At the height of this year’s Bitcoin (BTC) rally, end-of-year predictions had flown to the moon with most analysts speculating that the cryptocurrency would close the year above $100K. With the way Bitcoin was skyrocketing at that time one could easily believe the coin was destined to a higher price than even what the predictions were saying.
But the crypto market has once again proved that it is almost impossible to predict what might happen with it in the future. Bitcoin for example has seen quite a roller coaster with prices dropping from a high above $63K in April to a low below $30K in July. It then embarked on a ride to the current all-time high of $68,789.63 before taking the current pullback that has seen it risk diving below $40K.
Hoping to finish above $50K instead of $100K
The majority of Analysts have now trimmed their Bitcoin predictions from $100K to $50K. Only a few like Tom Lee still maintain that the coin could hit $100,000 before the year ends.
Craig Erlam who is a market analyst at Oanda, for example, recently gave his thoughts on Bitcoin and said that although many had hoped that Bitcoin would finish above $100K, market momentum has quashed those hopes and all that majority are looking for is a finish above $50K.
Another analyst called Moya who also works at Oanda also said that Bitcoin had taken a beating together with the big tech companies that had invested in the coin. He however said that the coin still has a medium to long-term bullish outlook.
According to Moya
“The cryptocurrency space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium to long-term outlook remains strong.”
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Author: Charles Thuo
