After a series of tax selling to avoid capital gains tax for Bitcoin, Bitcoin is set to rebound beyond US$20,000
Chuck Jones, the founder of Sand Hills Insights, wrote on Forbes titled "Bitcoin's Rebound Continues After April 17 Tax Day". The ongoing hype about bitcoin's future and overly-optimistic news about Bitcoin may have been a common sight these days but this is certainly not just speculation.
In the article, Jones discussed sentiments from Tom Lee, Fundstrat Global Advisors' Head of Research, who addressed reasons behind Bitcoin's plunge in the past months. He commented that the downward movement was due to Mt.Gox's trustee selling off Bitcoins "to pay back Bitcoin owners and creditors due to it being hacked in February 2014 when 850,000 Bitcoins were stolen" as well as probes into cryptocurrency by the U.S. Securities and Exchange Commission (SEC). Do see the projected Bitcoin prices image directly on the Forbe's website: https://www.forbes.com/sites/chuckjones/2018/04/22/bitcoin-continues-rebounding-after-april-17-tax-day/
Bob Mason from FX Empire also predicts Bitcoin's bullish future in the rest of 2018 (source: Yahoo! Finance) Bitcoin forecasts by several analysts show a bullish future for Bitcoin:
The bitcoin price is headed for the stratosphere. The bitcoin forecasts have been pouring in from seasoned investors and strategists like Tim Draper and Thomas Lee, each with a bullish price attached. Now Brian Kelly, founder and CEO of digital assets investment fund BKCM LLC, is joining the chorus, suggesting that bitcoin could set a new record in the short-term.
Other factors pushing Bitcoin
Bitcoin's limited supply of 21 million BTCs plays a crucial role in BTC price in the next few years. Currently, 80 percent of Bitcoin has been mined, i.e. 16.8 million BTCs and there are only 4.2 million Bitcoins left to mine, as of 13th Jan 2018 (source: cointelegraph.com - Molly Jane Zuckerman) While the final coin will be mined roughly in 2140, approximately 120 years from now, Bitcoin will gain more demand for its scarcity. Read more about Bitcoin mining here: https://www.investopedia.com/news/only-20-percent-total-bitcoins-remain-be-mined/
Fate of the altcoins?
Cryptocurrency Markets, together with Bitcoin, move together as a whole and many similar trends could be expected for Ethereum, Ripple, and Litecoin. Hence even if you are not looking into buying some Bitcoin, buying altcoins and cryptos is seen a good move by many experts in the finance sector. This is no longer a market speculation or hype but a well calculated bullish future for cryptocurrencies. Importantly to keep a diversified financial portfolio with cryptocurrency as a hedge or the best returning asset.
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