Mixed opinions on Bitcoin (available on Coinbase) price keeps the markets in the doldrums. Some analysts see the considerable crash, while others believe it could hit $50,000 by the end of this year. The unpredictable nature of cryptocurrencies is evident from the divergence of opinion.
Bitcoin (available on Coinbase) price has peaked around $19,000 before falling back to $6,000 on Tuesday. Bitcoin (available on Coinbase) pared some losses in Wednesday trade on enthusiastic comments from U.S. regulators. It is trading in the range of $8,000 at the time of writing.
How Will Bitcoin (available on Coinbase) Price Reach $50,000?
Several analysts are bullish on the long-term fundamentals of cryptocurrencies, and they believe regulator actions could be supportive of Bitcoin (available on Coinbase) price.
Thomas Glucksmann expects Bitcoin (available on Coinbase) price to rebound to $50,000 by the end of this year. He believes the entrance of institutional capital, increasing need for regulatory actions and significant technology developments could turn out to be the critical drivers for the potential rally.
Jamie Burke, the CEO of Outlier Ventures said, “We believe after February the market will likely go on a Bull Run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”
Both analysts have based their opinion on speculations and guesswork instead of supporting their argument with facts and figures.
What Do Others say?
However, the comments from the chairman of the Commodity Futures Trading Commission (CFTC) look more compelling for bullish investors. He believes Bitcoin (available on Coinbase) and other digital currencies have intrinsic value; the cost of mining should be considered as intrinsic value.
The prices are poised to crash even if Mr. Giancarlo idea is deemed to be true. Why? Because the cost of mining these coins is substantially lower from the current prices.
He further states, “As many other countries are doing, the cryptocurrency market should be allowed to grow while regulating illegal activities around it.”
Goldman Sachs, who previously criticized cryptocurrencies, came up with a different view today. He says the majority of digital currencies are likely to drop further if not at all.
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Based in Saudi Arabia, Siraj has a sTron (available on Binance)g understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects.
Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.