CoinDesk: 62% of people predict that the price of Bitcoin will be below $500 by the end of the year

CoinDesk recently conducted a questionnaire survey on Bitcoin price prediction. According to the results of CoinDesk's survey, 62% of Bitcoin enthusiasts believe that the price of digital currency will be less than $500 by the end of this year.

The price most agreed upon by the respondents was $400, with 281 (10.4%) guessing this value, followed by $500 and $350, with 277 and 232 votes respectively.

The price prediction ranking can be seen in the table below:

47 respondents believe that the price of Bitcoin will fall to between $0 and $100 by the end of this year.

A total of 309 people predicted that the price of Bitcoin will be lower than the current price of $279 (at press time) by the end of this year. However, a much larger number (2,393 respondents) believe that the price of Bitcoin will be higher than the current value of $279 by the end of this year.

Bitcoin Price Prediction: $0-$1000

Some 262 respondents said they believe the price of Bitcoin will exceed $1,000 by the end of the year, with only 43 predicting the price will reach more than $11,000 by the end of the year.

The results of this survey are in stark contrast to last year's survey, which showed that 56% of respondents believed that the price of Bitcoin would reach $10,000 in 2014.

Bitcoin Price Prediction: $1,001-11,000

Price Fluctuations

For Bitcoin enthusiasts, the price fluctuations of Bitcoin are not worth making a fuss about, because they witnessed the surge in the price of Bitcoin in 2013, which once exceeded $1,000, and then witnessed the decline in the following year, with a further drop of 40% in January this year.

Despite the annoying volatility of bitcoin prices, a new report from CoinDesk shows that bitcoin prices were relatively stable in the final quarter of last year.

Price prediction basis

One respondent to the survey said he believes the price of Bitcoin will be $180 by the end of the year because the current value of Bitcoin is false and unrealistic.

He said:

“I think Bitcoin is still overvalued in terms of current and foreseeable conditions and the corresponding user base. Next year, I think the speculators who pumped and dumped it will run out of money, and then the price of Bitcoin will see a real correction, probably below $120, and then a slow recovery as the global Bitcoin user base grows organically.”

Another commentator said that economic instability would help drive the price of digital currencies, as people often use Bitcoin as a means of escaping their current economic difficulties.

They explained:

“The global financial crisis will continue to demonstrate Bitcoin’s advantages to the public, while innovation will make it easier for Bitcoin to participate in the existing economy.”

The results of the poll prove that, in general, Bitcoin followers are largely aware of the impact of macroeconomic changes on the price of the digital currency.

Does the Greek crisis affect your predictions for the price of Bitcoin?

As the media continues to make articles linking the Greek economic crisis with the price of digital currency, Bitcoin enthusiasts are inevitably inspired and have begun to connect the two.

About 22.57% of respondents said that their views on the price of digital currencies have been affected by the Greek economic crisis.

39.87% of respondents said that their views on Bitcoin prices were not greatly affected by the Greek crisis, and 23.64% of respondents said that they did not associate the two at all.

When was the last time you bought Bitcoin?

When respondents were asked when they last bought Bitcoin, 31.5% said they last bought Bitcoin in the last week.

11.7% of the respondents said it was two weeks ago, 9.3% said it was last month, and 21.7% said it was more than six months ago.