Will the Bitcoin price continue to grow?

A lot of Wall Street analysts believe the Bitcoin price will continue to rise and see the current Bitcoin strength just the first stage of a much larger price increase. Bitcoin price is forecasted to rise to $10,000 and even to $100,000 in the next 10 years. Such an increase in Bitcoin price will account for 10% of the $5.5 trillion Forex daily volume. In a scenario where Bitcoin price would hit $100,000 its market capitalization could increase to $1.75 trillion.


"This is not a fad, cryptocurrencies are here to stay. There will emerge two to three main ones. Bitcoin will be one of those. And the reason is the first-mover advantage, the scale and the pioneering," said Van-Petersen SAxobank analysts – citing CNBC


According to Jeremy Liew, a partner at Lightspeed Venture Partners the demand for Bitcoin will increase over time. Since there is a limited amount of supply available this in turn will make Bitcoin prices grow even further. According to Jeremy, Bitcoin price can also benefit from the political uncertainty and geopolitical instability which will increase the demand much further.

Goldman Sachs the world's largest investment bank see Bitcoin prices grow as high as $3,900. In a note to their clients Sheba Jafari, analysts at Goldman Sachs, highlighted that at current stage Bitcoin prices "could consolidate sideways for a while longer", before eventually resuming the upward trend.

According to Ronnie Moas, the founder of Standpoint Research Bitcoin prices is set to double in value. Like many analysts, Moas believes that since only 21 million Bitcoins can be created coupled with the increasing demand for Bitcoins this eventually will be the catalysts for driving Bitcoin price up.

“$5000 could happen in a few months. It’s only starting to gain traction right now. It’s starting to spread like wildfire right now,” said Ronnie Moas – citing CNBC

Moas added that "in the next 6 to 12 months you're going to have a little bit of a hysteria," but he noted that Bitcoin prices is far from being in a bubble.

Currently, Bitcoin is trading at around the $2570 mark consolidating the recent gains. In the beginning of June we saw Bitcoin reaching its all-time high price trading slightly above the $3000 price.

We can note a wide spectrum of Bitcoin price forecast anywhere between $5000 to $1 million in a span of less than 10 years.
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Weekly market overview November 12 - 16
Weekly market overview November 12 - 16
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