Latest Bitcoin Predictions by leading personalities
Famous people forecasting the future course of Bitcoin on what lies ahead
Last week became one of the busiest and challenging weeks for Bitcoin investors. Bitcoin almost plunged down by 50 percent after an all-time high to a low of 10,776 USD. Researches, analysts and leading personalities have different views on these price swings of cryptocurrencies. We will have a look at some recent such Bitcoin predictions made during the last couple of days.
Novograts predicts Bitcoin plunging to 8,000 USD
Ex-hedge fund manager, Michael Novogratz halted plans to start a digital currency hedge fund predicting a further fall of Bitcoin to 8,000 USD. He is satisfied with the decision he made not to proceed;
We didn’t like market conditions and we wanted to re-evaluate what we’re doing. I look pretty smart pressing the pause button right now.
He notified potential investors two days before the Galaxy Digital Asset Fund initiated to pull back. Prospect for purchasing Bitcoin and Ether for clients and selling personal crypto investments are becoming increasingly difficult according to Novograts.
I didn’t want to have to deal with the schizophrenic emotional side of it. There are just so many conflicts in that business. It was going to be more complicated than I wanted.
Novograts is setting back the dates for the hedge fund due to current situation but stays bullish in the long run. He believes the market will take some time to recover and Bitcoin values will not reach 20,000 USD at least for the next three to four months.
To be clear, we delayed launching a hedge fund with outside investors capital last week because we didn’t like market conditions for new investors.
Tom Lee backs up Bitcoin pullback
Head of Research at Fundstrat Global Advisors, Tom Lee is positive towards the fall of Bitcoin prices during the past week. He thinks if people call Bitcoin a bubble that would burst soon, it is the ‘smallest, least-held bubble’ and opposes this theory. His Bitcoin predictions indicate the price fall as a consolidation to the value of Bitcoin;
I do not think anyone should be surprised, if Bitcoin is pulling back given its nearly tripled in the last six weeks. So, I would say it is very healthy. Otherwise, we would be staring at a parabola that is gaining in acceleration.
According to Lee, the ‘number of wallets’ and ‘transaction activity per wallet’ are the two-metrics used in predicting the path of Bitcoin since 2013. This explains 94% of the movement of Bitcoin following the network in the last four years.
In comparison to the above model, Lee sees a divergence within the last six weeks in the Bitcoin market value. There is an increase in wallets but the premium is significant. He denies claims of reports that Bitcoin is trading on pure speculation.
There is an increase in wallets but the premium to that is significant… that premium in November was over 40 percent and Bitcoin retraced 40 percent.
Isaccs of Alvine Capital Bitcoin predictions
Head of investment committee at Alvine Capital, Stephen Isaacs shared his opinion on the sell-off of Bitcoin and other cryptocurrencies couple of days ago. He asks everyone to sell their Bitcoins and get it over with;
This is not a serious investment. Please, anybody who owns this – sell it now. Get out. I really can’t emphasize enough on how strongly I feel about this.
The problem Isaacs sees in Bitcoin is that it is not a tangible asset and highly unpredictable. He believes the unrealistic value swings gives less and less trust on the future of cryptocurrency market.
But it [Bitcoin] has no long-term store. It has no tangibility about it… buy real state, buy gold, buy hard assets. Don’t buy something you can’t understand.
Techonomy CEO on Bitcoin volatility
Bitcoin predictions by Techonomy CEO, David Kirkpatrick states that Bitcoin investors are facing a reality check. According to Kirkpatrick, Bitcoin will certainly be worth in future, but it doesn’t mean that it must have a specific amount at a given moment. According to him, the volatility will continue and investors should not preset any values right now with unrealistic targets.
Until Bitcoin settles down and it becomes much what if anything it is actually used for in the world, I think the volatility is a consequence of genuine uncertainty about what people are buying and that will continue.