BITCOIN PRICE: 3 experts’ bullish BTC price predictions by the end of 2019

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Despite the fact that Bitcoin prices are down more than 11% since May’s high of over $9000, many experts remain bullish on BTC and are predicting even higher prices before the end of 2019.

Oliver Isaacs: $25,000 by the end of 2019

Bitcoin analyst and investor Oliver Isaacs believes that the cryptocurrency could reach $25,000 as early as the end of 2019.

In a recent interview, Isaacs pointed to recent geopolitical and regulatory events as “drivers” behind the resumption of Bitcoin’s rise.

“There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers.

“The net effect of the trade war between the US and China has led to the sudden interest in bitcoin as a hedge on investments,” he said.

Oliver Isaacs: $25,000 Bitcoin by the end of 2019
Bitcoin analyst Oliver Isaacs (Everipedia)

Naeem Aslam: $10,712 by the end of June

According to Naeem Aslam, Chief Market Analyst at ThinkMarkets, we won’t have to wait until the end of the year to see Bitcoin start to regain its momentum.

Citing a 5-year trailing high for June of 25.98%, Aslam is confident that we could see Bitcoin prices as high as $10,712 by the end of the month.

Aslam thinks that the unveiling of Facebook’s cryptocurrency, GlobalCoin, will be a key factor in Bitcoin’s growth.

Calling the social media giant’s crypto launch a “brand-new paradigm,” Aslam believes that “the Facebook event will be the catalyst for the Bitcoin price to move higher.”

Why will GlobalCoin be such a resounding success? Because it has to be, according to Aslam.

“Facebook has to make sure that it has nailed all the loose ends because it really is a double edge sword. Any mess up by the firm is going to leave a big dent in the crypto space,” he said.

Naeem Aslam: Bitcoin to $10,712 by the end of June
Naeem Aslam, Chief Market Analyst at ThinkMarkets (Forbes)

Tom Lee: Bitcoin to $40,000 in five months…if ‘this’ happens

The ‘this’ that Fundstrat Global Advisors Co-founder Tom Lee is referring to is the $10,000 price point that many experts – including Lee – view as the psychological barrier to Bitcoin’s return to all-time highs.

In a podcast interview with Binance CFO Wei Zhou, Lee explains his theory behind $10,000 being the turning point, noting that once it does, FOMO will kick in at a “fast and furious” rate, catapulting Bitcoin prices by anywhere from 200 – 400%.

When it does happen, Lee is confident that it will happen quickly – within a matter of months.

“If Bitcoin somehow manages to get to [$10,000], it’s very likely going to make a run to $40,000 within five months,” he told Zhou.

So if Lee is correct in his assessment of $10,000 being the barrier that needs to be overcome, and if Aslam is correct in his belief that Facebook’s GlobalCoin launch can propel Bitcoin to $10,712 by the end of June, then by the end of 2019, prices could skyrocket to between $21,000 and nearly $43,000 by November of this year.

Tom Lee: Bitcoin to $40,000 in five months...if 'this' happens
Fundstrat Co-Founder Tom Lee (Fundstrat)

Erik Finman: Engineering a return to $20,000

At least one investor doesn’t plan on leaving Bitcoin’s price growth to chance, however. 20-year-old Erik Finman, an entrepreneur and early adopter (he bought his first bitcoin for around $10 when he was just 12), has a plan.

Despite his declaration last year that Bitcoin was dead, the self-made youngest Bitcoin millionaire told Forbes that his plan – along with other events he sees happening in the crypto space – will propel the cryptocurrency back to its all-time high of roughly $20,000 by the end of 2019.

“2019 is the new 2017 for bitcoin and cryptocurrency,” Finman said.

“Cryptocurrency is hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge,” he added.

Starbucks

Increasing adoption fueling momentum

In addition to the upcoming launch of Facebook’s GlobalCoin, mainstream adoption of cryptocurrency recently got a huge boost as Flexa, in partnership with the Gemini crypto exchange, released the SPEDN app.

This app allows Bitcoin and a few other cryptocurrencies to be easily spent at over 30,000 retailers.

Some of the biggest retail names are part of the Flexa Network, including GameStop, Lowes, Barnes & Noble, Whole Foods, Starbucks, and Office Depot.

Another reason for a surge in the price of Bitcoin offered by some analysts is an increasing view of BTC as a safe haven, much like a virtual equivalent of gold.

“I think its going to be an asset that will look attractive in the event of a tail risk event [like] loss of faith in central banks – I mean that’s really sort of the original reason that cryptocurrencies were developed – and that spectrum of deep, deep risk-off I think Bitcoin is going to act like digital gold,” Lee said recently.

Finally, increasing trading volumes as well as the number of Bitcoin transactions are even more cause for optimism.

Oct 2018 vs May 2019 -Comparing average Bitcoin transactions per day
Comparing average BTC transactions per day in October 2018 and May 2019 (data courtesy of Quandl)

In October 2018, Bitcoin’s 24-hour trading volume ranged between $3 billion and $4 billion with an average of 241,949 transactions per day.

By contrast, May saw sustained 24-hour trading volumes between $20 billion and $30 billion with an average of 372,676 transactions per day.

In line with Bitcoin’s price dip over the past week, in June to date, BTC is averaging 24-hour trading volumes between $16 billion and $25 billion with an average of 328,363 transactions per day

Bitcoin is currently trading at around $7967.