Bitcoin price predictions have been all over the place this year, with many analysts suggesting it’ll roar by the end of 2018. One research firm, however, is lowering their prediction by several thousand dollars.
The value of Bitcoin has been on a rollercoaster this year, plunging a full 50 percent from its all-time high back at the end of 2017. Crypto enthusiasts have strained their necks in 2018, watching the price of Bitcoin ping-pong back and forth, never truly breaking out.
Slew of Bitcoin Price Predictions
Many investors and analysts have been quite bullish on their predictions on where Bitcoin will end up by the end of 2018. Tom Lee said that Bitcoin would reach $25,000 by the end of the year, and BitMEX CEO Arthur Hayes went as far as $50,000.
Internet madman John McAfee seems almost demure when he predicted the number one cryptocurrency would reach $15,000 sometime in June 2018. Many analysts expected a major surge in price after the Consensus conference, following the pattern of previous years. The expected price bounce, however, did not occur.
Recently, the value of the major cryptocurrencies has bounced back-and-forth within a short range. Due to the ongoing lack of bullish activity, Trefis Research has lowered their Bitcoin price prediction from $15,000 down to $12,500.
Lowering Our Year-End Bitcoin Price Target To $12,500 Due To Weaker Transaction Volume Outlookhttps://t.co/Plya7iHWKo
— TREFIS (@Trefis) June 6, 2018
Trefis Research keeps tabs on current price trends in the cryptocurrency space. The research group uses daily transaction volume and the number of daily users to make their predictions, which boasts a 94 percent accuracy rate.
Of their lowered estimate, Trefis notes:
Adjusting our forecast for transaction volumes in our interactive Bitcoin Price Estimator now leads to a year-end price target of around $12,500—down from our earlier estimate of $15,000.
Trefis then added:
The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies
It’ll be interesting to see who, if anyone, is correct. At the time of writing, Bitcoin is currently trading at $7,677, a 0.69 percent increase over the last 24 hours.
Do you agree with Trefis Research about their Bitcoin price prediction? Let us know in the comments below.
Images courtesy of Twitter/@Trefis and Shutterstock.