Digital assets corrected slightly higher stopping the bearish trend at the beginning of the first week of October. The market is mixed red and green with most cryptocurrencies fighting for consolidation. Throughout 2018 experts in the industry have predicted different levels Bitcoin (BTC) is expected to retrace to. These predictions help investors to make decisions while taking their positions in the market. In this week’s Investor Insight article, we will use the latest predictions from finder.com cryptocurrency panelists. Therefore, sit tight and let me take you through expected Bitcoin (BTC) and Ripple (XRP) performance towards the end of 2018.
Bitcoin (BTC) to hit $10,319
The finder.com’s panelists release their prediction every new month. However, they concentrate more on the top ten cryptocurrencies by market capitalization. Included is also cryptocurrencies price forecast for the remaining months this year. The October prediction shows that Cardano (ADA) is expected to record the highest growth among all the other coins. The digital asset will grow by 159% by the end of the year.
The entire cryptocurrency market has been relatively stable for the most part of September. Bitcoin corrected lower from the highs last month around $7,400 and tested the support at $6,100. However, the price remained range-bound between $6,800 and $6,200. According to the panelists at finder.com, Bitcoin price is expected to surge to $10,319 by the end of this year.
What other experts say?
Contrary to the finder.com’s Bitcoin prediction, a renowned investor and hedge fund manager Mike Novogratz has revised his earlier prediction that placed Bitcoin around $40,000 by the end of 2018. The investor made a strong statement while speaking to CNBC earlier this week saying the Bitcoin is unlikely to retrace to $9,000. Novogratz reckoned “I don’t think it breaks $9,000 this year.” He, however, said that the largest cryptocurrency will come back above $10,000 towards 2Q of 2019. He said that the declining prices in the market are fueled by investment companies that are selling digital currencies. Novogratz said that an influx of money from institutional investors is expected in the crypto industry in the coming year.
Interestingly, some of the finder.com’s panelists predicted Bitcoin to hit higher levels by the end of 2018. One panelist said that Bitcoin will exchange as high a $20,000. However, another panelist was more bearish prediction a downwards correction to $5,200.
In spite of the market taking a hit in the last three months, the panelists are still strongly bullish even for the other cryptocurrencies like Cardano (ADA), Monero (XMR) and Ethereum (ETH) all which are expected to grow by 159%, 93% and 79% in that order.
While Ripple was the best performing asset in September, it was predicted that it will experience the biggest decline towards the end of the year. XRP/USD will decrease by 8% before the year ends.
The CEO of finder.con UK, Jon Ostler reckoned that “Cryptocurrency is currently a bearish market, with our panelists.” He continued:
“The issue of the pending ETF decision by the U.S. Securities and Exchange Commission is still on our panelists’ minds, with some citing the decision as the main indicator of short-term performance and anticipating it to affect the market for months to come.”