The CEO of Abra, Bill Barhydt is the latest crypto expert to speak out about the future price of Bitcoin. The long and short of his prediction is that Bitcoin will hit $50,000.00 and will remain at that point for a long stretch, though in his predictions he didn’t make it clear when this will happen… conveniently.
Barhydt is well known for his bullish outlook and of course, it benefits him to be bullish as it only encourages people to use Abra, therefore speaking negatively about the markets may actually be quite damaging for his business. This prediction really does stand out too. Typically when an ‘expert’ makes a price prediction they will say something like ‘Bitcoin to hit $20,000.00 by the end of the year’. The prediction comes with a time frame but has no indication of what may happen after the predicted price is hit (this is because, realistically it’s impossible to predict).
Barhydt on the other hand has failed to give a timeframe and instead, believes that Bitcoin will stay at $50,000.00 once it gets there. The only problem with this is that Barhydt doesn’t know if this will happen in 5 days, 5 years or 5 decades.
Some of his prediction comes from a notion that during the crypto boom at the end of 2017, Barhydt believes investors go ahead of themselves. This caused an uncalled for spike in the price of most cryptocurrencies which in turn encouraged some very much, unneeded optimism. Because of this, once the markets balanced back out, many investors have felt disappointed with their investments. In reality, Barhydt seems to believe that it’s going to take a long time for the markets to mature and therefore, we need to be patient.
No matter what, no expert can be truly right in any of this. Therefore, don’t take this as investment advice. By all means, use this news to inform your decisions but be sure to do your own research before deciding to invest. Cryptocurrencies are volatile and whilst they present attractive propositions, investment is risky. Trade safe.