Top 4 Bitcoin Price Predictions for 2018

Given the way Bitcoin’s price has skyrocketed over the past year, it is very difficult to discern the fundamentals that can help us figure out its inherent value. As a matter of fact, when I started researching this article, the price of a single Bitcoin was around $12,000, 2 days and half an article later, the price of the same Bitcoin stand at $17,500 $ and now when I am updating this article the price is $7,900. Furthermore, the way Bitcoin has been breaking through all previous expectations has rendered any attempt at using technical analysis to make Bitcoin price predictions for 2018 irrelevant. Nevertheless, there are a few factors that should affect the cryptocurrency’s price going forward:

1. Rate of adoption: Metcalfe’s law states that the value of a network increases as the number of users on said network increases, and this is somewhat applicable to Bitcoin as well.

2. Underlying technology: Although Bitcoin is built on Blockchain technology, it is somewhat inferior from a technological perspective to other cryptocurrencies built on the same platform.

3. The appearance of other competing cryptocurrencies: With more and more digital coins surfacing on the scene, the argument for using Bitcoin as a means of transactions is becoming less justifiable.

4. The use of futures: Creating a futures market for trading Bitcoins will have a profound effect on the young currency.

5. Regulation: Regulation is inevitable; however, its effects are uncertain, rendering any Bitcoin predictions suspect at best.

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