$2,800 VS $25,000: Where will Bitcoin price go?

This week, the Bitcoin price fell below $8,000 and lingered around a lower price range since May 23rd . Then, the price curve dropped to a lowest-price level, about $7258.66, since April 12th . When it comes to Bitcoin market cap, it fell down $300billion, about $500billion lower than the price level in earlier 2018.

The dim trend of Bitcoin price around people’s concern that does the market heads towards the bearish market. People are deeply divided over the price move.

 

1.“Bitcoin will fall down to $2,800”

On May 26th , Jack Ma stated that Bitcoin as bubble and Paul Day predicted a further decline in Bitcoin. Paul also adds that the forecast of Bitcoin price nowadays parallels the portrait of 2014 and the price curve slumped down to $2,800.

And as we all known, $6000 marked the cost level of mining a Bitcoin, but recently, an analyst,called Willy Woo, held his statement that the price of Bitcoin is going to fell down $6000 in the short run.

“So, in summary, my best guess… slowish bleed down to $6800… then a steeper slide to $5700, then a leveling out of the drop… then a flat zone. This is an educated guess based on volume profile and fundamental data framing the rate of movement,” added Woo.

 

2.“Bitcoin goes up to 25,000 in the year end of 2018”

After Bitcoin started to slump to the price range under $7500 on May 23rd  last week, Tom Lee, the analyst of Fundstrat expressed his euphoria about Bitcoin’s future price.

He told CNBC on 24th last month that the Bitcoin price will reach $2,5000 in the year end, a price level which even higher than the historical peak in December,2017 for the current price move of Bitcoin is merely a classic fluctuation in the market and mining is still profitable when take the ratio of cost and benefit into consideration.

Then, Spencer Bogart also backs Bitcoin up, claiming Bitcoin is still a options for people to invest, and it’s the one of the best performers in the crypto-world.

According to citicoins.com, the current price of Bitcoin stands at $7,517.55. Though it may be difficult for Bitcoin to stand firm within a higher price range, but I see cause for hope.