The cryptocurrency bulls are bullish again; experts are weighing in with some seriously positive predictions for the last few months of 2018. Many in the industry believe that the market has matured and that a healthy recovery could be imminent. Fundstrat’s Tom Lee has gone so far as to issue a note to clients predicting massive gains for Ethereum’s ETH.
Tom Lee – Ethereum to See a Major Trend Reversal
Lee says the underperformance of ETH recently may indicate a “major trend reversal” is on its way. The last four out of four times ETH has lagged behind by two standard deviations have been followed by a comeback. Lee, believing that sentiment for ETH is “overly negative”, forecasts “a trend reversal and rally”.
The ex-strategist and head of research for Fundstrat Global Advisors speculates that ETH has been hit by a sell-off as EOS moved from its Ethereum blockchain to its own token. EOS and NEO, both competitors to the Ethereum blockchain, claim to be faster and cheaper, putting pressure on the second-ranked coin to perform.
Lee also blames “panic selling” by ICO teams, as many new tokens created in ICOs are Ethereum-based. The long-term cryptocurrency-bull also predicts that Bitcoin will head back to $20,000 for the second time.
Chainalysis – Cryptocurrency Markets Have Matured
According to Cointelegraph, Chainalysis predicts a price rally because the cryptocurrency market is showing signs of maturity.
“The market seems to have recalibrated after the entry of so many new market participants with different beliefs and expectations than those who held Bitcoin prior to 2017. Neither long-term investors nor new speculators have changed their positions much this summer.”
Though Chainalysis predicts that the markets could go either way, Cointelegraph suggests that the market maturity is indicated by Bitcoin’s far more stable price across August and September. In contrast, Ripple and Ethereum have seen much higher volatility.
Erik Voorhees – The Bear Market is Over
ShapeShift CEO Erik Voorhees said on August 24, 2018, the bear market is gradually coming to an end, but it’s not completely over yet:
“I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend, you hang out in a range for a while […] But I think we are done with a majority of the collapse.”
A month on from Voorhees’ predictions, there seems to be more positivity emerging in the markets, and for some coins like Ripple, recoveries seem likely.
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Mike Novogratz Calls a Bottom
On September 17, 2018, Galaxy Digital CEO and long-time Bitcoin investor Mike Novogratz called “bottom”. Using the Bloomberg Galaxy Crypto Index Chart, he likened recent performance to “the point of acceleration that led to the massive rally/bubble,” and that “markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom”
His prediction of “bottom” goes back to July 2018, when interviewed by CNBC. He believes a bottom could set Bitcoin up for a boom, particularly if institutional investors join the market. However, he also believes that cryptocurrencies need more regulatory clarity to reach $10,000 again.
Tim Draper – Sticking with a $250,000 Bitcoin Prediction
Draper, another early advocate of Bitcoin, predicted five months ago that Bitcoin would rise to $250,000 by 2022. The investor bought 40,000 Bitcoin in 2014—now worth around $260 million. He says the technological revolution of blockchain will propel Bitcoin to this new high:
“I think the products around bitcoin, blockchain and smart contracts will make it much easier to do business via crypto — so there will be a major shift over these next four years.”
The venture capitalist also predicted in September 2018 that the entire market for digital currencies would reach a value of $80 trillion over the next 15 years. He compares the downturn now to the initial progress of the internet and web-based technology.
13/16 Crypto Company Leaders Predict Bitcoin to Hit $10,000 by January 2019
Bitcoin Exchange Guide last week drew together the opinions of 16 company leaders and industry experts. Though predictions varied from a low of $7,700 to a high of $150,000, 13 out of 16 gave forecasts for Bitcoin by January 2019 of over $10,000—illustrating that sentiment outside of the “big bulls” is still very positive.
Though uncertainty is still rife—the bears are bearish, and the bulls are bullish—news in recent weeks has been more positive than across most of 2018. A few key developments and the entire cryptocurrency market could easily boom again.
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