Bitcoin Forum

Bitcoin Price Will Hit $20,000 Before Tanking: Financial Expert

Michael Spencer, CEO of NEX Group Plc, a London financial expert, sees bitcoin’s price reaching $20,000 before reversing steeply, joining the cadre of financial leaders who claim bitcoin is a bubble,

Spencer told Bloomberg TV's Guy Johnson in London that he has no idea if bitcoin’s price will double before it halves, but said it could hit $20,000 “pretty damn quickly.” Johnson began the interview referring to bitcoin, which surpassed the $11,000 mark on Wednesday, as “irrational exuberance.”


Crypto Is Here To Stay

Spencer acknowledged that cryptocurrencies are here to stay, but said bitcoin is a bubble.

In July, Spencer said he prefers Ripple and Ethereum to bitcoin and that he might introduce NEX trading platforms for cryptocurrencies. The problem with any bubble, he said, is that you don’t know if it’s going to double before it halves.

“At some point, it’s going to go a hell of a long way back down,” he said.

Bull markets typically hit a point where everyone is bullish, he said, and he doesn’t think bitcoin has reached this point. , SaAcknowledging that bitcoin has broad momentum, Spencer said there are signals that it is not the time to invest in it just because others are doing so.


Thumbs Up For Blockchain

Spencer, like many other bitcoin naysayers, is optimistic about blockchain’s future, noting that it has enormous implications that extend beyond the financial markets.

He said blockchain technology could be used to provide real-time settlement of securities transactions.

The fact that a technology has implications in many industries where it can improve efficiencies does not mean the bull market “can’t roll on a bit,” he said, hinting at bitcoin. He said there are signals that this is not a time to be “chasing everything the way everyone else is.”

Spencer also addressed the volatility of stocks, Brexit and other financial topics. NEX Group’s shares tumbled earlier in November after claiming market conditions were creating challenges for its post-trade services and electronic trading.

Source: https://www.cryptocoinsnews.com/bitcoin-price-will-hit-20000-before-tanking-financial-expert/

Very cunning move. Proceeding from the fact that now the price of bitcoin and the speed of its growth is profitable, but not for drivers. It is more profitable to pay in your own currency than now pay in bitcoins.

$ 20,000 is a good price. I can not stand to observe the growth rate of bitcoin. Every price increase of $ 1000 can result in a drop of $ 2,000 in the future. I constantly catch myself thinking that I don't want bitcoin to go up. But it seems to me that bitcoin is already so dispersed that no one will stop until it will fall.

Sums up my thoughts over the last weeks, increasingly so over the past days. Bitcoin's price simply can't be stopped at the moment, and I'm beginning to doubt even the opening of futures markets will do much to dent it. Traders who've been waiting impatiently to short Bitcoin since $10k will be breathing a quiet sigh of relief in the face of BTC raging past $15k now.

The good news in all of this is, if indeed we see $20k before end of the year, whatever bubble is going to burst, whatever major correction will happen, whatever crash is coming, it'll have an extremely healthy cushion to fall on. Biting my lips, but none of this will change my mind about holding on to all of my keep coins.

So many people betting on an immense tumble. More cheap Bitcoin for me if that happens, then!

It should start tanking for once. I am however of believe that if we do indeed see this market tank somewhere around the $20,000 level, that we may end up holding $10,000 as base. People at this point have been spoiled with how the market has gone up, and for that reason have become ignorant when it comes to a looming correction. In their eyes the market will shoot up in one straight line, and from there reach $30-$40,000 like it's nothing. Nothing in the world goes only up in value without the needed corrections and consolidation phases, and Bitcoin is definitely not an exception. It's just that we need to wait for this blind panic buying to calm down for a good moment.

This could be possible beacuse at present it is trading at 16k and above . Today itself it has rose close to 2500$ and May even rose more if it continues this way . It will crash beacuse this is just rising without any reason and making new high everyday now . Will need to see where it will reach during year end .

What is happening right now can be a great irony. before this seemingly endless surge, people have been hoping that Bitcoin would grow and hit $10,000 before the end of this year and now that it is hitting new records and now is poised to go into the $20,000 area many people are getting nervous and wishing that Bitcoin will temporarily stop its rampage. Well, it can be because we know based on history that there can be a big correction after a bull run and this time it can be huge compared in the past.

That's just an opinion. I don't have some "expert's" and well-known name and my opinion won't be counted as something necessary to be heard, but I am going to suppose that 20000$ which is actually very close (now on YoBit the price is 16900$) is not going to be the last point of growth. Even if bitcoin wfall it will rise back, cause of many people is just waiting to see a fall, to buy it as cheap as it is possible.

I am pretty much in agreement here! i will be holding even with
during and after the POP. and hopefully be in a position to get
some cheap [in comparison to todays price  ;D] bitcoin.

its really hard to know how this is all going to go.

financial experts opinions are worth nothing,its just an opinion of a guy who claims to know more
because of his "expert" tag,no opinions or predictions have been correct 100% of the time
and to predict it to hit 20.000$ you do not have to be an expert,just look at the trend
if the price has increased 5 times in just under three months
chances  it would gain 30% are very high
there is no garantee though as with anything in this world (except for death and taxes)
also I think if it reaches 20.000$ it will go up and up untill the saturation is reached,adoption is going nuts
more and more articles,TV news etc. pop up every day,the mass hysteria around bitcoin as the new age money makes the price go nuts

Bitcoin can easily touch $20,000 before anything goes wrong. I think it is way beyond imagination as last month the biggest goal for 2k17 was to achieve $10,000 and now that seems to be a past and we are heading towards new goal. Bitcoin has really gained over the couple of days making it one of the most volatile currency and at the same time most beneficial investment for the holders who even bought 30 days ago are really at high profit.

I wouldn't call the path to 20k an easy one. Bithumb is pushing the prices up like crazy but anything can change in an instant if a whale decides to crash the market. If you watch the orders closely you'll see that most people are holding now and enjoying the ride. There are not that many sell or buy orders and it takes very little money to move the price by another $1000. Unfortunately it also takes very little to go down as the buy orders are starting to pile up at least 10k below this ATH that we are at.

A lot of "Experts" also said that bitcoin will dump or a correction will happen after $10k but look what happen. Then here we go again, another came from nowhere dropping a statement and then bitcoin will surpass that another FUD speculation.

At 8:27am US pacific time it hit $19,340 on Coinbase.  I don’t know if it got slightly higher or not, because that was when Coinbase started having capacity issues. So it almost hit $20,000 today.

Financial Experts' Statements are now useless, I do think that they are just riding the fame of Bitcoin and do not have enough knowledge about. We should refrain from listening to this guys, Bitcoin is different from Businesses they are holding and with that being said I think these reporters should not pick up their statements and create articles from it.

This is the tricky part about bubbles: No one knows that it is a bubble until after the bubble has burst. This sudden rise is worrying me as well, the price is climbing too quickly. Just feels like another pump and dump cycle, but a huge one, so I can't be sure whether when the majority of whales cash out at $20K, this will trigger a chain reaction, urging everyone to sell and with that causing a crash.

Quite a possible version of the development of events. I did not wait for the price of 20,000 and sold yesterday to 15,000. And can anybody explain what will happen to the cost of bitcoin after the start of trading on the Chicago Stock Exchange?

I don't believe in any expert opinion when it comes to bitcoin pricing. Bitcoin has shown unexpected growth in last few days. Most of the experts predicted a correction after $13000 price, but BTC price just shoots up against all opinions and predictions.
Yes, as far as blockchain technology is concern, I believe it is the most influential innovation of this century till now. It doesn't matter BTC prices surges or soars but this tech. is definitely going to rock the future.

Since bitcoin gain so much value in the last few weeks, some corrections aren't inevitable obviously, as we seen before and right now.
Bitcoin price is driven by the demand which makes its price will be different on some exchanges, especially in some countries in Asia which listed bitcoin price over $20,000 even $22,500 yesterday. $15K is the new base level for now and the rally to $20K isn't over yet even though there are some problems regarding banks against cryptocurrency.

That's an ideal scenario for me as well. But you have to remain cautious because it's nearly Christmas and all these people who invested around the $10k mark will be bragging about their easy $5000-$9000 (on coinbase) per coin. We all know it's got to come down at some point. And let's say bitcoin hits $20k and than crashes 50%. How long do you think it will be able to maintain that level? Because a lot of people will be very interested in buying the dip so it could even skyrocket from there as well.

It is no surprise that these write-ups circulate nowadays because of the hit that Bitcoin reached. Many are dismayed on why they have not invested on it earlier on, and they are doing all they can to influence Bitcoin investors to sell their Bitcoins. Hence, this is nothing short of new to me. This is, in fact, something that I expected to happen. My take on this is to accept the opinions of others - take the extra precaution - but remember, at the end of the day, you have the final say. Consequently, you only have yourself to thank and blame.

One exchange doesn't mean much, especially since it's not the biggest one. We are still at 17k and will probably stay below this until the CME trading gets to full steam. Then we should be punching through that resistance with ease. 2018 will surely be an interesting year for BTC. It will either go to $50k or people get scared and move somewhere else. Either way it's going to be a good year for cryptocurrencies because the money invested in cryptos tends to stay in cryptos.
We are going to be making money either way with BTC or BCH or LTC or maybe some new coin like ADA or IOTA.

dunno where do you see 17.000? it is being traded at 14.000$
Bitfinex is stable at around 14.000,Bitstamp as well,korean exchanges are trading higher but definitely not at 17k
we passed the peak and now its correcting
20.000$ is a 30% increase on the current price,people are so used to the swings that they do not realise
that 30% up or down is not good for the asset,total bubble behavior