While many expected Bitcoin crash in 2017, in our private cryptocurrency investment club 2017 Bitcoin Price Forecast was set to surpass $2650. Now the question is will Bitcoin crash again?
25 May, AtoZForex – Of course Bitcoin involves risk, however its current reward opportunity attract more and more novice investors. Like everything else, Bitcoin prices are also driven by supply and demand. When there is too much Bitcoin demand, while Bitcoin supply is limited, the price of Bitcoin will ultimately rise. Indeed, this was the reasoning in the first part of our 2017 Bitcoin Price forecast. Buy Bitcoin to sell!
Why Bitcoin Price keeps on increasing? Simple reasons
- Why Bitcoin price rise? Reason 1: There are limits on how many bitcoins can ever exist. Meanwhile, there are more and more people trying to get some Bitcoins. Economics 101: Constant supply + increasing demand = higher prices
- Why Bitcoin price rise? Reason 2: Mining Bitcoin (See: Top 10 Bitcoin Miners) becomes harder and harder, less new supply in the market
- Why Bitcoin price rise? Reason 3: It is the only payment solution without a third party involved. As the world becomes more and more tracked and traced, more people look into privacy. Especially, financial privacy. Most important part is that, there are more and more countries where bitcoin is legal.
2017 Bitcoin Price Forecast
We’ve used double analytic method in our 2017 Bitcoin price forecast. You probably are wondering what is double analytic method, right? Double analytic method is based on supply & demand + technical outlook. Thus based on 2017 bitcoin price forecast we have looked into where does the Bitcoin demand come from, the volume involved and of course the supply. Additionally, we have used Yagub Rahimov’s true Fibonacci wave theory to answer the question of will bitcoin crash.
If you spent $1000 7 years ago on Bitcoin, you would have now $77 million. So why not to see 1BTC at $1 million in 7 years?
First and foremost of all, like Gold, Bitcoin price is due to its scarcity. There is not an unlimited supply of it. Hence, when a person like Bill Gates or Richard Brandson comments that they believe in Bitcoin, of course their followers start looking into it and trying to buy whatever they can.
Will we see 1 BTC = $1 Million?
Here is a fun fact, if the total population of the US and Europe each owned just 1 BTC the value of Bitcoin would surge above $100,000. Thus we can not rule out a long term possibility that 1 BTC will be $1 Million USD or somewhere there.
However, there are fundamental issues. Leading world economies all rely on their taxes. With Bitcoin, since you have your anonymity, tax authorities can not really track you. This is indeed what is attracting more Bitcoin demand. Among these, issues the most recent one is of course WannaCry Bitcoin demanding ransomware. This means, Bitcoin demand is also rather high among the criminal world. It is much more easier to transfer $2600 with 1 BTC right now than $2600 via bank wire or any other financial transaction mean. To cut it short, we know where the buttom is at, ZERO. However, 7 year or longer bitcoin price forecast high is $1 million USD or even higher.
Will Bitcoin Crash?
Will bitcoin crash and disappear? I’d say most probably not! Is Bitcoin a bubble? At the moment, yes!
However, there are more and more new technology adoptions and even more Venture Capitals as well as Hedge Funds backing Bitcoin, which is pushing the Bitcoin Price higher and higher. There is just limited number of Bitcoins available. When Bitcoin Mining will come to its end, that is the time Bitcoin Price will start flying high!
Bitcoin Price Technical forecast
As we said at the beginning, double analytic method is what we used n our 2017 Bitcoin price forecast. Goin back to Bitcoin price technical forecast, in the immediate horizon, we have two resistance zones for Bitcoin. While the main resistance is right on $2847, the second bitcoin price resistance is on $3250.
These Bitcoin Price resistance levels are according to Yagub Rahimov’s True Fibonacci Waves theory. He projected to sell Bitcoin at $1800 and buy again at $1575 and again selling it at $2200 to buy at $2000 level.
Now, based on Yagub Rahimov’s Bitcoin Price technical analysis forecast, we can see that there is an imminent correction. Will Bitcoin collapse? We can not guarantee this. However, Sell Bitcoin at $2847 is imminent and bearish targets for Bitcoin will be on $2380 level.
2017 Bitcoin Price Forecast Summary
To sum it up, the Supply and demand equilibrium is at $1600 for 1 BTC, as long as the price is above $1600 the Bitcoin demand will be higher than Bitcoin supply and therefore Bitcoin Prices will be on the rise. Greed is in Human Nature!
What is your Bitcoin price forecast for 2017?