For the Bitcoin course things are going quite well this year so far. Experts consider a positive price development for investors to be possible. One expert suspects that the price could rise up to 70,000 US dollars this year.
Records to be broken in June
According to expert Penthar Uhdi (also known as Masterluc on BitcoinTalk), Bitcoin will be worth $70,000 by the end of the year. As early as December 2018, he published a long-term forecast for the development of the Bitcoin price. So far, a large part of his assumptions have come true.
At first he assumed a decline towards the 3,000 USD, then he predicted a price increase to 14,000 USD and a bottom at around 6,000 USD. The Bitcoin price developed very similarly to these conjectures. If Uhdi is right, the price would break old records in June and move to a level of $20,000. According to this, the best would come last and the price would rise to $70,000 by the end of the year.
Whether Bitcoin will actually be traded at such a level remains to be seen. Because not only economic factors play a role, political events can also influence the price. Brexite, the US elections or a trade war are just a few examples that could influence the price of Bitcoin. However, political events can also boost the price. When Chinese President Xi spoke out in favor of the block chaine last year, the Bitcoin price rose by 40 percent overall.
Predictions need not come true
Uhdi’s prognosis is a bit like that of an unknown Bitcoin analyst at 4Chan. This unknown analyst expected Bitcoin to bottom out in December 2018 and then accurately predicted price movements through July 2019. After that, his prediction and the actual development of the Bitcoin price were miles apart. The price dropped significantly and the $16,000 for October was far too high. Will Uhdi’s forecast also end like this or should we chill the champagne?