The latest Bitcoin price predictions and opinions: $50K, $1M or $98M?!

18 Apr, 2019 | Updated: 18 Apr, 2019
by Jelmer van der Dussen
Bitcoin
The latest Bitcoin price predictions and opinions: $50K, $1M or $98M?!

No day goes by without a bold Bitcoin price prediction for the near or distant future. Chepicap gives you an overview of the latest opinions, analyses and predictions on Bitcoin of the last week.

Bitcoin to $10K…
We of course start with full time Bitcoin price predictor Tom Lee. According to the Fundstrat analyst, Bitcoin will top $10,000 before the end of 2019. "If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for Bitcoin", Lee said in an interview with MarketWatch.

Predictions of Lee are not always spot on. The analyst predicted in 2018 that Bitcoin would close the year above $20,000, correcting it later to $15,000.

Read more: Tom Lee: Bitcoin will top $10,000 in 2019

…Or $50K?...

Bitcoin price predictions can always be bigger and better, Bitmex CEO Arthur Hayes must have thought. Hayes said in a podcast with Luke Martin that Bitcoin can reach $50,000 in the next two to five years. "It could go higher if the world plays out the way I think it will play out", Hayes added to that.

Read more: Interview with BitMex founder Arthur Hayes: "BTC to $50k within 2-5 years"

…Or $1 million?...

Remember that '$1 million or I'll eat my private parts' bet of John McAfee? Lately, the $1 million Bitcoin price target pops up more often in the predictions. First there was IBM's Jesse Lund stating that $1 million is definitely an option for BTC, and now it is PayPal director Wences Casares who says that 'Bitcoin has at least a 50% chance to succeed. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years.'

...Or $98 million?! Are you serious?

Now, this is getting a bit too much. We’ve had $100K, $1 million, even $10 million Bitcoin price predictions. But $98 million?!

However, according to popular crypto analyst @Moon__Rekt, Bitcoin could reach $98 million in 10-20 years. The self-proclaimed 'Bitcoin HODLer of Last Resort' claims that his projections are a combination of several factors, which include hodlers, the increasing scarcity of the world’s number one cryptocurrency and the next years’ halving that will see miner rewards drop by 50%.

Retracement ahead for Bitcoin?
Now all these price predictions are interesting for the long term. But what about now? Where is Bitcoin going after breaking $5000 earlier this month?

Traders and analysts seem divided. Some are calling the end of the bear market, but others are warning investors for a pullback.

In comes @MagicPoopCannon. Mr. Poop Cannon (yup) is one of the most popular analysts on Tradingview, and he/she thinks Bitcoin could see a retracement in the next week or so. If Magic's expectations turn out to be correct, Bitcoin could see a 15% to 20% drop to $4,100 in the next period, and then sell-off even further, potentially to the mid $3,000s, to finish this formation.

Read more: 'Watch out: BTC could see a large pullback in next 10 days', analyst says

Eyes on $8000
But for every (short-term) bear, there is a (short-term) bull. Popular cryptoanalyst Crypto Thies says it's more more likely Bitcoin will rally to $8000 'without retesting the lows' than collapse to $3000. He notes that his year-end target for BTC is “near $8,000” so long as the current trend continues.

BTC outperforming everything!

Ending this overview with more good news: the confirmation that 2019 has been good for Bitcoin so far comes from investor Charlie Bilelo, who stated that with 35%, Bitcoin had one of the best returns in 2019 so far, outperforming legacy stocks such as the S&P 500, the Nasdaq 100, and even the likes of gold and treasury bonds. Bravo!

Read more: Bitcoin has outperformed the stock market in 2019, up 40%

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