Bitcoin set to hit $29,533 by the end of the year according to a new survey though the value has plummeted from last week’s gains by about $2000 to about $8,820 as of writing time. The new survey first covered by express.co.uk also shows that this recent dip is the best time to buy Bitcoin.
The largest cryptocurrency has dropped in value by over 19% in the last 7 days according to coin market cap. This drop leaves the coin trading at $8,820 as of press time with a 1.42% increase in the past 24 hours
The current downward trend in the price of cryptocurrency exemplifies a volatile market nature, something which most people experienced with Bitcoin are used to and many believe the price will bounce back as it has always done.
According to a survey reported by express.co.uk analyzing the price trend of the top 12 digital currencies, the forecast shows that the prices of Bitcoin is set to hit $29,533 by December 2018. If the survey is correct, that means we can expect to see a price increase of about 194% by the end of the year. Ethereum was also another coin analysed and with prices also expected to rise in this same period.
Currently, the global market capitalization has reached a monthly low of $352 billion, thus 47% decrease from its recent rise of $518 billion witnessed on February 18th according to data from coinmarketcap.com. Nonetheless, the survey indicated that cryptocurrencies are incredibly volatile, and the fluctuation in prices is not something new meaning investors should expect to see similar movements throughout the year.
Therefore, if the survey proves right, now could be the best time to purchase Bitcoin given its current low price while waiting for the dramatic increase in price during the remaining part of the year.
However, we also advise our readers to do their own research before investing in any cryptocurrency.
Do you think the price of Bitcoin will rise as the survey suggests? And if so, how will other cryptocurrencies benefit from this movement?
Let us know what your thoughts in the comment section below.