Skew also predicts that the price of Bitcoin will reach US $100,000. According to the study, Bitcoin would have found a floor at US $10,000.
The price of Bitcoin could reach US $20,000 by December this year, according to a prediction made by analyst firm Skew. It also describes certain “signals” that indicate that Bitcoin will reach US $100,000, although they do not provide a specific or approximate date for that milestone.
In a report of the performance of derivatives of cryptocurrencies, mining and renewed interest in the ecosystem, Skew assures that the Bitcoin options market indicates a 13% probability of surpassing US $20,000 for the last month of this year.
In the same graph, where the probabilities for that month are shown, it can be seen that it is even possible to reach the milestone of US $20,000 in September of this year. However, the percentage of probability is a little lower than the one reflected in December, as the report indicates.
The firm’s study also establishes US $10,000 as a solid floor for the price of Bitcoin. The probabilities that it will remain above that figure, according to the graph, are around 50% for the months of July, September and December.
Future of US $100,000 for Bitcoin
Another prediction about the price of Bitcoin present in the report transcends what the firm estimates for December of this year. In fact, the document does not provide any date for that other forecast, not even a tentative date.
It can be clearly seen that the market is beginning to see projections that place the value of the main cryptocurrency at US $100,000, at some point in time. With the historic maximum of the Bitcoin hash rate, that price would generate a monthly supply in bitcoins of more than US $5,000 million, which would be reduced by half once Bitcoin reduces its rewards next year, as the firm says in its analysis.
Skew’s are not the only recent forecasts about the behavior of Bitcoin and the rest of the cryptocurrency market. In the ecosystem there are analysts with equally optimistic opinions about what will happen in the next months of the year 2019.
For example, Anthony Pompliano, Founder of Morgan Creek, did dare to provide a date for the arrival of Bitcoin at US $100,000. The deadline for that to happen would be December 31st, 2021, that is, in two and a half years. “My current level of confidence that this will happen is around 70-75%,” published Pompliano on his blog Off the Chain.
For his part, the CEO of Galaxy Digital Holdings, Michael Novogratz, limited himself to a forecast statement about the rest of 2019 that suggests that Bitcoin price will remain between US $10,000 and US $14,000 in that period.
Not only Novogratz, but also Skew’s own report, considers that the recent announcement about Libra, the cryptocurrency of Facebook, is one of the determining factors for the Bitcoin bullish period, which would have found its stability floor at US $10,000.
Predictions such those made by analyst firm Skew help users choose the best moment to invest. Once more Bitcoin has demonstrated its tremendous growth potential.
By Willmen Blanco