[2017-06-01] Bitcoin may hit $4,000 by the end of the year: Analyst

[Eric Cartman]

Thursday, 1 Jun 2017 | 12:34 AM ET | 04:04

The digital currency bitcoin is currently still near all-time highs, but bullish calls remain for the asset. One investor thinks it could almost double to $4,000 by the end of 2017.

Bitcoin hit an all-time high in late May, reaching to $2791.70 according to CoinDesk data, recording a 180 percent rally year-to-date. There was a subsequent price correction towards $2,100 but bitcoin currently stands around $2,468.56. The market cap for bitcoin has swelled to more than $40 billion.

The bitcoin rally has been fueled by several causes:

• Japan passed a law in April recognizing the digital currency as a legal method of payment, leading to a surge in demand from Asian countries.
• The U.S. Securities and Exchange Commission is reviewing a decision regarding approval for a bitcoin-based exchange traded fund proposed by Cameron and Tyler Winklevoss, known for their lawsuit against Facebook founder Mark Zuckerberg.
• Other countries, including Russia, are looking at how to regulate bitcoin in order to tax it, but this could further stimulate demand for the cryptocurrency as it becomes legitimized.

http://www.cnbc.com/2017/06/01/bitcoin-may-hit-4000-by-the-end-of-the-year-analyst.html
http://www.cnbc.com/2017/06/01/bitcoin-may-hit-4000-by-the-end-of-the-year-analyst.html

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[Kemarit]

I see more and more news coming from market analyst specially from CNBC. Looks like they are interested now on bitcoin and having this news in the mainstream will put bitcoin market in the front for most investors. But nothing really new though for us to see, the reason he just pointed out has been with us for the last month or so. But still, bitcoin has not captured some mainstream media and this could be very positive for the bitcoin market ecosystem and I hope new investors will put additional cash flow to the already booming bitcoin ecosystem.

[richardsNY]

I see more and more news coming from market analyst specially from CNBC.

It's something that I have been noticing throughout a wider field. Bitcoin is a hot item nowadays -- which is exactly why these traditional sites are now putting their feets into the Bitcoin waters. It's not exactly that they are trying to put Bitcoin in a better daylight, but more the fact that they want to attract users that will regularly visit their site. Don't forget that the same sites that we are talking about, have been very skeptical about Bitcoin....

[just_Alice]

Good article. I think they were right about causes of nowaday's rising. Also I wasn't aware of that Winklevoss' case on regulatory approval for a bitcoin exchange-traded fund is now reviewed. When they lost the first time I was surprised because they are very powerful and I thought they should win. I think this time they will get the approval from the U.S. Securities and Exchange Commission.

[joshy23]

I see more and more news coming from market analyst specially from CNBC.

It's something that I have been noticing throughout a wider field. Bitcoin is a hot item nowadays -- which is exactly why these traditional sites are now putting their feets into the Bitcoin waters. It's not exactly that they are trying to put Bitcoin in a better daylight, but more the fact that they want to attract users that will regularly visit their site. Don't forget that the same sites that we are talking about, have been very skeptical about Bitcoin....

Are they making a U-turn regarding bitcoin now? They started to be skeptical indeed, but I don't know why they are now making a U-turn and saying positive news about it. Maybe they are just riding the popularity on bitcoin to attract users to their website as you suggested. So it works both ways now, people click their website, bitcoin gain popularity and I hope investors are well.

[BitFinnese]

Good article. I think they were right about causes of nowaday's rising. Also I wasn't aware of that Winklevoss' case on regulatory approval for a bitcoin exchange-traded fund is now reviewed. When they lost the first time I was surprised because they are very powerful and I thought they should win. I think this time they will get the approval from the U.S. Securities and Exchange Commission.

Probably the bold act of Japan in accepting bitcoin as money and Australia might have an influence with the review of SEC towards rejection of Winklevoss proposal.  Aside from that there are current development that might probably put more hype and steroid to the bulls of Bitcoin.  That is the RSK and the lights on the scaling of bitcoin.  This might probably the main player on Bitcoin at $4000 at the end of the year.

[richardsNY]

Are they making a U-turn regarding bitcoin now? They started to be skeptical indeed, but I don't know why they are now making a U-turn and saying positive news about it. Maybe they are just riding the popularity on bitcoin to attract users to their website as you suggested. So it works both ways now, people click their website, bitcoin gain popularity and I hope investors are well.

It's definitely a u-turn, correct. In this case I don't mind it as this 'news' gets pushed into the world towards a large audience (which is good for Bitcoin), and they may gain a new group of users (which is good for them) -- no losers here. It's basically a matter of 'if you can't beat them, join them'. Eventually we may even see them turn bullish, who knows.

[iamTom123]

Definitely, Bitcoin is now again steadily rising...it is now almost reaching $2,500 without the usual fanfare and some jittery and I think this is the kind of slow growth we should be wishing for. Hopefully, once good news can be coming in and one the scaling problem can finally be solved (though this can just be temporary in nature) Bitcoin can be pushing towards the 4K territory and by next year it can be surging towards the 5K level.

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps concentrating on the bright future with the currency is currently painting for us. Well, this really boils down to all of us because even if there can be good news but if the market (we are the market) ignores them then value may not be rising at all.

Long live, Bitcoin!

[Terraformer]

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps

Hm, please be more concrete, what negative things you are talking about? Bitcoin is on the rise, obviously will not fall below 2100USD under the most pessimistic forecasts.

[snipie]

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps

Hm, please be more concrete, what negative things you are talking about? Bitcoin is on the rise, obviously will not fall below 2100USD under the most pessimistic forecasts.

I don't think that the price will fall under $2000 again soon but the best challenge in this month is to reach $3000 and by the end of the summer why not $4000, it seems hard to achieve but it could be done with the reintegration of the Chinese & far-east exchanges

[Vika0170]

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps

Hm, please be more concrete, what negative things you are talking about? Bitcoin is on the rise, obviously will not fall below 2100USD under the most pessimistic forecasts.

I don't think that the price will fall under $2000 again soon but the best challenge in this month is to reach $3000 and by the end of the summer why not $4000, it seems hard to achieve but it could be done with the reintegration of the Chinese & far-east exchanges

Why should the bitcoin be twice as expensive by the end of the summer? After all, this is a very short time for such growth. I'm not sure that this is possible. But I understand that in the world of cryptocurrency all is possible

[TravelMug]

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps

Hm, please be more concrete, what negative things you are talking about? Bitcoin is on the rise, obviously will not fall below 2100USD under the most pessimistic forecasts.

I think the proper term is "challenge". Bitcoin has so face so many challenges along the way. I think the recent crash is considered a challenge but we all know how bitcoin is, it already proven that it can recover along the way. And now we are seeing the price moving $2500. So its truly amazing how bitcoin can rise on those occasions.

[White sugar]

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps

Hm, please be more concrete, what negative things you are talking about? Bitcoin is on the rise, obviously will not fall below 2100USD under the most pessimistic forecasts.

I don't think that the price will fall under $2000 again soon but the best challenge in this month is to reach $3000 and by the end of the summer why not $4000, it seems hard to achieve but it could be done with the reintegration of the Chinese & far-east exchanges

Why should the bitcoin be twice as expensive by the end of the summer? After all, this is a very short time for such growth. I'm not sure that this is possible. But I understand that in the world of cryptocurrency all is possible

Bitcoin doubled the price in 2 months, starting in April. There is no thing as little time for a price double in Bitcoin

[joshy23]

Are they making a U-turn regarding bitcoin now? They started to be skeptical indeed, but I don't know why they are now making a U-turn and saying positive news about it. Maybe they are just riding the popularity on bitcoin to attract users to their website as you suggested. So it works both ways now, people click their website, bitcoin gain popularity and I hope investors are well.

It's definitely a u-turn, correct. In this case I don't mind it as this 'news' gets pushed into the world towards a large audience (which is good for Bitcoin), and they may gain a new group of users (which is good for them) -- no losers here. It's basically a matter of 'if you can't beat them, join them'. Eventually we may even see them turn bullish, who knows.

I really hope that we can really attract fresh new investors in the market. Yes. maybe they think they can't really outdo bitcoin no matter what negative news they initially said about it. And with the price surging, they might as well cooperate so that they can gain advantage through it. So expect more friendly media news in the days to come.

[eckmar]

I see more and more news coming from market analyst specially from CNBC.

It's something that I have been noticing throughout a wider field. Bitcoin is a hot item nowadays -- which is exactly why these traditional sites are now putting their feets into the Bitcoin waters. It's not exactly that they are trying to put Bitcoin in a better daylight, but more the fact that they want to attract users that will regularly visit their site. Don't forget that the same sites that we are talking about, have been very skeptical about Bitcoin....

Are they making a U-turn regarding bitcoin now? They started to be skeptical indeed, but I don't know why they are now making a U-turn and saying positive news about it. Maybe they are just riding the popularity on bitcoin to attract users to their website as you suggested. So it works both ways now, people click their website, bitcoin gain popularity and I hope investors are well.

Well bitcoin is so huge now that new investors should either be a big company or country to really make some change

[SingAlong]

Definitely, Bitcoin is now again steadily rising...it is now almost reaching $2,500 without the usual fanfare and some jittery and I think this is the kind of slow growth we should be wishing for. Hopefully, once good news can be coming in and one the scaling problem can finally be solved (though this can just be temporary in nature) Bitcoin can be pushing towards the 4K territory and by next year it can be surging towards the 5K level.

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps concentrating on the bright future with the currency is currently painting for us. Well, this really boils down to all of us because even if there can be good news but if the market (we are the market) ignores them then value may not be rising at all.

Long live, Bitcoin!

The real concern is the clash of developers of Bitcoin especially the results after August 1 together with the possible outcomes which mostly are negative. After August 1, we will see the path that Bitcoin will lead us throughout the year and for the upcoming years.

This is a good mark for Bitcoin though others preparing for chase that the governments will make by making them pay taxes of course though legalization would surely promote a support in government and spread the use of Bitcoin which would really surge up the Bitcoin's price. Hopefully it will reach $3000 as what many have predicted or even exceed from it but it would be good if it would reach $4000 though but I'm not sure about that.

[just_Alice]

Good article. I think they were right about causes of nowaday's rising. Also I wasn't aware of that Winklevoss' case on regulatory approval for a bitcoin exchange-traded fund is now reviewed. When they lost the first time I was surprised because they are very powerful and I thought they should win. I think this time they will get the approval from the U.S. Securities and Exchange Commission.

Probably the bold act of Japan in accepting bitcoin as money and Australia might have an influence with the review of SEC towards rejection of Winklevoss proposal.  Aside from that there are current development that might probably put more hype and steroid to the bulls of Bitcoin.  That is the RSK and the lights on the scaling of bitcoin.  This might probably the main player on Bitcoin at $4000 at the end of the year.

So you agree with the "Analyst" then. Actually me too and I wish three of us were right. 

Japan and Australia is just a beginning, more countries will follow, and rising number of bitcoin users will induce the price rising inevitably.

[joshy23]

Definitely, Bitcoin is now again steadily rising...it is now almost reaching $2,500 without the usual fanfare and some jittery and I think this is the kind of slow growth we should be wishing for. Hopefully, once good news can be coming in and one the scaling problem can finally be solved (though this can just be temporary in nature) Bitcoin can be pushing towards the 4K territory and by next year it can be surging towards the 5K level.

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps concentrating on the bright future with the currency is currently painting for us. Well, this really boils down to all of us because even if there can be good news but if the market (we are the market) ignores them then value may not be rising at all.

Long live, Bitcoin!

The real concern is the clash of developers of Bitcoin especially the results after August 1 together with the possible outcomes which mostly are negative. After August 1, we will see the path that Bitcoin will lead us throughout the year and for the upcoming years.

This is a good mark for Bitcoin though others preparing for chase that the governments will make by making them pay taxes of course though legalization would surely promote a support in government and spread the use of Bitcoin which would really surge up the Bitcoin's price. Hopefully it will reach $3000 as what many have predicted or even exceed from it but it would be good if it would reach $4000 though but I'm not sure about that.

This just really concerns me though regarding Aug 1. I don't know if we are going to split, have a new coin, how miners react and the exchangers as well. It is still a long way so I might just wait for it and see how it goes. But definitely, I try to be very positive about bitcoin price. I really like what we see because the price is really strong. So it could probably reach $3000-$4000 by the end of the year and possibly more.

[btbrae]

Steady as she goes... it can still all crash down from here.

Investors are slowly understanding what crypto means for the world. It is not just some Keanu Reeves wannabes stuck behind a computer screen trying to find an oracle.

Crypto is now big $$$

Big investors are starting to take over the ICOs and more and more private investment is entering the fray.

The Japanese have always been open minded to technology and are starting to take the lead.

China is relenting and allowing exchanges to resume operations.

Russia is now open in discussion about the future of digital currencies.

US now has some regulatory procedures in place and coin exchanges are well entrenched.

Bitcoin is spreading like a virus.

[Kprawn]

I am still waiting for the scaling issues to be sorted out and we will take the first step towards that after 1 Augustus 2017. Then someone will use

the improved Bitcoin in some Killer Application and this thing will go viral and we will see a massive increase in the price. There are some games

out there under development that might fit that description. Have a look at this --> http://www.augmentorsgame.com/     

[peter0425]

I am still waiting for the scaling issues to be sorted out and we will take the first step towards that after 1 Augustus 2017. Then someone will use

the improved Bitcoin in some Killer Application and this thing will go viral and we will see a massive increase in the price. There are some games

out there under development that might fit that description. Have a look at this --> http://www.augmentorsgame.com/     

Nice. Games are one the best industry that is gaining a wide audience globally. And its a booming industry worth billions a year. It bitcoin can somewhat penetrated this market it will truly put bitcoin again to the next level. We just have to really wait what will be the scene around after Aug 1. Will it bring a positive impact to the ecosystem? All can be answer once it happen come Aug 1.

[snipie]

There are so many things going on with Bitcoin that we usually ignore negative setbacks and bumps

Hm, please be more concrete, what negative things you are talking about? Bitcoin is on the rise, obviously will not fall below 2100USD under the most pessimistic forecasts.

I don't think that the price will fall under $2000 again soon but the best challenge in this month is to reach $3000 and by the end of the summer why not $4000, it seems hard to achieve but it could be done with the reintegration of the Chinese & far-east exchanges

Why should the bitcoin be twice as expensive by the end of the summer? After all, this is a very short time for such growth. I'm not sure that this is possible. But I understand that in the world of cryptocurrency all is possible

Bitcoin doubled the price in 2 months, starting in April. There is no thing as little time for a price double in Bitcoin

That's true, bitcoin had doubled its price in a short time and I don't think that it showed its full potential yet. Besides, there is many positive signs to let us think that this summer will be promising : the Chinese returned the withdrawal in their exchanges, Japanese market,...Etc

[Gotottack]

I'll be glad if it does $4,000 by the end of the year, though I am still skeptical if it would happen, as that price is actually four times the value of bitcoins at the end of 2016. But looking how much the prices are growing today, we could well reach that price in no time.

[Wayan_Pedjeng]

I'll be glad if it does $4,000 by the end of the year, though I am still skeptical if it would happen, as that price is actually four times the value of bitcoins at the end of 2016. But looking how much the prices are growing today, we could well reach that price in no time.

Going by that logic, the exchange rates have increased by 150% during the first 5 months of this year. Now it won't be too surprising if there is another 50% to 60% increase during the next 7 months.

[lisa255]

I'll be glad if it does $4,000 by the end of the year, though I am still skeptical if it would happen, as that price is actually four times the value of bitcoins at the end of 2016. But looking how much the prices are growing today, we could well reach that price in no time.

Going by that logic, the exchange rates have increased by 150% during the first 5 months of this year. Now it won't be too surprising if there is another 50% to 60% increase during the next 7 months.

People are already used to the price of 2000 dollars for bitcoin. This is very important because it is because of the demand and opinion of people that the price rises. I think that soon we will overcome the barrier of 3000 dollars, and then 4000. This can happen in the coming year

[culuuton]

I'll be glad if it does $4,000 by the end of the year, though I am still skeptical if it would happen, as that price is actually four times the value of bitcoins at the end of 2016. But looking how much the prices are growing today, we could well reach that price in no time.

Going by that logic, the exchange rates have increased by 150% during the first 5 months of this year. Now it won't be too surprising if there is another 50% to 60% increase during the next 7 months.

People are already used to the price of 2000 dollars for bitcoin. This is very important because it is because of the demand and opinion of people that the price rises. I think that soon we will overcome the barrier of 3000 dollars, and then 4000. This can happen in the coming year

There is no doubt about it. All those posted figures are knowingly optimistic but not ridiculous. The growth has been very consistent and Bitcoin is already successful.

[1Referee]

I think that soon we will overcome the barrier of 3000 dollars, and then 4000. This can happen in the coming year

If Segwit activates this year, then I have no doubt about seeing $4000 levels. However, we have to remain realistic, and also look at the potential negative aspects such as a chain split. In case a chain split becomes reality, it will massively impact the market in a negative manner. People tend to only focus on the positive aspects, where they completely ignore/discard potential negative aspects that are equally as important, and also very realistic to happen - that's what I consider to be a very dangerous habit. Yes, Bitcoin's future looks bright, but never underestimate how hostile this market can be from time to time. There is absolutely no mercy for the weak handed people here.

[veleten]

I have no doubt it will reach more than 4.000$,just look at the growth tempo
doubled the price in under two months,recovered from a 700$ dive and trying to break the all time record of >2750$
increased adoption and more and more countries either legalising bitcoin or flirting with the idea
media coverage,viruses-extorters,banks prepping bitcoin stashes to pay blackmailers and hackers etc. etc.
bitcoin is taking over and it is a fact