Dan Ciotoli, chief software engineer at Bespoke Investment Group, believes that the price of the cryptocurrency could triple by the end of the year, and that this will happen thanks to the January price decline.
"December saw an incredibly rapid rise in the value of Bitcoin and all the suddenly rich investors began to withdraw funds, which is why the inevitable crash occurred. Now the cryptocurrency market is slowly but surely starting to recover. We have seen a low in the value of Bitcoin around $9,000." Ciotoli predicts that by the end of the year, the price of Bitcoin will range between $20,000 and $30,000.
The Bespoke Investment Group employee noted that in making such a bold forecast, he is betting on the Lightning Network, a technology venture that is expected to begin operations this year. The goal of this project is to make Bitcoin transactions faster and cheaper. Ciotoli believes that if the Lightning network fails, the price of Bitcoin could fall to $5,000 by the end of the year.
"At the moment, we do not see people, say, buying coffee at Starbucks with Bitcoin. If this situation does not change, the consumer will gradually lose interest completely, the price of the cryptocurrency will go down," he said. However, according to him, even this will not be the end of Bitcoin. “Bitcoin will be with us for quite some time and I can’t wait to see how things develop this year.”
According to https://www.cnbc.com
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