Over the past 24 hours, the bitcoin price has regained after two significant fluctuations, rebounding to $15,000 across all major bitcoin markets including the US and Japan.
Julian Hosp, cryptocurrency entrepreneur and the founder of TenX, thinks that the price of bitcoin will likely move beyond $60,000 by the end of 2018, according to CNBC. He is sure that the bitcoin’s rapid rise is still under way, but there is a catch.
“I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark,” said Mr. Hosp. “The question is though, ‘Which one is it going to hit first?'”
Many high-profile critics and several national governments have warned of the risk connected with investing in cryptocurrencies. They believe cryptocurrencies are likely to crash as their value is pegged to nothing.
For example, Jeremy Epstein, the CEO of Blockchain startups marketing firm Never Stop Marketing, thinks that the price of bitcoin could go up to $18,000 before the end of 2017. “Like anyone, I’ve been mega-surprised by how quickly bitcoin has hit the mainstream,” he said. “As far as the price goes, I tell everyone the exact same thing. It’s not about a year price horizon. It’s about a 5-year price horizon and there’s a 50-50 chance.” Epstein added that investing in cryptocurrencies is “a coin toss between huge success and total failure.”
Critics have often referred to bitcoin as a bubble that could burst with potentially extreme consequences. Hosp doesn’t think so. “I don’t think it’s going to be a bubble that’s just going to burst and everyone is going to lose their money, but I think it’s going to be that all the coins and all the assets with very little use or value are going to get sorted out,” he said.
After hitting record high of $20,000 on December 17th, 2017, bitcoin’s price collapsed last Friday. The currency lost a third of its value in one day. It fell for awhile below $11,000 and started regaining. For some people this fall was beneficial as they used it to buy a little more currency.
On Tuesday, bitcoin’s price made up $16,485, according to the CoinMarketCap. Hosp is sure that bitcoin will fall again. He said: “Definitely. I don’t think right now, but I think in the long run, we will always see a little bit of an up move, and then a dip down.”
In mid-December there were numerous high bitcoin price predictions, many of them pointed to levels that are impossible to imagine. Standpoint Research founder Ronnie Moas saw the cryptocurrency skyrocketing to the $300,000 to $400,000 level.
Saxo Bank in its “Outrageous Predictions” report predicts Bitcoin’s price in the amount of $60,000 before the end of 2018 as well. It also mentions a $1 trillion market cap before the end of next year.
Hosp compared the current interest in bitcoin with attention to the dotcom bubble that started about 20 years ago. He expects strengthening of digital coins in the future.
Hosp didn’t give his opinion on which cryptocurrency is the most durable, but he said their number will decrease due to the market’s compression.
“I see bitcoin more as digital gold,” he said, “rather than a currency that is going to be used on a daily basis.”