|It was the American writer and entrepreneur Mark Twain who said “Prophesy is a good line of business, but it is full of risks.”
So as we turn our backs on a frankly dreadful 2018 for crypto markets and face 2019, it’s firstly time for us to see who is taking the risk to stick their neck out on crypto price predictions, and secondly for us here at GlobalBlock to note what we see as being key drivers for the market.
Let’s begin with predictions.
Mike Novogratz (the ex-Goldman Sachs billionaire fund manager and founder of Galaxy Digital) has given various predictions throughout 2018 which have been scrutinised, particularly as some of these have been less than accurate. Nevertheless, in a recent soundbite he suggests that it’s realistic to expect Bitcoin to reach US $20,000 next year. Sonny Singh (CCO of Bitcoin payment service provider Bitpay) is also quoted as saying, in line with Mike Novogratz, that a price point of US $20,000 is reasonable for Bitcoin in 2019.
Calvin Ayre (Founder of Bitcoin Cash and now figurehead of Bitcoin SV) believes that Bitcoin will go to zero in 2019. This doesn’t reflect an overall bearish attitude towards crypto but more a belief that Bitcoin has now been superseded by more scalable technology and solutions.
Tom Lee (CEO of market research firm Fundstrat) and Sam Doctor (Fundstrat’s Quant Strategist) have had a brutal year considering some incredibly positive predictions for Bitcoin in 2018 which failed to materialise. Whilst their outlook for 2019 isn’t quite so bullish as some they still believe that a Bitcoin price of US $36,000 is achievable.