Inventory: Who will be slapped in the face for predicting the price of Bitcoin in 2019?

Author: Liang CHE

Source: bitpush.news

As 2019 is coming to an end, BitpushNews has compiled the industry’s predictions for Bitcoin prices before the end of 2019.

Luka Magnotta, the "Time Traveler": $100,000

The earliest prediction of Bitcoin’s price at the end of 2019 came from 2013, when Luka_Magnotta, who claimed to be a “time traveler” from 2025, made a prediction on Bitcoin’s price in the Reddit community.

Luka_Magnotta wrote at the time, “On average, the value of Bitcoin has risen tenfold so far. From $0.1 in 2010, to $1 in 2011, to $10 in 2012, to $100 in 2013. From now on, the value will increase tenfold every two years, to $1,000 in 2015, $10,000 in 2017, $100,000 in 2019, and $1 million in 2021.”

Luka_Magnotta’s price predictions for 2017 were generally not too far off, but 2019 may disappoint him/her.

Fundstrat analyst Thomas Lee: $36,000

Thomas Lee, a star Wall Street crypto analyst from Fundstrat, predicted in May 2018 what the price of Bitcoin would be by the end of 2019.

After analyzing the relationship between Bitcoin mining costs and prices, he said that by the end of 2019, the price of Bitcoin will be between $20,000 and $64,000, or more precisely $36,000.

His calculation focuses on the price of Bitcoin relative to the mining cost per Bitcoin, P/BE, which he believes is a more reliable long-term price support level.

Just before that, he predicted that Bitcoin would rise to $25,000 by the end of 2018, but in fact Bitcoin fell to around $3,000 by the end of 2018.

BitMEX CEO Arthur Hayes: $10,000

In March 2019, the cryptocurrency market had not yet started to rise, but Arthur Hayes, CEO of BitMEX exchange, had already boldly predicted that the price of Bitcoin would reach $10,000 by the end of 2019.

He said, “2019 will be boring, but there will be a recovery at the end of the year, and we will see Bitcoin break through the psychological resistance level of $10,000 in the fourth quarter. Bitcoin’s market dominance will fall to its lowest level since August 2018, which will indicate a renewed interest in altcoins.”

Although Hayes' prediction may be the most likely to succeed among all the predictions, he completely got the process wrong. The crypto market in 2019 was not boring. Bitcoin was weak before the end of the year, and its strength is gradually marginalizing altcoins.

Jehan Chu, co-founder of Kenetic: $30,000

After April 2019, the cryptocurrency market recovered and the industry's forecasts for Bitcoin prices became increasingly optimistic.

Jehan Chu, co-founder of Hong Kong blockchain investment company Kenetic, predicted in Bloomberg Markets: Asia that the price of Bitcoin will be as high as $30,000 by the end of 2019.

He believes that due to the large-scale application of Bitcoin by global giants such as Facebook, JPMorgan Chase, Rakuten and Fidelity, Bitcoin and other crypto markets will continue to be optimistic in 2019. And after the disappointment brought by Uber and Lyft IPO, the crypto industry will be more likely to become the "better technology" pursued by global investors. In addition, the upcoming Bitcoin block reward halving will also push up the price of Bitcoin.

Bitcoin Podcast Host Trace Mayer: $21,000

On June 18, social media giant Facebook announced its crypto project Libra, which completely ignited the enthusiasm of the crypto market. Investors hope that Bitcoin can break through the historical high in 2017.

Bitcoin podcast host Trace Mayer said on June 24 that according to the price analysis indicator "Mayer Multiple", the current price trajectory of Bitcoin may bring it to $21,000 by the end of the year.

The Mayer Multiple indicator is the ratio of the current Bitcoin price to its 200-day moving average, and the value was 2.09 at the time.

In addition, he also believes that next year's Bitcoin block reward halving is also a factor driving the rise in Bitcoin prices. Mayer also predicted that Bitcoin will reach more than $30,000 a month after the block reward halving in 2020.

Galaxy CEO Mike Novogratz: $20,000

Entering the second half of the year, the price of Bitcoin has been unable to break through again after hitting its highest point of the year. Galaxy Digital CEO Mike Novogratz predicts that the entry of institutions into the crypto market will push the price of Bitcoin to a record high of $20,000 before the end of 2019.

After reviewing the process of Bitcoin's surge from $4,000 to around $13,500 in the first half of the year, he said that the price may still consolidate between $10,000 and the year's high in the near future. But once institutions show strong interest in cryptocurrencies again, Bitcoin may return to $20,000 before the end of 2019.

Pantera CEO Dan Morehead: $42,000

Also in July, Dan Morehead, CEO of crypto investment firm and hedge fund Pantera Capital, said in an Unchained podcast that Bitcoin could reach $42,000 by the end of the year.

He said that if the price of Bitcoin returns to the historical trend line, "this will make Bitcoin possibly reach $42,000 by the end of 2019. I know it sounds crazy, but in fact we are already halfway there. Bitcoin is on this trend line, and I think it is very likely that we will reach this level by the end of this year. According to this trend, Bitcoin will reach $122,000 next year and $356,000 the year after."

Fundstrat analyst Thomas Lee: record high

At the end of July, Fundstrat analyst Thomas Lee once again predicted the price of Bitcoin. He believes that the Fed’s interest rate cut is a positive for Bitcoin.

He said, "Bitcoin is increasingly becoming a macro hedge tool for investors to guard against possible problems. Rate cuts increase liquidity. Liquidity is driving funds into all these risk assets and hedge assets, which helps Bitcoin. We don't have a target price for Bitcoin, but the previous high was $20,000. I think it is very likely that Bitcoin will reach this high this year."

Not long ago, Thomas Lee also said that once the price of Bitcoin breaks through $10,000, it will reach $40,000 within a few months.

Crypto analyst Josh Rager: New high for the year

As Bitcoin continued to consolidate around $10,000 in the third quarter, crypto analyst Josh Rager believes that the cryptocurrency with the largest market value could hit a new yearly high before the end of 2019.

Rager said on Twitter that it is an unrealistic idea to wait until Bitcoin falls to $5,000 before buying the bottom. It is worth buying now even at $11,000 because Bitcoin may reach a new annual high before the end of 2019.

In addition, Rager also said that investors who hope that Bitcoin will fall below $8,000 will be greatly disappointed. Because with the exchange Bakkt announcing that it will launch physically settled Bitcoin futures, the expectation of institutional entry will push the price of Bitcoin higher.

Analyst Skew et al: $10,000 becomes the new bottom

At the end of August, crypto analyst Skew released forecast data on Twitter, saying that the possibility of Bitcoin setting a new record high in 2019 is decreasing, but $10,000 is developing into a solid support level.

Nigel Green, CEO and founder of financial advisory firm deVere Group, also said in an interview with London business news media LondonLovesBusiness that $10,000 is becoming the new bottom for Bitcoin. He said, "Looking at this year's performance, I believe the new bottom for Bitcoin is $10,000. It will rebound from this price. If it fluctuates below this price, it will rise again."

Nelson Minier of cryptocurrency exchange Kraken expressed a similar view, noting that while Bitcoin is not yet a safe haven asset, some investors are already using it. He believes that "there is increasing global recognition of cryptocurrencies such as Bitcoin, and the new bottom for Bitcoin will be $10,000."

Analyst Roger Quantrillo: $17,000

Entering the fourth quarter, the cryptocurrency market fell one after another as Bakkt's Bitcoin futures failed to meet market expectations. However, the subsequent speech by China's top leader in support of blockchain also boosted the cryptocurrency market.

Cryptocurrency analyst Roger Quantrillo tweeted in November that “Bitcoin will hit $17,000 by the end of the year.”

Quantrillo has previously successfully predicted that Bitcoin would fall 50% after reaching its yearly high, but his latest prediction is obviously bolder.

Conclusion

More than a decade after its birth, cryptocurrencies such as Bitcoin are developing at a speed that exceeds the traditional market, and crypto assets are developing into an asset class that is different from other traditional assets.

In 2020, we will wait and see where Bitcoin and other cryptocurrencies will go.

Reprinting must indicate the source.

Disclaimer: All articles on Bitpush only represent the author's views and do not constitute investment advice. Investment is risky and the consequences are at your own risk.