At various points this year, bitcoin has flirted with losses of 60% from its December high and some technical analysts see the cryptocurrency struggling to top the $9,000 level in the near-term. However, some market observers are decidedly bullish on the digital currency’s fate.
Some market participants believe a massive bitcoin rally is in store, one that could see the value of the cryptocurrency more than triple before the end of 2018.
“Bitcoin could be set for a dramatic rise in value by the end of 2018, founder and chairman of investment firm LDJ Capital, David Drake has predicted,” reports Newsweek. “Speaking on the future of the cryptocurrency after the First G20 Meeting of Finance Ministers and Central Bank Governors of 2018, he told Bloomberg that it had been “a cold winter.” By year end, however, he said bitcoin’s price could reach $30,000.”
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After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin.
Room For Bitcoin Growth
There is significant room for growth in the cryptocurrency universe. Recent data suggest a small amount of American investors own any digital currencies and, after bitcoin, the numbers of crypto ownership dwindle.
“The share of Americans who own several other well-known digital coins underscores how far these currencies have to go: Less than 2 percent of Americans own Ethereum and less than 1 percent own Ripple, the survey found,” according to CNBC.
LDJ Capital Drake noted in an interview with Bloomberg that some digital currencies are “fraudulent,” “weird” and “strange,” while saying bitcoin will retain its place as the king of cryptos.
“It has been a tumultuous year for the cryptocurrency, whose value shot up from some $950 in March 2017 to record highs of nearly $20,000 in December 2017, as tracked by CoinDesk,” according to Newsweek.
In recent days, some market observers have opined that bitcoin’s bear market is close to completion while others have speculated that the digital currency will eventually become the world’s dominant currency.
For more information on the cryptocurrency, visit our Bitcoin category.