[2018-05-10] Bitcoin could soar as high as $64,000 next year

[Karartma1]

The growth of bitcoin "mining" activity could send the cryptocurrency's price as high as $64,000, investment research firm Fundstrat said Thursday.

Bitcoin is created through an energy-intensive process known as mining, in which computers receive the cryptocurrency as reward for solving complex mathematical equations. Processing power to guess the solution is known as "hash power," which Fundstrat predicts will grow 350 percent through 2019.

Read more https://www.cnbc.com/2018/05/10/bitcoin-could-soar-as-high-as-64000-next-year-fundstrat-predicts.html

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[alex_gr_cc]

It's a minimum. And this is only from a technical point of view. But much depends on the decisions of the governments of rich countries and demand. The news background is favorable. There will be demand.
I'm sure bitcoin price will be much higher.

[hatshepsut93]

The correlations between haspower and the price are very complex, but it's simply wrong to think that you can keep increasing the price by adding more hashpower - the demand for Bitcoin is the main factor, and increasing the hashpower will have very little effect on demand. This analysis would have been better if they have explored what price can be supported by existing hashpower and future hahspower, because when the price increases too fast, it's important that hashpower increase too, to maintain the game-theoretic balance that makes potential attacks unprofitable.

[Fatunad]

The correlations between haspower and the price are very complex, but it's simply wrong to think that you can keep increasing the price by adding more hashpower - the demand for Bitcoin is the main factor, and increasing the hashpower will have very little effect on demand. This analysis would have been better if they have explored what price can be supported by existing hashpower and future hahspower, because when the price increases too fast, it's important that hashpower increase too, to maintain the game-theoretic balance that makes potential attacks unprofitable.

Same view and opinion which i dont really see that hashing power do really be considered as a big or major factor on bitcoins price well as being said demand will always be the thing here which would really dictates the market price.If it do have higher demands then it can reach out numbers that we havent seen before but talking about 64k usd on a matter of 2 years seems really an impossible thing for a short period of time.Imagine nowadays on how we do struggle on just breaking up again 10k price.

[audaciousbeing]

The growth of bitcoin "mining" activity could send the cryptocurrency's price as high as $64,000, investment research firm Fundstrat said Thursday.

Bitcoin is created through an energy-intensive process known as mining, in which computers receive the cryptocurrency as reward for solving complex mathematical equations. Processing power to guess the solution is known as "hash power," which Fundstrat predicts will grow 350 percent through 2019.

Read more https://www.cnbc.com/2018/05/10/bitcoin-could-soar-as-high-as-64000-next-year-fundstrat-predicts.html

This should be in speculations because the way the prediction is done, it made it seems is just going to continue to increase since the only factor responsible for that is mining through the solving of mathematical equation without considering other factors that could even cause a further damage to the already high price. One factor is the mining process itself. Today its being reported about the amount of energy needed to mining bitcoin and as we go on, the difficulty to mine will increase which would mean the need for more electricity and since mining farms still generate power courtesy the state, there would be need to start rationing since power plants would not just be built like schools because of its environmental impacts. This is a major setback in that when mining becomes difficult, confirmations get slower, dumping is imminent then price crash is around the corner.

The state regulation is another factor. When bitcoin price reached all time high last year, the noise abounds which is partly responsible for the crash we have witnessed over the past few months. 2019 is just 7 months away, I don't see government folding arms for a bitcoin to worth that much.

[richardsNY]

All this speculation is based on past achievements, and we all know that what happened in the past doesn't offer any guarantees in the future. The thing is that people expect so much from the market, especially so after the all time high of last year, that all these predictions can only disappoint. And no, I'm not pessimistic, just realistic. All these parties have thrown out all types of predictions in the wild (up & down directions), and none of them has been even close. I seriously wouldn't be surprised if we start the new (next) year still below the $20,000 level. I do expect actual fireworks in 2019 with how various developments will kick in, where on top of that we will be way closer to the block halving in 2020.

[odolvlobo]

Copied from my other post:

The article repeats some very common misconceptions:

We believe the current path of hash power growth supports a BTC price ...

The difficulty and hash rate are affected by the price, but opposite is not true. If the price rises above the cost of mining, then miners will add hash rate and the difficulty will rise. Likewise, if the price falls below the cost of mining for the least profitable miners, then those miners will stop mining and the difficulty will drop. There is nothing about the hash rate and difficulty that directly affect the price.

The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.

Of the 1,000,000 or so bitcoins traded each day, at most only 1800 of those come from miners. It is not likely that miners as a group have a measurable influence on the price.

[Tylev]

In my opinion, all these expectations can be felt by a single person - Mt. Gox from Tokyo, which yesterday threw 8,200 bitcoins to the market and thereby significantly lowered its rate. If there are still about 200,000 bitcoins left that he wants to sell on the market in the same lots, he is able to keep the crypto-currency market from growing for years.

[CryptoBry]

The correlations between haspower and the price are very complex, but it's simply wrong to think that you can keep increasing the price by adding more hashpower - the demand for Bitcoin is the main factor, and increasing the hashpower will have very little effect on demand. This analysis would have been better if they have explored what price can be supported by existing hashpower and future hahspower, because when the price increases too fast, it's important that hashpower increase too, to maintain the game-theoretic balance that makes potential attacks unprofitable.

Everything boils down to the market dynamics and many times the market can be harsh and unforgiving -- will never care about the hashpower or whatever related to its own mining. This is the big reality we have to contend with though generally speaking we can look forward to a better Bitcoin future but of course the road to that will never be smooth and a walk-in-the-park as there will be bumps and even nails ahead.

[Lucius]

Copied from my other post:

The article repeats some very common misconceptions:

We believe the current path of hash power growth supports a BTC price ...

The difficulty and hash rate are affected by the price, but opposite is not true. If the price rises above the cost of mining, then miners will add hash rate and the difficulty will rise. Likewise, if the price falls below the cost of mining for the least profitable miners, then those miners will stop mining and the difficulty will drop. There is nothing about the hash rate and difficulty that directly affect the price.

The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.

Of the 1,000,000 or so bitcoins traded each day, at most only 1800 of those come from miners. It is not likely that miners as a group have a measurable influence on the price.

That's a good explanation, unfortunately ignorance and the need of the media to exaggerate such news have no end. I know that it is only around 1800 new mined BTC every day, and by that fact miners can not have too much impact on the price even if they sold whole amount daily. Do you think they do that or they stash some of BTC for future? Depending of the location of mining, when miner pay electricity, equipment, production facility and any other expense - can miner survive if not sell all mined coins?

[katiepower]

It's a minimum. And this is only from a technical point of view. But much depends on the decisions of the governments of rich countries and demand. The news background is favorable. There will be demand.
I'm sure bitcoin price will be much higher.

In this case, the most profitable strategy is to buy bitcoins for a certain amount every month. And this should be done regardless of the current price. As a result, it will give the optimal average price.

[veleten]

ignorance to the max,this is same as if we attribute wind to the fact that the trees are moving
miners produce less than 5% of any large exchange trade volume daily,even if every single bitcoin they mine is sold,it would not drive the price up or down too much
according to the writer's logics if the price of electricity rises to 100$ kw/h,the price of bitcoin will go up 1000 times?
it is in no direct correlation with the hash rate and as soon as the cost to mine the coins is way too high,the difficulty will drop,selfregulating
if the price soars to 64k next year (which I highly doubt,by the way) it will be due to a host of different factors

[greeklogos]

I'm really tired from all this promises, they all are actually positive, but bitcoin still does not grow and this is disappointing. Of course I believe in bitcoin and invest in it when I can, but I'm so tired to wait for a progress, especially it is hard when I have to cash out cause of I desperately need money in some moments of life.

[bbc.reporter]

ignorance to the max,this is same as if we attribute wind to the fact that the trees are moving
miners produce less than 5% of any large exchange trade volume daily,even if every single bitcoin they mine is sold,it would not drive the price up or down too much
according to the writer's logics if the price of electricity rises to 100$ kw/h,the price of bitcoin will go up 1000 times?
it is in no direct correlation with the hash rate and as soon as the cost to mine the coins is way too high,the difficulty will drop,selfregulating
if the price soars to 64k next year (which I highly doubt,by the way) it will be due to a host of different factors

Agreed. The price was never influenced by fundamentals alone. I reckon it has more to do with speculation, hype, pumping and fear of missing out by people buy and selling as a collective.

It is the market that decides the price.

[dcif80]

very good
I hope so

[imsotiredofmoviereboots]

In my opinion, all these expectations can be felt by a single person - Mt. Gox from Tokyo, which yesterday threw 8,200 bitcoins to the market and thereby significantly lowered its rate. If there are still about 200,000 bitcoins left that he wants to sell on the market in the same lots, he is able to keep the crypto-currency market from growing for years.

I really want this Mt. Gox trustee to dump all the bitcoins he had so we can surpass the evasive $10k price and continue to $100k. We don't also have many new investors coming in and millionaires shorting bitcoin are one of the reasons it don't really go up.

[Lizzardis]

Sounds crazy as always but nice to hear some good prognosis finally. There is some sense in it, mining is getting harder and more expensive

[TianaStam]

The most important thing is that all of such prognosis are positive. I think such perspective, huge bitcoin's price, is the main reason of why signature campaign pays lower and lower. There are many participants just like I who for now only collecting all possible coins and tokens in expectation of 'moon'  price.

[veleten]

The most important thing is that all of such prognosis are positive. I think such perspective, huge bitcoin's price, is the main reason of why signature campaign pays lower and lower. There are many participants just like I who for now only collecting all possible coins and tokens in expectation of 'moon'  price.

ha,made me chuckle bitcoin price has nothing to do with the campaigns payments
the owners simply adjust the payout so it corresponds to a certain threshold in USD
some campaigns have a set weekly rate in USD,like mine,for example
if your main goal is to collect as many tokens and coins and wait for the price to moon,then you are doing it wrong
the forum's first and foremost purpose is the source of information,knowledge is power
read,learn,use not try to click and join every bounty you can find,its a waste of time

[daoluan.nb]

good jop