Analyst: Bitcoin Price Could Surpass $60,000 in 2018, Short-Term Momentum Gained
Smart Planet
$60,000 Mid-Term Target
Julian Hosp, the founder of TenX, a popular cryptocurrency visa debit card service provider and cryptocurrency analyst, stated that the price of bitcoin will likely surpass $60,000 by the end of 2018, achieving a multi-trillion dollar market. A $60,000 price per bitcoin would place the market valuation of the cryptocurrency at $1.26 trillion.
“I think we’re going to see bitcoin hitting the $60,000 dollar mark, but I also think we’re going to see bitcoin hitting the $5,000 dollar mark. The question is though, ‘Which one is it going to hit first?'” said Hosp.
The prediction of a major correction of over 50 percent is exaggerated, and the price of bitcoin will likely not plunge to $5,000 given that it already has experienced and recovered from large price corrections.
Contrary to the claims of many analysts, corrections are beneficial to bitcoin and the rest of the cryptocurrency market because they prevent the occurence or formation of short-term bubbles. Through corrections, the bitcoin market stabilizes and strengthens, as weak hands and speculators fall off.
Hosp added:
“For experts that have been in the market, this was actually a welcome dip. This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs. 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.”