f2a252178f0dbd47fa1013ca8482e8f07cb909bc87ae8e7} or more occur throughout 2017 – presumably similar to those we’ve seen this year, with the last one hitting bitcoiners last week. To reach his conclusions, Colas compared the amount of bitcoins to the amount of $100 bills in circulation.
He said:

Following his line of thought, if bitcoin’s value came to 10{cfd33ef53068284e3f2a252178f0dbd47fa1013ca8482e8f07cb909bc87ae8e7} of the total $100 bills in circulation, its price would be of about $6,500. If we up it to 33{cfd33ef53068284e3f2a252178f0dbd47fa1013ca8482e8f07cb909bc87ae8e7}, then we hit the $22,000 mark. Given that the average between the high and the low equals $14,035, a number not too far off the cryptocurrency’s current trading price, Colas is confident his valuation is on the right track.

To the analyst, the only way the cryptocurrency could go substantially higher than his prediction is if a large-scale bitcoin business is created. Until then, he’ll stick to his current method.

About the author

Olivia Russo

Olivia Russo

Olivia is a former public relations professional with experience in event coordination and product placement of digital assets in the mainstream media. She has worked with several of Satoshi’s right-hand-men, including Vitalik Buterin, Roger Ver, Andreas Antonopoulos and other leading luminaries in the Crypto ecosystem.

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