“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. READ MORE HERE! Yes, I think I have no choice but to believe that China and Russia will be working hand in hand next year to bring down the price of Bitcoin into just around 2% of its current value or even less maybe. And since this is just another outrageous prediction without citing any basis for it, you all have the choice whether to believe it or not. It has been getting fashionable to make incredible statements in connection with Bitcoin and expect media to cover the said press release for some free media mileage. I am saying that it can be a good marketing ploy to get people's attention just using some cheap labor and some creative ingenuity. As to going down as low as $1,000 per Bitcoin, that can happen if we can eradicate the demand speculative or not.
