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New Forecast for Bitcoin Price: $ 9,500 by the end of 2019

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The Australian website News.com.au has interviewed a number of experts on the future of Bitcoin. This resulted in a very positive picture. Financial experts saw the king of cryptocurrencies at a price range between $ 7,000 and $ 9,000 at the end of 2019.

Ben Ritchie, executive director of Australian Digital Capital Management, gave the highest forecast from. He assumed a bitcoin price of $ 9,500 at the end of the year. Ritchie said it would get there slowly and steadily.

The average other experts' price estimates were just under $ 7,000.

Why do experts see Bitcoin positive in the long term?

Many industry experts see the future of Bitcoin as positive in the long run. The reason for this are various short-term market catalysts. For example, Intercontinental Exchange's Bakkt platform in the US is expected to launch Bitcoin Futures in the first quarter of this year. The US financial services company Fidelity in turn wants 2019 to provide custody of cryptocurrencies. The activities of these big players are likely to boost investor confidence.

However, a slow rate hike could be a problem for the crypto exchanges. Already, stock exchanges in major markets such as Japan and South Korea are struggling with falling trading volumes. Some of the crypto exchanges report a 90% decline in trading.

The co-founder of the Australian comparison website Finder.com.au, Fred Schebesta, pointed out one particular circumstance. He explained that a growing number of Australians from the age group of so-called “millennials” are becoming more and more adopting cryptocurrencies. So he said:

“Millennials are particularly open to cryptocurrencies because they want to create wealth for themselves. They grew up with digital technology, so it's no wonder they're interested in cryptocurrencies. They see investments very differently than their parents. “

This statement is likely to apply to a large part of the millennials in the industrial nations worldwide.

The entry of financial institutions

Some investors expect the big financial institutions to invest in the market in the third quarter of 2019. By then, Bakkt and Nasdaq would have paved the way. So far, the institutions are still waiting, probably due to uncertainties. These may be in the regulatory framework and the asset class itself.

BlockTower Capital's Information Technology Director Ari Paul said on Twitter:

“I was in the past too optimistic about the pace of institutional adoption. It takes place, but I can not guess in which quarter (…). As a modest forecast: around the third quarter of 2019. “

In any case, the prediction of multi-billion dollar investor Mike Novogratz should also be considered. He had predicted in November 2018 that the market would rise slowly in 2019 and then grow into a large bull market.

Source: Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/new-prognose-fuer-bitcoin-kurs-9-500-usd-bis-ende-2019/

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