Tim Draper – s 2018 Bitcoin Price Prediction Still Unlikely Two Years Zometeen

Ter 2014, one of the more infamous Bitcoin VC’s, Tim Draper, predicted that the price vanaf Bitcoin will kasstuk $Ten,000 USD by 2018. Wij determined to revisit this prediction to see if it looks any more realistic two years te.

Tim Draper Sees a Grand Future for Bitcoin

Across the years, various experts have attempted to predict the Bitcoin price , and most of them have failed dreadfully. Unlike other financial assets, Bitcoin is traded on the free market , which is exposed to many different influences. This makes it all but unlikely for anyone to correctly predict the price at any given time.

But none of that is keeping VC Tim Draper from providing it another slok. Enthusiasts may recall how te a 2014 vraaggesprek, Draper stated how he envisions Bitcoin to klapper a $Ten,000 USD vanaf bitcoin by 2018. Most people will agree this is fairly a bold statement, albeit, given its 2013 bull run spil it reached $1,200, it’s not entirely outside the area of possibilities either.

That being said, various experts attempted to guess the early 2015 Bitcoin price about two years ago. None of them got even remotely close, spil they assumed the popular digital currency would be hitting the $Five,000 mark by then. Spil wij’ve seen, the price has not surpassed the $1,000 mark for fairly some time now, and it is doubtful if this will switch soon.

This is one of the drawbacks of Bitcoin spil a currency, spil people feel the value can go either way ter the coming years. Albeit many media outlets predicted the death of Bitcoin many times, things seem to have stabilized a bit ter the past Legitimate months. The lack of volatility is keeping investors on edge, however, spil price swings could occur at any time.

It would take a lotsbestemming for Bitcoin to reach the target spil envisioned by Tim Draper. A price of $Ten,000 vanaf BTC would waterput the entire market cap at close to 180 billion, which is a significant increase compared to the current $6.63 billion. That being said, a lotsbestemming can switch inbetween now and 2018, and something positive may come around the corner very soon.

Some people might argue such a statement is only logical from a Bitcoin investor, spil Tim Draper holds a significant amount of bitcoin sold off during the Silk Road trial. Then again, there’s slew of bitcoin to go around and many other holders around the world very likely wouldn’t mind hitting this price by 2018.

Do you agree or disagree with Tim Draper? What’s your Bitcoin price prediction for 2018? Let us know ter the comments below!

Sign up for the Bitcoin . com Newsletter

Bitcoin News delivered to you!

Ter Case You Missed It

Bitcoin Specie Will Close Out 2017 With Significant Infrastructure Support. From merchant acceptance, cryptocurrency businesses integrating support, and many other additions to the BCH economy, shows that bitcoin contant will have some sturdy infrastructure for 2018…, read more.

Press Releases

PR: Bitcoin Giant, Bread, Launches Native Prizes Token (Brd) to Become.

PR: Dimpay ICO – Don’t Miss Your Chance to Invest ter.

PR: Cedex – Converting Diamonds into a Tradeable Asset

If you’re fresh to Bitcoin, welcome. We’re a community of people from every part of the world, from spil many walks of life spil you can imagine, exploring the future of money. Let’s skip the philosophy and technical vaktaal, and just get you commenced using it…, read more.

Available for Android and iOS: Attempt out the fresh Bitcoin .com Mobile Wallet

Download the Bitcoin.com Wallet right to your device for effortless and secure access to your bitcoins. Volmaakt for beginners, the Bitcoin.com Wallet makes using and holding bitcoins effortless. No logins required.

Are You Our Next Strak?

Wij’re looking for another writer/editor!

If you’re an experienced reporter, your English is flawless and your knowledge-level on Bitcoin is to the moon read more here.


Get the latest price charts, statistics and our news feed on your webpagina. Check out our widget services.

Wij also produce bite-sized news to your favourite messaging app, join our Telegram channel.

Most Popular

South Korean Banks Druppel Crypto Accounts spil Government Plans a Kerkban

Bitcoin Can’t Zekering Cracking Things

South Korea Releases Emergency Measures for Cryptocurrency Regulation

Americans Are Taking Out Mortgages to Buy Bitcoin

Ten Bitcoin Apps That Everyone Should Have


Bitcoin is one of the most significant inventions te all of human history. For the very first time everzwijn, anyone can send or receive any amount of money with anyone else, anywhere on the planet, conveniently and without limitation. It’s the dawn of a better, more free world.

Bitcoin prices experienced some notable price fluctuations ter July, pushing higher spil anticipation surrounding the halving drove bullish sentiment.

Te spite of ups and downs overheen the 30-day period, bitcoin volatility fell significantly ter July. By the end of July, 30-day realized volatility had declined to 27%, compared to 30% at the end of June.

Arthur Hayes, CEO of leveraged trading verhoging BitMEX, said that the decline te this key metric likely had both positive and negative effects on the market.

Hayes told CoinDesk:

“When volatility falls, so does trader rente and that takes the price down with it.”

Indeed, July’s most high-profile news story wasgoed ultimately a non-event.

The halving spotted a reduction of the network’s miner prize from 25 BTC to 12.Five BTC. This event took place on Saturday, 9th July, when the 420,000th block wasgoed mined.

Strong market sentiment

Still, that wasn’t to say there weren’t notable developments ter the market’s fundamentals.

Te July, market sentiment wasgoed stronger on average than ter any other month ter 2016, according to figures provided by bitcoin trading toneelpodium WhaleClub. During the month, 81% of total position volume wasgoed long.

This figure almost doubled January’s figure of 43% and far surpassed February’s 55% total.

Past that, it wasgoed notably higher than the 62% that sentiment averaged during the very first seven months of 2016.

The trader optimism that existed ter July wasgoed also illustrated by WhaleClub confidence gegevens, which measures the percentage by which a particular day’s position sizes were larger than average. Confidence averaged 82% during July, higher than any other month ter 2016 except February, when it reached 83%.

While July’s confidence measure almost doubled every month te 2016, it did not sharply exceed the other monthly confidence figures the way sentiment did. The lowest confidence figure observed for the year wasgoed 68% te June, and the remaining months registered figures inbetween 71% and 74%.

Market sentiment wasgoed particularly strong leading up to the halving, spil 89% of total position volume wasgoed long inbetween 1st July and 8th July, according to extra WhaleClub gegevens.

During this period, confidence averaged 82%. Thesis figures not only exceeded those for July spil a entire, but far surpassed the sentiment and confidence measures for the very first seven months of 2016, which were 62% and 63%, respectively.

During this time, bitcoin prices rose to spil much spil $704.42 on 3rd July, almost 5% from the opening price of $672.48 on 1st July, CoinDesk USD Bitcoin Price Index (BPI) gegevens exposes.

The digital currency’s price had recently suffered a “sudden and intense” decline from almost $800 to $550, and “the price rise back to $700 wasgoed a natural market response” spil traders took advantage of the depressed price that existed before the halving, said Zivkovkski.

He emphasized that before the price dropped more than 13%, Whaleclub registered a record long-short ratio of 22 to 1, which pointed to an abundance of market participants having long positions open.

“No fresh money entered the system, and following a few days of low volume and failure to reach fresh highs, low entry buyers triggered a large sell off by taking profit,” he said.

Influence of halving

When the much-awaited halving ultimately took place 9th July, bitcoin prices fell to spil little spil $626.87, 11% lower than the monthly high.

Tim Enneking, chairman of cryptocurrency investment manager EAM, spoke to how the digital currency wasgoed corded to suffer a fallback.

“The halving is what drove prices from around $400 to almost $800,” said Enneking. “[This effect] wasgoed not lasting, however, with an almost instantaneously retreat back after the fact to $700 and then $600.”

Even tho’ bitcoin prices declined following the halving and remained subdued for a few days after the event, the markets remained bullish.

WhaleClub gegevens displayed that ter July, 81% of total position volume wasgoed long and confidence stood at 76%.

Mining production

Another area market observers had pointed to when emphasizing the potential drawbacks of the halving event wasgoed mining production.

Spil miners faced the possibility of generating less revenue, some analysts voiced concerns about the long-term viability of some companies.

Analyst Chris Burniske, blockchain products lead at investment manager ARK Invest, said thesis concerns proved overblown. “Hash rate trends since the halving have bot reassuringly stable,” he said.

Still, he suggested that there perhaps isn’t enough evidence to suggest all halving events will be similarly slick for the network.

“That said, if the hash rate stays plane overheen the coming years, then it actually gets cheaper to attack the network due to the deflationary effects of technology,” stated Burniske. “Hence, watching the hash rate with each halving of the block prize will be critical to assessing the efficacy of long term incentives for miners to support the network.”

Using a basic analysis, Burniske estimated that capitalizing a 51% attack would presently cost $680m. Given this figure, he emphasized that the mining network has remained “extremely robust” across the halving.

Market developments

While the halving – and the sentiment surrounding this event – grabbed the lion’s share of the attention ter July, market observers pointed to other developments spil contributing to bitcoin’s price fluctuations.

Some analysts asserted that the Brexit, the very visible uitgang of the UK from the European Union (EU), affected bitcoin prices te July.

While British voters approved the proposal of leaving the EU during the month, the situation could help heighten global macroeconomic uncertainty for years to come. The nation’s officials have not yet triggered Article 50 of the Lisbon Treaty, which is needed for the UK to formally start the process of exiting the EU.

Once they do, they will have two years to negotiate fresh agreements with trade fucking partners.

Analysts see the EU spil a potential influence on the price of bitcoin ahead.

“I think the Brexit has something to do with the relative stability (or conversely, lack of uptick) of BTC, spil the industry ter general sees it spil an chance for bitcoin (and other meta-assets) to play a larger role te the UK economy,” said Rik Willard, founder and managing director of Agentic Group LLC.

Algorithmic trader Jacob Eliosoff also weighed ter on the situation, stating that the Brexit most likely boosted bitcoin te July, thought he said the US election, and the strong polling observed by Republican nominee Donald Trump were also factors.

Yuan manipulation

Another development that grabbed the attention of digital currency market observers wasgoed the People’s Canap of China’s (PBOC) manipulation of the yuan. The central handelsbank has maintained a currency peg to the dollar for years and diminished this immobile exchange rate more than once ter 2016.

Thesis policy moves generated significant visibility, spil some market observers asserted that devaluing the yuan would prompt Chinese market participants to waterput their funds into bitcoin spil a store of value.

Olaf Carlson-Wee, founder of digital asset hedge fund Polychain Capital, commented on this situation.

“Chinese markets usually drive bitcoin prices, especially when it’s a bull run,” he said.

Wee believes July eyed some portion of wealthy Chinese citizen using bitcoin to escape capital controls, which te turn helped drive the market.

While many have pointed out the relationship inbetween yuan devaluation and bitcoin request, te July, the canap boosted the yuan’s daily fixing.

Hayes described this spil “a price negative factor”.

The leader ter blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. Interested te suggesting your expertise or insights to our reporting? Voeling us at news@coindesk.com.

Previous Article

The Emergence of Blockchains spil Activity Registers

Next Article

Bitfinex Heist Rings the Noodsein of Bitcoin Centralization

Related Stories

$20k Bitcoin? Switching Charts Favor Crypto Rivals

A look at bitcoin’s value across various crypto trading pairs suggests a substantial shove higher might not be likely te the brief term.

More to Come? Bitcoin Sets Record High Near $18k

Having successfully defended $16,000 earlier this week, bitcoin regained bid tone today and clocked a fresh record high above $17,800.

Up 50%: Ripple’s XRP Sets Price Record Amid Overstretched Rally

Ripple’s XRP cryptocurrency is scaling fresh heights today, but the rally looks overbought, according to price chart analysis.

Bitcoin Looks Lower Ter Pursue for ‘Petite Cap’ Gains

Soon after an all-time-high above $17,630 on the CoinDesk’s price index, bitcoin prices are beginning to look towards sub-$16,000 levels.

Related movie: Payment proof of Free Bitcoin Mining webpagina without investment|| Best webpagina 2017

Leave a Reply