In this CoinDesk 2016 in Review special feature, CoinDesk contributor Charles Bovaird asks experts for their predictions of bitcoin’s price movements in the year ahead.
While bitcoin prices rose sharply in 2016, climbing to multi-year highs, they will likely push even higher in 2017, according to a panel of experts polled by CoinDesk.
Propelled forward by numerous forces including strong market momentum, rising interest rates and an influx of new money, the digital currency’s price could surge to fresh, all-time highs next year, the analysts asserted.
Bitcoin prices rose more than 100% in 2016, climbing from roughly $430 at the start of the year to $963.14 at around 19:00 UTC on 28th December, according to CoinDesk USD Bitcoin Price Index (BPI) data.
When polled mid-December and asked where they thought bitcoin prices would finish out 2016, analysts pointed to factors such as market dynamics and macroeconomic uncertainty when explaining their year-end forecasts.
They cited many of the same variables when weighing in on what they think bitcoin prices will do in 2017. In addition, they noted an influx of new money, rising interest rates and the way bitcoin has behaved in prior bull markets.
To get a broad range of input, CoinDesk sought input from several market participants, whose comments are included below:
This article is not intended to provide, and should not be taken as, investment advice.
Crystal ball image via Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.