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Can Bitcoin Hit $90,000 Within Five Years?

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Recently, two analysts from ICO advisory firm, Satis Group, predicted that bitcoin prices will hit $96,000 in the next five years.

Recently, two analysts from ICO advisory firm, Satis Group, predicted that bitcoin prices will hit $96,000 in the next five years.

In making this forecast, Sherwin Dowlat, head of research, and Michael Hodapp, research analyst, leveraged fundamental analysis.

“Currently, the vast majority of the total crypto asset market capitalization is held in traditional store of value markets, with offshore deposits accounting for nearly 40% of the total,” they stated in the report.

Going forward, growth in this market capitalization will come “primarily from the increased store of value use case penetration,” the analysts claimed.

Further, they predicted that as custody solutions “come online,” the “penetration” of offshore deposits will increase “dramatically.”

The analysts forecasted that the broader digital currency market would enjoy robust growth, reaching a total value of $3.6 trillion in 2028, roughly 1,700% higher than its current value of approximately $210 billion on CoinMarketCap.

 

Analysts’ Mixed Views

When surveyed, analysts offered mixed responses to the report’s prediction that bitcoin prices could reach $96,000 by 2023.

Some criticized the forecast as being overly bullish, while others emphasized the difficulty of accurately forecasting what a digital currency’s price will be five years from now.

“Bitcoin’s price can be anywhere in 5 years, from $10,000 to $100,000,” stated Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital.

“An exact prediction is hard to provide because there are numerous fundamentals that are likely to change between now and 2023.”

He added that:

“Digital currencies and assets are the future of transactions and value storage, and Bitcoin is leading this revolution. But this doesn’t make it easy to guarantee a specific price tag five years down the road.”

 

An ‘Ambitious’ Price Forecast 

Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, stated that the $96,000 price prediction “may be a bit ambitious.”

“I don’t think we’ll hit $96,000 by 2023,” he stated.

 

Yazan Barghuthi, CEO of Jibrel Network, also threw cold water on the forecast, stating that:

“I do believe BTC has a compelling use-case as a store of value, particularly in countries experiencing hyperinflation (Iran, Turkey, Venezuela), but to assume it will capture sizable market share from Private Banks in markets such as the US, Switzerland, Singapore, Germany, Netherlands, etc. over the next 5 years, is extremely optimistic.”

 

Bitcoin Bullish Predictions ‘Entirely Possible’

While the aforementioned analysts appeared skeptical, some market observers went on the record stating that bitcoin could very well hit $96,000 by 2023.

Eric Ervin, CEO of Blockforce Capital, stated that “a $100,000 per coin valuation for bitcoin is entirely possible.”

“Bitcoin’s current 112 billion dollar market cap represents just 0.1% of the entire global money supply which is currently valued at approximately 90.4 trillion dollars,” he added.

Marius Rupsys, a digital currency investor, offered a similar take on the matter.

“To reach the price of $96,000 seems achievable given past bull markets,” he stated.

Rupsys added the following:

For example, bitcoin went from less than $1,000 per coin to more than $16,000 per coin in 2017 alone. Which is more than 16x increase in 1 year. Bitcoin is trading at $6,450 today, meaning it needs to increase 15 times in the next 5 years to reach $96,000. Assuming bitcoin survives this long and volatility keeps similar levels, it should be quite realistic to do it during the next bitcoin bull run.

 

Digital Assets ‘Here To Stay’

Oliver Isaacs, blockchain investor, advisor & influencer, also provided bullish input on the digital currency markets.

“Digital assets are here to stay,” he said.

Isaacs emphasized that while the market capitalization of cryptocurrencies is roughly $200 billion, “the demand for money is around $200 trillion.”

“If cryptocurrencies are truly solving the problems of paper and fiat currencies which I believe, we are going to see that 200 billion start to move up to 200 trillion and that gap close (that’s a 100,000% gain).”

As a result, bitcoin prices could reach $96,000 during a “during a strong bull run leading up to the Bitcoin ‘Halving’ in 2020,” he stated.

 

We thank Matt Chambers for this guest post.

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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