The price of Bitcoin has been very stable lately. For more than two months, the digital currency has been around the $6,500 mark. According to analysts, price stability is usually accompanied by major changes. Could this mean that there will be another race before the New Year?
To find out, Greg Giordano, the author of the research papers, experimented with three econometric models - the Hayes model and the Whitley model, as well as a market model (ours).
According to the Hayes model, the price of Bitcoin should be $12,629.15, almost twice its current price. As expected, this is an optimistic forecast since Hayes' model focuses on the supply of Bitcoin, which is growing more slowly as it approaches the limit.
According to Whitley's model, the price of Bitcoin should be $816.91. As expected, this is an overly bearish forecast. The model focuses on the demand for Bitcoin, measured by the adoption rate, which is growing quite slowly.
According to the market model - a combination of the two previous models - the price of Bitcoin should be $8,573.56, which is not too far from the truth.
What do investment analysts expect from the price of Bitcoin?
According to the CEO of Gath3r Web Miner, Raghav Reggie Jerath, the price of Bitcoin will be as predicted by the market model.
Historically, the price of Bitcoin has always moved up in November and early December. It's possible that by the end of the year we could see a Bitcoin price of $7,500-$8,500
Patrick E. Palacio, CEO of LoyalCoin, believes that the price of Bitcoin will fluctuate in the $7,000-$7,500 range.
I am confident that the price of Bitcoin will rise slightly in the next couple of weeks, to around $7,000-$7,500.
Clement Thibault, a senior analyst at Investing.com, believes that the price will stay around $6,000.
For now, it looks like selling pressure continues to push the price down. At the same time, I assume that this year the price may fall below $6000.
According to forbes.com
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