Can Bitcoin Price Hit $50k in 2018?

Bitcoin Price 2017- 2018
2017 was a great year for Bitcoin. Price has gone from $1000 to $20,000 in middle December.

However, then the bear market started and we are still in decline not at the writing of this article on 1 July 2018.

Many predicted a correction after hitting the top in the mid-December. Some predicted even a correction of 90% or in terms of price, a return to $3,000 price.

Till the time of writing this article we already had a correction of about 70%.

It is not easy to tell if the bear market is over, as we had some signs of a bull market in April but was short lived.

Now with the start of July, there are some small signs for a trend reversal.

First of all, we have been in a bear market for a long time.

Second, many cryptocurrencies started to show gains in the past few days.

However, more energy is needed to start a bull trend as the market is waiting for institutional money to enter the crypto market.

May people got fomoed in December when the price spike and bought in crypto, and now are stuck with losses.

When the next bull run starts the same fomo will happen as history everytime repeats itself.

Even the depression that hit the December buyers as something happened in the past.

The reason is that people do not want to buy when they see red candles.

Many people in December wished that bitcoin return to $6000 so they can buy, but now when the price is down to $6000 there are not many buyers. Instead many of them bought at $20k when candles where green.

So when we start seeing green candles FOMO will hit.

Price manupulation?
Some are speculating that price is being manipulated by the big players. I tend to believe that because we have seen many times the price going down and that many media sources posting articles to justify the decline like news about regulations, credit card ban to crypto even bringing old news about any crypto hack in the past to push down, even more, the price.

But recently something new got my attention. The Bithumb Hack where $32 million was lost. When this happened we did not see the expected price decline. Why?

Because the big Whales were not dumping their crypto. so the effect was small, but when they coordinate dumping with news the effect is much bigger.

After the Bitthumb hack, we saw even e small rally on the upside.

2018 Price Forecast

In my opinion, I see Bitcoin reaching $250,000 in a few years and that is because it is the money of future.

It is your bank that you can carry with you whenever you want and spend it in any country you go to.

Because it has limited supply and the price is determined for the free market demand.

For 2018 my forecast is that Bitcoin will hit $50,000 before the end of the year.

Maybe I am biased in my prediction as I hold cryptos, but which holder is not!