5 Bitcoin Predictions from Big Names

At the time of this writing, Bitcoin is priced at $3,800 and everyone is now making their own Bitcoin predictions. Many novice investors in the space are not confident enough to speculate and act on their own decisions, so they turn to influencers and large figureheads. In this article, we will briefly mention some Bitcoin predictions from big names in the space, as well as mention what you should personally consider when doing your own Bitcoin analysis.

 

Date: 
December 17, 2018
Read time: 
6 minutes

5 Bitcoin Predictions from Big Names

Author: Michael R.
Date: 
December 17, 2018
Read time: 
6 minutes

At the time of this writing, Bitcoin is priced at $3,800 and everyone is now making their own Bitcoin predictions. Many novice investors in the space are not confident enough to speculate and act on their own decisions, so they turn to influencers and large figureheads. In this article, we will briefly mention some Bitcoin predictions from big names in the space, as well as mention what you should personally consider when doing your own Bitcoin analysis.

 

At the time of this writing, Bitcoin is priced at $3,800 and everyone is now making their own Bitcoin predictions. Many novice investors in the space are not confident enough to speculate and act on their own decisions, so they turn to influencers and large figureheads. In this article, we will briefly mention some Bitcoin predictions from big names in the space, as well as mention what you should personally consider when doing your own Bitcoin analysis.

 

The main takeaway here is to trust yourself over influencers, and there is no reason to take their Bitcoin predictions literally to the dollar, instead, understand their general sentiment.
 

Big Names Have Big Influence in Bitcoin Predictions

In today’s day and age, influencers have massive power with their millions of followers across various social networks. Crypto, in particular, has big names on Twitter voicing their approaches towards their own Bitcoin analysis and Bitcoin predictions. Some influencers have longer-term predictions, making Bitcoin price predictions for 2020, and some have a shorter-term view.

Some of these people have followings that are so strong, once they Tweet about a project, the price of that project’s asset will increase noticeably - within hours or minutes. In some cases, the price changes can be drastic to the point that the SEC knocks on their door to stop promoting projects for their own gain. Still, gains are gains!
 

Bitcoin Price Prediction 2020

In this article we will mention some influencers that are worth being aware of, to consider in your own Bitcoin predictions:

  1. John McAfee
  2. Michael Novogratz
  3. Arthur Hayes
  4. Bobby Lee
  5. Lesser know influencers

Unless you are a day trader, you are most likely speculating on the long-term potential for Bitcoin. Let’s assume that you are willing to hold for a couple of years, forming a Bitcoin price prediction 2020, roughly.

ROI of bitcoin

1. John McAfee

Let’s start with John McAfee’s infamous bitcoin prediction of $1,000,000 per Bitcoin by 2020 or he will “eat [his] own dick” on national television. With a technical background, he claims that most of his Bitcoin predictions are based on rational calculations. He claimed, “It’s very simple, I’m a mathematician. As you run the numbers, the number of people using Bitcoin and the number of transactions, it’s escalating tremendously. That’s the true value… The true value is going to eventually be based upon usage and if you track the usage curve, a million dollars by the end of 2020 is conservative,” - yet, we are skeptical.

McAfee has a questionable reputation in the space. He makes general cryptocurrency price predictions on various altcoins. He used to pick one coin a day on Twitter, and after he would tweet his pick, the price would increase noticeably. He has since stopped due to rumors that the SEC was pressuring him to stop. Still, even recently he Tweeted a video of him with a Skycoin tattoo on his back. That is dedication. Additionally, he publicly noted on one of his web pages that he accepted around $100,000 per tweet if a project wishes to promote with him. The main takeaway here is to trust yourself over influencers, and there is no reason to take their Bitcoin predictions literally to the dollar, instead, understand their general sentiment. With McAfee, he is bullish - to put it lightly.   

2. Michael Novogratz

Michael Novogratz, the ex-hedge fund billionaire and current founder of Galaxy Investment Partners, was extremely bullish, but recently trimmed his Bitcoin prediction for 2018 to $9,000 per Bitcoin. This is a much more grounded Bitcoin analysis. We recommend following Novogratz for his general cryptocurrency price predictions with other coins beyond Bitcoin. For example, he is generally bullish on Ethereum as he is friends with Joseph Lubin, one of the Ethereum co-founders and founder of ConsenSys.

Fundamental analysis and technical analysis are the two primary methods that traders and analysts use when predicting the price of an asset.

cryptomaniks

3. Arthur Hayes

Then there is Arthur Hayes, CEO and co-founder of BitMEX, who has been vocal on Twitter as of late and predicts $50,000 by end of the year. He noted this is not the most precise Bitcoin analysis, but it is a prediction nonetheless. Overall, despite the wide range of Bitcoin predictions, the industry is bullish looking ahead.

4. Bobby Lee

Looking a bit more short-term, some major influencers have made Bitcoin predictions of their own. Bobby Lee, the co-founder of the crypto exchange BTCChina and a board member of the BTC Foundation stood by his $20k Bitcoin prediction for the end of 2018. As of now, it does not seem that his analysis will be accurate, but for our sake, we should note that Bobby is bullish.

5. Lesser Known Influencers

 

Lastly, it is important to also look at lesser-known influencers, but more trusted figureheads in the space. Albright Investment Group founder Victor Dergunov noted “that he expects to see prices increase substantially over the coming months.” Overall, the Bitcoin analysis noted that we may need to wait until 2020 for a major move as Ethereum might continue taking more market share from Bitcoin. Things need to settle.
 

Why should I care about other people’s Bitcoin predictions?

As we mentioned, Bitcoin predictions, or any cryptocurrency price prediction should be taken generally. Influencer predictions are just one aspect of what you should consider when doing your own Bitcoin analysis. The takeaway here is that the industry leaders are bullish. The next major concepts to consider when formulating a Bitcoin prediction is both fundamental and technical analysis.

Source: Wall Street Survivor YouTube Channel
 

How should I formulate my own Bitcoin Price Predictions?

Fundamental analysis and technical analysis are the two primary methods that traders and analysts use when predicting the price of an asset. You should first set a timeframe for reference - in our opinion, try making a Bitcoin price prediction for 2020. Then, you gather fundamental analysis, which includes influencer predictions, and technical analysis which looks at the historical price chart for Bitcoin. We’ll explain.
 

What is Fundamental Analysis?

Fundamental analysis is the process of gathering news which can include influencer predictions, gathering information from interviews with industry leaders, and following partnerships in the industry. Fundamental analysis is 50% of what should be considered in your Bitcoin analysis.

In summary, examples of fundamental data to consider are:

  • News - this can be current events, industry partnerships, or changes in corporate structure for major companies. An example scenario can be if a major company such as Coinbase brings in a new CEO.
  • Influencers - listen to what they say and gather a general sentiment.
  • History - look back at news articles from previous bear and bull markets to understand the style and sentiment of news during those times.
  • Instinct - draw a conclusion and ultimately, follow your instinct based off of your findings.

cryptomaniaks

What is Technical Analysis?

The other 50% of your Bitcoin analysis should consider technical analysis. Technical analysis is arguably more of a refined skill and takes practice. Technical analysis is the science of looking at price charts from different perspectives. You can draw support and resistance lines, observe volume, and notice how in certain situations (given the fundamentals at the time) how the market reacts. Additionally, you can view charts with different time frames. If you are making a Bitcoin price prediction for 2020, then you may want to view trading cycles on large time frames at a monthly or yearly view.

bitcoin prediction

Source: visualcapitalist.com

 

Put simply, technical analysts believe that price charts represent human behavior in the rawest, most technical way. Many traders actually rely solely on technical analysis, completely disregarding fundamentals, but we do not recommend this. This approach is mostly for day traders.
 

 

How can I get started?

Great question! The first step to being personally vested in learning how to form your own Bitcoin prediction involves having Bitcoin to start. As you explore the cryptocurrency world more, you will notice there is a high educational barrier to entry - even learning where to buy Bitcoin in a trusted manner takes time. We recommend checking out our start investing guides so you can begin speculating on this exciting market today.

Posted by Michael R.

Michael is an entrepreneur who has been deeply involved in the cryptocurrency industry since early 2014. He joined Cryptomaniaks as a cryptoanalyst, helping to create accurate and digestible content.

Comments

Add new comment

CLAP

Share

text
Find Great Tools