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With several expert Bitcoin price predictions for 2016 topping out at $3,500, the coming year will prove the worth of the digital currency once and for all.
The optimistic Bitcoin price predictions represent quite a turnaround from the start of 2015, when the price of Bitcoin was bottoming out from the bursting of the late 2013 bubble and the Mt. Gox meltdown.
The Bitcoin price dropped as low as $173.06 on Jan. 14 - an 85% plunge from its all-time high of $1,156.48 reached on Nov. 30, 2013. It spent most of the rest of the year meandering between $200 and $300.
But from mid-September to mid-December, the Bitcoin price doubled from $230 to $465.
According to the Bitcoin price predictions for 2016 we've seen lately, such gains will be the norm over the next year.
"I am forecasting a bull market in 2016," Simon Dixon, founder and CEO of BnkToTheFuture.com and manager of the Bitcoin Capital venture capital fund, told CoinTelegraph. "If the bull market takes us past $600, I see no reason why we should not see new highs breaking through the $1,200 level, but this time sustained support at the new high for several months at the end of 2016 with significantly higher volume."
Some other 2016 Bitcoin price predictions:
- Erik Voorhees, CEO and co-founder of the ShapeShift cryptocurrency exchange, offered a 2016 Bitcoin price prediction of $1,800.
- Daniel Masters, co-founder of the Global Advisors Bitcoin Investment Fund (GABI), said the Bitcoin price will test the all-time high in 2016 - and will zoom to $4,400 by the end of 2017.
- Vishal Gupta, CEO of SearchTrade.com, has a Bitcoin price prediction of $1,500 to $2,000.
- Bobby Lee, CEO of Chinese Bitcoin exchange BTCC, has made a 2016 Bitcoin price prediction of $3,500.
These Bitcoin price predictions are three to eight times the current Bitcoin value of about $445. Are these guys crazy?
Actually, their reasoning is pretty sound. Here's why the Bitcoin price will take off in 2016...
About the Author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.
Simply outstanding
Dear Saurin,
Thanks for the kind comment. I'm responding because I can say this about the writer, David Zeiler, and he would never say this about himself.
Simply stated, he's outstanding.
I've known Dave for many years, and am able to say that he's a talented analyst and a gifted researcher and writer. Indeed, I would argue that he's one of the Top Five or Top 10 Bitcoin journalists in the country today.
Dave actually was an individual bitcoin miner back in 2011 or 2012 – when it was still possible for "wildcatters" to make a mark on their own. That experience gave him insights that few bitcoin chroniclers have.
I'll tell you something else; he's not only smart … he's flat out just a very decent guy.
I'll pass your comment along to him. I know he will be thrilled. He works here to find "great stories" … and to help folks like you. To Dave, that's fulfilling work.
Incidentally, I'm running a two-day Q&A in my newsletter, Private Briefing, that resulted from a LONG sit-down I had with Dave right before the holidays. The topic: Bitcoin.
And this Q&A is OUTSTANDING …
Happy New Year to you. May 2016 be happy, safe, healthy and prosperous.
Very respectfully yours;
William Patalon III
Executive Editor/Editorial Director
Money Map Press LLC
Buy and hold:-) bitcoins 600usd for sure
Dear Kamil;
Thanks for taking the time to post your comment. Excellent feedback … clearly you are very well informed on this topic.
We're heartened to count savvy, engaged and well-informed folks like you as readers. And I mean that.
Happy New Year to you. May 2016 be happy, safe, healthy and prosperous.
Very respectfully yours;
William Patalon III
Executive Editor/Editorial Director
Money Map Press LLC