A “panel of experts” questioned by Finder.com.au believes that Bitcoin (BTC) may end the year at price levels 84 percent above what they currently are sitting at.
The first and foremost cryptocurrency is currently trading at $3373.13 on Bitstamp at the time of this writing. 84 percent of Bitcoin’s current price is $2833.43, meaning an increase of the same percentage would equate to a year-end price of approximately $6206.56.
Digital Capital Management’s CEO, Ben Ritchie, submitted the highest predicted price by guessing Bitcoin would finish 2019 at $9500.
Ritchie’s guess stems from a belief that Bitcoin will remove itself from the rest of the cryptocurrency market while institutional investors slowly start making use of high-quality onramps from the likes of Bakkt and Fidelity Group. He stated:
Two things to look out for in 2019 will be whether we will see decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner.
The second is the impact of the traditional markets on cryptocurrencies. Will bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet.
Ritchie’s prediction was above the average, however, of beneath $7000.
Catalysts: Bakkt and Fidelity
Bakkt indeed continues to make waves in the Bitcoin-investment market, having acquired some assets of Rosenthal Collins Group (RCG), a longstanding independent futures commission merchant.
Likewise, Fidelity Digital Assets is reportedly planning on launching a Bitcoin Custody Service as early as next month, which is expected to make on-ramping institutional investors easier than ever.
What do you think Bitcoin’s price will be at the end of 2019? Will it be under $7000 — or reach $9,500, as Ritchie predicts? Let us know your year-end price predictions in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.