As we said earlier, everyone in the crypto space has been predicting their different end of year targets for the leading cryptocurrency, Bitcoin. Some are saying it will stay in a similar region to what is it now whereas other are bullish that it will reach at least $10,000 by the end of 2018.
2018 will be one that won’t be remembered fondly since it has been in one continuous downtrend following the massive surge which saw Bitcoin touch $20,000 in December last year.
The co-founder of Fundstrat Global Advisors, Tom Lee predicted that Bitcoin will reach $15,000 by the end of the year and in an Interview with CNBC, he sticks by his prediction.
Over the past two weeks, things took a turn for the worse as the market has been in turmoil seeing the leading cryptocurrency drop below two key resistance levels in just 24 hours. In fact, industry prices have fallen across the board.
Earlier in the week, Bitcoin fell below the $4,250 level during a time of volatility for the market. Even though it recovered slightly, it is currently dropping to a similar price.
Despite all this Lee remains quite optimistic about his prediction.
During the interview with CNBC, Lee said:
“Days like this, it does make me wonder about my prediction. This past few days has definitely been a negative development.”
However. last week, Lee did change his prediction from $25,000 to $15,000 by the end of the year. In his latest interview with CNBC he stated that increased involvement from institutional investors and regulatory oversight could boost prices.
Even with this, given the value of Bitcoin, if the institutional investment is going to be a game changer in the market then it needs to happen sooner rather than later.
As reported by Live Bitcoin News, currently, the market is down and if you look at what the price was this time last year, the current state is very different to what we had in 2017. Although, during that time retail investors and increased funding in various Initial Coin Offering projects were boosting the market. Since then, the industry has changed massively so this could mark some state of maturity.
Basically, those who make their money quickly and then leave the space will make a profit sure, but those who remain could be reaping some incredible rewards.
What are your thoughts? Let us know what you think down in the comments below!