Where is Bitcoin Headed in 2018?

RapidVPN/ August 19, 2017/ Blog/

Bitcoins is one of the most popular cryptocurrencies in the world today. Millions of people from all across the globe have embraced it and continue to invest in it with the hope of leaping huge profits in future.

According to an article posted on Coin Telegram, banks may find themselves in trouble towards the end of this year (2017) due an expected derivate bust. This article also goes on to state that the future of silver prices is looking bright and the price of bitcoin may triple the current price of one ounce of gold which financial analyst project that it will hit $4,800 by March next year.

If this projection is accurate, it means that one bitcoin would clock $13,000 in 2018. One of the assumptions that were used to arrive at this figure is that the market forces that govern this financial industry such as demand will remain constant.

In another article that was posted on CNBC, Bitcoin could experience a 47% price correction next year, but there are experts who project that the price will hit $6,000 next year. Another analyst who was involved in writing the article stated that bitcoin prices may fall by 46.5%.

Nicola Duke, an analyst who works at Forex Analytix uses Fibonacci retracement technical analysis formula that carefully analyses the peaks and troughs, also referred to as waves, to determine the future price of the currency. In his analysis, the wave two was experienced between the fall of 2013 and 2015. During this period, the prices skyrocketed sharply for a couple of months before steadily declining.

Currently, bitcoin cryptocurrency is in wave three and Duke has projected that it the prices may start to fall at $2,800 mark. He is also of the idea that the price could fall to as low as $1,470 if all factors remain constant. After this period, the prices will then start to rise and may hit $4,480 in 2018.

Based on these three analyses, it is clear that investing in bitcoins is a good idea as the prospects look positive. However, along the way, traders will experience a pull-back that could see the prices fluctuate.  The good thing about this is that this fluctuation period is expected to only last for a few months before starting to rally again.

Bonus Tip

As an investor in bitcoins, it is imperative to keep monitoring changes in the market to make informed decisions.