At the height of this year's Bitcoin (BTC) rally, year-end predictions had flown to the moon, with most analysts speculating that the cryptocurrency would close the year above $ 100,000. With the way Bitcoin soared at the time, it would be easy to believe that the coin was destined for a higher price than even the predictions said.
But the crypto market has once again proven that it is almost impossible to predict what could happen to it in the future. Bitcoin, for example, has had quite a roller coaster ride, with prices falling from a high above $ 63,000 in April to a low below $ 30,000 in July. It then began a ride to the current all-time high of $ 68,789.63 before accepting the current pullback since threatening to break below $ 40,000.
Hope for year-end closing at over $ 50,000 instead of $ 100,000
The majority of analysts have now trimmed their Bitcoin forecasts from $ 100,000 to $ 50,000. Few like Tom Lee still claim the coin could hit $ 100,000 before the end of the year.
For example, Craig Erlam, a market analyst at Oanda, recently commented on Bitcoin, saying that while many had hoped Bitcoin would rise above $ 100,000, market momentum has dashed those hopes. All the majority expects is worth over $ 50,000.
Another analyst named Moya, who also works at Oanda, also said that Bitcoin suffered defeat along with the big tech companies that have invested in the coin. However, he said the coin still has a medium to long-term bullish outlook:
"The cryptocurrency space is being heavily repositioned and that is creating unwanted selling pressure, but the medium to long-term outlook remains strong."
The post Bears lower Bitcoin expectations to USD 50,000 at the end of the year appeared first on BitcoinMag.de .