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Bitcoin Price | Recent News that Drives the price of BTC

December 7th, 2017 | $17,000 | John McAfee predicts $1,000,000 by 2020

bitcoin price

December 7th will be remembered as a historic day for Bitcoin, reaching a high of $19,697 on Coinbase. While some are speculating that those prices were inflated relative to other exchanges, we still had buyers at those prices. I typically don't like to quote prices from Coinbase for this reason, but the price action on that particular exchange cannot be ignored.

The timing of this is quite remarkable, as John McAfee tweeted an updated price target of $1,000,000 by 2020 based on his model assumptions and the recent rise in the Bitcoin price only a week earlier. The sound of Bitcoin was literally in the air today, in the news, and around the office and social media. Popular Instagram accounts also began posting Bitcoin related memes during Bitcoin's epic rise.

The Bitcoin price will be anyone's guess starting next week, as Bitcoin futures trading begins on the CBOE exchange on Monday, December 11th. Some investors are cautious about a potential ramp up in the price of Bitcoin having effects on a potential short position come next week. Inflating the price of Bitcoin could be wildly profitable for traders who want to get short if the trade goes their way.

November 26th, 2017 | $9,300 | Jose Canseco Calls for $10,000 by 2018

2017-11-26

Thanksgiving week has been absolutely insane for the price of Bitcoin. Even as I write update this blog post, the Bitcoin price has increased to $9,500 and then decreased below $9,300. This increased comes just weeks before futures trading begins thanks to the CME Group.

The weekly BTC chart (not on log in order to show the extreme growth) above screams bubble territory to many newcomers to cryptocurrency. Many equity investors we have spoken to have urged us to "sell while you still can" and "it can't go up forever". While this may be sound advice for traditional investments, Bitcoin and cryptocurrencies are a brand new asset class. Brand new asset classes don't come along very often, and this might be the newest one we see in our lifetime.

Baseball legend Jose Canseco has also jumped on the Bitcoin bandwagon. He also touts that blockchain technology will become common knowledge in 2018, helping to drive mainstream adoption. Canseco is calling for $10,000 Bitcoin price by New Years Eve 2017. Today's volume and price action make this short range target an almost certain bet.

The $10,000 BTC price target can be tagged at almost any moment, but the real question is what happens after $10,000. Many investors are sitting on the sidelines waiting for a pullback to enter a long position. Those same people may still be waiting for the pullback at $8,000 that never fully materialized. 

November 17th, 2017  |  $7,700  |  Mike Novogratz $1 Trillion dollar Crypto Market Cap

bitcoin price

The first half of November has seen new all time highs multiple times. Bitcoin approached $8,000 within the first week of the month, as news about the CME Group creating a Bitcoin Futures market before year end 2017 hit the market. Bitcoin futures trading has currently been viewed as a catalyst to the overall cryptocurrency market, but it also allows institutional investors to short Bitcoin.

The second week on November led to a significant decrease in BTC, as investors wanted to cash in on the SegWit2x hard fork that never happened. BTC dropped nearly 30% in only 4 days, allowing another buying opportunity at the previous highs of October.

Bitcoin then rocketed to $8,000 the following 4 days, but has failed to make significant strides over the new all time high. This sharp retracement was then followed by a new price prediction from cryptocurrency activist and former Fortress hedge fund manager Mike Novogratz. He is calling for a market cap of the entire cryptocurrency space to top $1 trillion by the end of 2018. While that may seem like an aggressive target, but this is only about 5x from current levels.

Novogratz is also calling for a $20,000 price target for Bitcoin by year end 2018. If current growth rates continue, BTC will hit $20,000 much sooner. This is more in line with Trace Mayers prediction of $27,000 in 2018.

If you continue to read the comments under the Novogratz tweet, you will find a number of investors are calling this figure “conservative”.

If you were to extrapolate the price of Bitcoin based on a $1 trillion dollar crypto market cap, that should put BTC between $30,000 and $40,000 based on the current dominance levels. Novogratz may be taking into account a change in distribution in which cryptocurrencies are dominating the market at that time. It is also known that Novogratz holds a significant amount of Ethereum, which may be his factor in taking marketshare away from Bitcoin.

Just last month, the former Fortress manager also predicted a $10,000 price within 6 – 10 months. This prediction, which seems very possible based on today’s price of BTC, was made when it was trading around $5,000.

October 17th, 2017  |  $5,600  |  Trace Mayer $27k Price Prediction

October has been an interesting month for Bitcoin due to the ongoing scaling debate. BTC also made a recent low on September 14th, 2017 of around $3,000, down from $5,000 just a few days prior. The China ban of BTC and shutdown of exchanges as well as the negative commentary coming from Jamie Dimon helped put fuel on the BTC fire.

The community has since rebounded, taking BTC to all time highs. This comes as no surprise seeing as how many investors are looking to buy the dip so they say. Support held strongly at $3,000, evidenced by the significant amount of volume and buying coming in on September 15th. There also appears to be consolidation over the past 4-5 days that may start forming a wedge. Hopefully this breaks to the upside!

Bitcoin Price

Additionally, Bitcoin entrepreneur and host of the Bitcoin Knowledge Podcast, Trace Mayer has stated on Twitter that a $27,000 price might not be out of the question by February 2018. Mayer came to this conclusion by utilizing a technical analysis technique revolving around the 200 day moving average. The thing I like about Trace Mayer is that he is committed to educating everyone on Bitcoin and blockchain technology, and he puts his money where his mouth is.