Bitcoin is undeniably having a very bad year. The cryptocurrency was trading at $20,000 at the end of 2017. Fast forward to the beginning of 2019, the coin is trading at around $ 3,500.
However, cryptocurrency and fintech experts predict that Bitcoin can soar by 84% by the end of this year. The most vocal among the fintech leaders are the CEO of Digital Capital Management, Ben Ritchie, and HiveEx.com co-founder, Fred Schebesta.
There are other fintech and blockchain gurus who are slightly more extreme at their predictions about Bitcoin’s future. For example, Fundstrat Global Advisors founder, Tom Lee, sees Bitcoin at $25,000 a coin in the very near future.
According to Ben Ritchie, there are two primary trends that may contribute to Bitcoin‘s slow, but steady price increase. First, Ritchie questions whether cryptocurrencies’ behavior can be inversely correlated with traditional capital markets. Digital coins have been usually used as hedge against economic downturns, as in the case with stablecoins. The CEO is imagining a scenario where cryptos and S&P are moving in a rather predictable fashion. An important move on the stock market can signal a positive or negative move on the crypto market.
The other trend that is taken into consideration by Ritchie is the possible decoupling of cryptocurrencies, i.e. the divergent price and development paths that alt coins and Bitcoin can take.
While the industry is in two minds as to how Bitcoin will develop, some fintech and blockchain experts expect stabilization in the price of the “people’s currency” and steady, but slow increase by the end of 2019.