Why the Bitcoin Price Will Go Up to $5,000 By the End of 2017

Jun 26, 2017 at 11:52 // News
Author
Nina Lyon

Half of the year 2017 has already passed and during this period the Bitcoin price made the most dramatic rises and falls in its history. Several months ago Blockchain and cryptocurrency experts were doubtful that the Bitcoin price could reach the height of over $2,500 that we observe now or even its recent maximum of $3,000, so quickly. However, now, most of them believe in a very positive end to 2017.

Continuation of growth

We contacted dozens of leading world experts in the field of cryptocurrency to find out what Bitcoin price should we expect by the end of 2017 and whether it can reach a new historical maximum this year.

Daniel Masters, Director at Global Advisors Bitcoin Investment Fund PLC stated to Coinidol.com that he expects the continuation of the bullish trend and a possibility for Bitcoin to overcome the level of $4,000 by the end of the year. He said:

 Daniel Masters

“As much as digital assets can power solutions in capital formation, that new use case adds to the base valuation of the space; which I believe is one of the underlying reasons behind this latest rally and expansion. Based on market conditions, we maintain our $4,400 end year target.”

Juan J. Manini-Rios, CEO at SHA256 Trading S.A., a proprietary trading firm and market maker focused on developing and implementing algorithmic trading patterns in bitcoin markets, stated:

“My expectations regarding Bitcoin’s price this year is to continue its growth path maybe even reaching $ 5000 by December. Also I do expect volatility to increase. There will almost certainly be several 2 – 3 days %30 price corrections fuelled by panic selling down the road. The last one started on Friday 25th May after the $ 2700 all-time-high mark. So be mindful of position sizing as well as the use of leverage when trading blockchain assets.”

Good news for Bitcoin

There are at least 10 reasons for the recent growth of the Bitcoin price. We see lots of good news from different countries worldwide that are embracing and understanding the technology behind cryptocurrency. And this factor influences the Bitcoin price dramatically.

Andrei Popescu, a lifetime member of the Bitcoin Foundation, and Chief Experience Officer at C.O.S.S. PTE LTD, a platform which encompasses all features of a digital economic system based on cryptocurrency, said that the good news from countries starting to embrace cryptocurrency may drive the Bitcoin price to $5,000. He commented: 

Andrei Popescu

“The price of Bitcoin will always break all the resistances on every chart as there is a huge demand for it. It’s fueled by all the good news from all the countries that are starting embracing and understanding the technology behind it. If soon it will it break the $3,000 USD phase, I can easily see it rally to at least $5,000 by end of the year.
During this rally the price will have its fast and short periods of downtrend as a lot of the speculating traders will have to cash in their profit, but there is no doubt that the trend for BTC is only UP.”

Guy Halford-Thompson, Entrepreneur, investor, technology evangelist, and CEO at BTL Group Ltd (TSXV:BTL), a blockchain technology company that has built Interbit, BTL’s blockchain platform also commented to Coinidol that the price could reach $5,000 by the end of the year: 

Guy Halford-Thompson

"5,000 by the end of the year. In the final months of this year we will see late institutional funds finally have the ability to invest in bitcoin which will drive huge adoption."

Stelian Balta, Founder of HyperChain Capital, a Singapore-based digital assets hedge fund targeting Blockchain enabled technology companies, also sees good prospects for the Bitcoin price. He said:

Stelian Balta

“There is still room to grow and I predict $5000 until the end of the year. And $1 trillion market for all digital assets in 3 years.”

Mark Dukas, Bitcoin and Blockchain Consultant, and cryptocurrency trader at BitcoinSmartMoney.com, points out that as an avid investor and trader of Bitcoin he sees a many driving forces behind the parabolic price rise. However, “when skeptics call something a bubble at $2,000, $2,500 and now $3,000 it doesn't mean anything. When these skeptics start to fall silent that will be when I start to worry about the recent price increase.”

Mark Dukas

He continued:

“The next 7 months look bright for Bitcoin with continued organic growth as well the speculation frenzy of Bitcoin and altcoins. When these altcoins serve no purpose than speculation that money moves back into Bitcoin and the price increases. This occurred on Monday June 5th and into early hours of June 6th. Altcoins went down and we saw a $250+ increase in the price of Bitcoin over the course of 12 hours.”

House of Cards

Joël Hubert, Software engineer at Otonomos, a Blockchain-enabled company governance processes with Ethereum, commented: 

Joël Hubert 

“I think we will see more earthly levels towards Fall and Winter 2017, most likely still above $1,000 but not thousands more. The situation is like House of Cards, but with less presidents and more noobs. Take profit where you can!”

Ageesen Sri, CEO at U.CASH, a company powering a global un-bank enabled by bitcoin & blockchain technologies, noted that the cryptocurrency market is very young and volatile and it’s very different from the standard economic markets. He commented:

Ageesen Sri

“If people were to ask me what the price was going to be next year, I would answer up. Way up. What will the price be? That's more of a guessing game, using historical data that has nothing to do with the future movement of this new class of assets. My theory? It will move faster than people think. My advice? Don't bet against the cryptocurrency market. It has a long way to go. Moonbound."

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