Predicting bitcoin’s price has been proven to be extremely difficult. A digital asset based on a free market principle can go through very volatile price swings. Moreover, the limited supply and the fact no bank or government can directly intervene have made bitcoin an attractive investment vehicle for both traders and speculators. Despite all of these unknowns, there have been a few correct bitcoin price predictions over the past few years, although they are hard to come by.
Not every firm in the world believes bitcoin will achieve a much higher value than it is worth right now. Over the years, a lot of these firms have been proven wrong, albeit Wedbush was right on the money with their somewhat conservative estimation of the bitcoin value. The American securities firm predicted bitcoin would hover around US$400 for a large part of 2016, which eventually became true.
Moreover, they also stated how bitcoin could go as high as US$600 in 2016. Albeit that estimate was very conservative in hindsight, they were only one of a few companies who believed in a positive result for bitcoin throughout 2016, after a rather disappointing 2015. In the end, they were right, albeit the bitcoin price far surpassed the US$600 mark by the end of the year.
2. Needham Analyst Spencer Bogart
It has to be said, Spencer Bogart has been right twice with the same price prediction, as strange as that may sound. In early 2016, the Needham firm for which he works predicted bitcoin’s price would go up to the US$655 mark, which it had done in the second quarter of the year. This came after a long downward spiral for bitcoin, which made the original prediction seem rather optimistic at that time.
In Q3 of 2016, Bogart issued a new Needham report in which the firm predicted an even larger value growth for bitcoin in 2016. The projections were changed to bitcoin surpassing US$848 in the next few months, which also came true. In fact, bitcoin went above US$1,000 at the end of 2016, making it one of the world’s best-performing assets for that calendar year.
1. Global Advisors
Very few people will have heard of the company Global Advisors, which is based in Jersey. This multi-million dollar bitcoin hedge fund has been quite successful over the years, mainly due to their strong belief in the value of this popular cryptocurrency. Co-founder Daniel Masters predicted the bitcoin price would touch US$1,100 in 2016, and he was only off by a sliver.
Looking back at the 2016 bitcoin price chart, the value barely hit the US$1,015 mark. But in the early hours of January 2017, bitcoin briefly hit the US$1,1399 mark on Bitstamp, even though that is only a “technicality”. It is difficult to say if Masters was correct or not, but he was very close to the mark. He also predicted bitcoin would go as high as US$4,500 by the end of 2017 and we can only hope he was right in that assessment as well.
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