Bitcoin (BTC) Will Cost About 9500 USD by The End of the Year, Panel of Experts Predicts
Bitcoin (BTC) is having a good season. The rebound after testing the 3000 USD zone is already evident, and many analysts think that, after a stability period of several months, the market is now on the verge of a new bullish streak.
A study conducted by Finder, contrasted the opinions of 10 prominent experts in cryptocurrencies, who shared their predictions regarding Bitcoin’s performance in the months to come. Although there were different points of view, all showed an optimistic outlook.
All experts agree that Bitcoin will end the year with profits, which is already a sign of the bullish sentiment in the market. “Bitcoin is predicted to hit US$7,543 by 1 June, according to the average of our panelists’ predictions,” said the report, clarifying that this number is an average of all experts’ predictions. This implies certain stability compared with actual prices
As for the annual performance, the results are also
quite optimistic. Even the darkest forecast of all (made by Nafis Alam,
associate professor at Henley Business School) estimates a price close to 4000
USD, which is a bullish signal considering that the minimum of this trend was
close to 3200 USD:
When asked what the price would be at the end of the year on 31 December, the average price prediction was US$9,659. Again, Alam’s prediction was the most conservative. He said it would not be worth more than US$4,000 on 31 December. Technologist Joseph Raczynski had the highest end-of-year prediction at US$17,000.
Another good sign is that 80% of the experts recommended
investing in Bitcoin (BTC):
50% recommended buying Bitcoin
30% are not in favor of accumulating more, but saw as favorable the option of hodl tokens as a storage medium of value.
Only 20% recommended getting rid of the crypto or at least selling a portion to profit from the bullish hype.
The panelists also analyzed the reasons for this recent breakout in which Bitcoin managed to beat the 6000 USD resistance. Most believe that the “Consensus Effect” played an important role in market sentiment, however other causes also came to light: Tensions between the U.S. and China took second place along with next year’s halvening.