FOREX INVESTORS BUZZ Bitcoin Price Prediction Some analysts refuse to make a Bitcoin price prediction for 2017. They say the “right” words but, when push comes to shove, they don’t give us a concrete Bitcoin price target. I suspect it is because they don’t understand the technology. I made that same mistake once.
I openly laughed at my colleague who made a Bitcoin price prediction of $4,000 in 2017.
n my defense, I had been focusing on microchip stocks at the time. My research yielded some incredible winners for our 21st Century Technology Profits newsletter, so I was pretty happy.
It’s embarrassing to admit, but Patrick was right and I was wrong. Bitcoin prices were indeed poised for a breakout. What with China’s capital controls, India’s demonetization, and the growth of initial coin offerings (ICOs), it seemed like a no-brainer.
History ended up proving Patrick right. BTC prices more than doubled over the following months.
They climbed past $1,000, $2,000, and even $3,000. A minor retracement followed this pattern, but those who invested in Bitcoin last year still got rich.
So when I say Bitcoin can hit $4,000 before the end of 2017, know that I didn’t come to that conclusion easily. It wasn’t confirming my prior beliefs. It was in spite of my priors.
Despite these tailwinds, some people reject our Bitcoin price target. They think it’s impossible for BTC prices to keep rising, especially as new cryptocurrencies challenge its dominance.
We all know what they’re talking about. There may be more than 800 cryptocurrencies in existence (at the time of this writing), but only one of them poses a significant threat to our Bitcoin price prediction.
I speak, of course, about Ethereum.
Ethereum is more of a platform than a currency, however. It offers innovative features like smart contracts, which is something that Bitcoin simply does not have. It is also perceived as an upgraded version of Bitcoin, which raises the question: Is this bad news for Bitcoin’s worth?
That said, I don’t want to give you the impression that Bitcoin prices will have a clear path to $4,000. There is always risk, especially when it comes to huge moneymakers like Bitcoin.
For instance, Bitcoin’s main short-term risk is SegWit. It is the only factor I see affecting our Bitcoin price prediction in the next few months.
Before I explain what in the world “SegWit” means, you should know that Bitcoin transactions take forever. There is a silly limit embedded in the original code which limits the amount of data in each block.
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