Bitcoin Price Prediction and Analysis: Forbes Lowers End of the Year Prediction Value for Bitcoin. Thursday, June 7
Important Bitcoin News
Forbes Lowers End of the Year Prediction Value for Bitcoin
Forbes had earlier in the year predicted that Bitcoin will close 2018 valued at about $15,000. The company this week adjusted the prediction based on extenuating conditions which were not taken cognizance of in the previous forecast. According to a release this week, Forbes analysts are saying Bitcoin will now close the year lower at $12,500.
The reason for this modification is that there has been a reasonable drop in transaction volume across exchanges prompting a revisit of earlier analysis. Bitcoin price has dipped to $7,100 at the end of May from nearly $10,000 at the beginning of the month mainly due to 8,200 bitcoins reportedly dumped on exchanges by the Mt Gox trustee.
Falling prices have made investors wary causing trading volumes to drop from $914 million in March to $429 million in May. The report says that growth rate will likely be slower even though trading volume will increase due to higher adoption of the coin.
Apple Co-founder Steve Wozniak Also Thinks Bitcoin Can Become The Global Internet Currency
Steve Wozniak has joined a number of tech giants that have given their views on the potential of Bitcoin to become the major currency of the internet. Some tech founders such as Jack Dorsey, Twitter and Square CEO, Naval Ravikant of AngelList and Peter Thiel, the venture capitalist have earlier made statement citing Bitcoin as the cryptocurrency with the potential to become the internet digital currency.
According to Wozniak, the fact that Bitcoin is mathematically defined and also has a fixed quantity makes it reliably ideal as the future currency of the web. He also highlighted the method of the coins distribution calling it “pure” and free from human manipulations. According to him, “…there’s no company running and it’s just…growing and growing…and surviving, that to me says something that is natural and nature is more important than all of our human conventions.”
BTC Price Analysis
This week BTC price has been unusually stable, as it managed to remain at particular range for couple of days. On June 4th after getting above $7700, BTC fell as low as $7399. The stable ground was found at $7600, fluctuating only couple of dollars in both way. It then dropped to $7500 for couple of hours only to recover slightly above the previous range and settling down at $7700.
BTC/USD Price Chart, Thursday June 7th:
Cryptoenthusiasts seem to be in a way divided into two groups. As many people are looking forward to Bitcoin's recovery and previous all time high region, however the other half of cryptocurrency supporters would like to finally see the market and coins behave based on their own performance, as currently most of price movements are still linked to Bitcoin. The end of dominance, would finally lead to a situation where BTC value drop won't be affecting the rest of the market, hitting altcoins twice as strong. At this moment, Bitcoin tries to find its stable ground and seems to be running away from the below $7000 predictions, which occurred after last month drops.
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