Saxo Bank Predicts that Bitcoin will move up to $60,000 Before Crashing

Bitcoin may crash in 2018

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Bitcoin has already hit the $15,000 mark. Saxo Bank has predicted that the price will not stop going up. The bank sees the price moving up to the $60,000 level and then crush down to about $1,000. Saxo Bank has had many predictions about Bitcoin and what could happen in 2018. Most of the predictions are negative, and if they occur, they can send heavy waves to the financial sector.

According to Steen Jakobsen who is the chief economist at the Bank: “The outrageous prediction is not Saxo’s official market outlook. It’s a prediction on the market which has the possibility of huge upsetting consequences.”
This shows that in 20118 the Bitcoin market will peak. More to that the currency capitalization will hit $1 trillion. This is majorly due to the launching of Bitcoin futures in December 2017 which is seen as a good ground of attracting many investors. Investors come with money, and that pushes the currency higher and higher.

It’s good to know that people seem to be comfortable with the idea of trading futures because futures have existed before, and people are familiar with them, but Bitcoin is not very familiar to many people. Bitcoin investing has scared people who are afraid of investing in something they don’t understand. These group of people now seem to be attracted back by Bitcoin Futures.

Saxo Bank goes on to state that: “Very soon Bitcoin will continue facing challenges that may tear it apart. Challenges like prohibition or hard regulation by countries like China may force other countries to have similar stands so as to protect their local currencies. This will be shown by its peak in 2018 before it crashes at the start of 2019 back to its production cost of about $1,000.”

According to John J. Hardy the Head of FX Strategy: “Things may happen according to our prediction or they may not. What we do is raise a debate about the future possibilities.” This report comes at a time when Banks are very scares about the popularity of Bitcoin.

Bitcoin lost or Stolen?

Elsewhere in the rising world of Bitcoin, Digital currency exchange NiceHash has said that the report that its wallet was stolen was a security breach. It’s estimated that about 4,700 Bitcoin whose worth is about $63.92million had disappeared into the ether. The company suspended all its operations for a day to investigate the matter.

In conclusion, such sentiments by well-known banks may scare away potential investors who will now start looking at Bitcoin as a bubble. There have been many predictions about Bitcoin crashing, but it continues to get stronger day by day.

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