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Bitcoin Price to Reach $60,000 Before Crashing to $1,000 in 2018 is Saxo Bank’s ‘Outrageous’ Prediction

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“Bitcoin is thrown to the wolves,” the headline reads, punctuating the tail end of Saxo Bank’s prediction that the bitcoin price will soar above $60,000 in 2018 before crashing more than 98 percent to “its fundamental ‘production cost’ of $1,000.”

The Danish investment bank issued this forecast in its annual “Outrageous Predictions” publication that purports to identify “highly unlikely events with underappreciated potential.”

    “The rise of Bitcoin and other cryptocurrencies has been one of the most spectacular phenomena of financial markets in recent years,” two Saxo analysts write.  “Bitcoin will continue to rise – and rise high – during most of 2018 but Russia and China will together engineer a crash.”

The bank predicts that fueled by prolonged bullishness over the advent of bitcoin derivatives,  the bitcoin price will rise approximately 400 percent from its current level to peak above $60,000 — bringing its market cap to $1 trillion.

However, Saxo warns, bitcoin’s meteoric ascent will be equaled by the rate of its demise. Concerned about capital flight, China and Russia will unleash a multi-pronged assault on the decentralized cryptocurrency ecosystem to “shift the focus away from Bitcoin”. In addition to creating their own, state-backed cryptocurrencies, the two governments will ban mining, citing environmental concerns even though their true priority is keeping a handle on domestic monetary policy.

Bitcoin diehards will not give up without a fight, but the bank predicts that state-run cryptocurrencies will prove to function better as actual payment systems, putting an end to the two-year crypto craze and causing the bitcoin price to careen down to $1,000.

“The smoother functioning of the state-run protocols for actual payments and price stability, as well as the heavy hand of state intervention, drives a decreasing interest in all cryptocurrencies and completely sidelines the Bitcoin and crypto phenomenon from a price speculation angle even as the technological promise of the blockchain gallops on,” Saxo concludes. “After its spectacular peak in 2018, Bitcoin crashes and limps into 2019 close to its fundamental “production cost” of $1,000.”

Remember, these predictions are somewhat tongue-in-cheek — the bank deliberately concocts unlikely scenarios. However, Saxo did foretell “huge gains for bitcoin” in last year’s edition, although the bank’s “outrageous” prediction that bitcoin would rise as high as $2,100 has proven to be shockingly conservative.

Source: https://www.cryptocoinsnews.com/bitcoin-price-to-reach-60000-before-crashing-hard-to-1000-saxo-bank-outrageous-prediction/

It's a ludicrous statement, but very profitable for traders nonetheless. It's quite funny how all these banksters think they have an opinion worth sharing, while they don't understand the fundamentals of Bitcoin, and why people buy themselves into the market alongside the speculation aspects. If we had to believe these banksters, Bitcoin would burst at $1000, then $3000, then $5000, then $10,000, and now they suddenly see it explode in value? Get lost you pathethic beings. State run crypto currencies can offer people a better level of convenience, that I am sure of, but they tie people to this on debt based system more than ever before. It's almost insane when you consider that in current days (aside from cash and a few miner physical assets) we can only transact with each other through corporations. They decide who we'll be able to transact with, they decide how much we're able to transact with, and they are able to freeze our funds at their will.

LOL. They have started already with their anti-bitcoin war. But bitcoin has dodge everything so far. Both having a state back crypto currencies will not satisfy their citizens who love bitcoins. Plus with the ridiculous tax that they are imposing, the will die a sudden death before bitcoin.


They are really good at creating scenarios for the demise of bitcoin. How many times did bitcoin die again? LOL. Bankers have started a war and for me this is going to be a long one. Battle of attrition. Although we are at a disadvantage because we are on the defensive. And this garbage article is one of those creating panic and putting "mind-fuck" to our bullish investors.

So they are basically advertising bitcoin and adding fuel to the fire. They are going against other big banks and authorities who are warning not to invest in the bubble that's about to pop. Listen people, this bitcoin bubble will triple in value before it pops, quick take advantage! :D I can't believe a bank is saying this. Most official institutions are staying away or bashing it as advertising would equal involvement, a liability in case of a crash that takes millions of USD in investments, so despite some negativity in their opinion I'd be bullish after reading this.

Could put my sign under every word, those money printers mad because they can not controll bitcoin and try to gain their influence on it with every possible means.

For starters, he assumes that the production cost will remain $1000 even if the price goes to $60000. That assumption is basically wrong. When the price rockets, expect additional mining capacity to be added and the cost to increase. So even if the outrages argument that the price will fall to the cost of production comes true, we can be sure that it won't crash to $1000.

Just a minute ago I have seen the same kind of thread, but numbers there were a little bit more modest, 20k$ as the top for bitcoin before the deep fall. Every expert made his own scenario so we are in the situation when we don't know to whom to trust.
And the war between crypto and banking system has been started for a long time ago  ;)

Wow! And all of a sudden almost everyone has a say about how Bitcoin will be in the long run. To say the least, almost everyone plays expert on the subject matter. Nonetheless, Bitcoin investors would not let such unsolicited predictions affect them because surely they have researched and studied on the movements of Bitcoin before they embarked on this investment. There is too much sour graping in the market because of the remarkable growth of Bitcoin for the past month. In fact, it exceeded predictions. 

holy fark....is this even news?

the whole article was these absurd speculative scenarios.

It seems to me that with bitcoin nothing will happen until its capitalization will reach 10-15 billion dollars. If my assumptions are correct that bitcoin is an invention of the American financial tycoons and the government. They want to get rid of a huge public debt and revive the economy of America.

This is just a good example of garbage journalism that is very common in both mainstream and crypto media - so called experts are just calling arbitrary prices at arbitrary dates, backed up by some primitive statements like "China will ban Bitcoin". In reality, anyone who has been around for a long time knows that it's extremely uncommon to have anyone succsefully predict the price for more than a few months ahead. Not so long ago people were predicting the top at $8,000 by the end of this year, and literally no one predicted that the price will touch $20,000 or will even be at $15,000. No one really knows were Bitcoin is going short term, or what events that can influence the price may happen, and what exactly their effect will be.