Forecasting the future of financial markets is not an easy task, nor is it an exact science. When it comes to forecasting the future price of Bitcoin, both of those descriptions apply. Be that as it may, we will nonetheless provide our Bitcoin price prediction, not only for this year and next, but also for the somewhat longer term as well.
**UPDATE December 2016**
Looking back over the past year, we were correct in our prediction of 2016 being friendly to Bitcoin prices. We were, however, not correct for Bitcoin to reach $2,000 this year. We will stand by our forecast for $5,000 USD Bitcoin in 2017.
If you want to hear some very positive predictions for the future price of Bitcoin, you’ll enjoy this 5 minute video compilation of Bitcoin price predictions from various financial experts:
2016 Bitcoin Price Prediction
For reasons that we outlined elsewhere, including Bitcoin price drop, Bitcoin Price Near-Term Neutral Medium-Term Bullish, and other articles, we predict that 2016 will be very Bitcoin-friendly. We think the odds favor Bitcoin making new all time highs in most major currencies, and are predicting Bitcoin to climb to $2,000 USD before 2016 is over.
2017 Bitcoin Price Prediction
Continuing on with the theme of steady price gains for Bitcoin throughout 2016, in 2017 we predict that Bitcoin will continue its meteoric rise, and in spite of various price raids and corrections, we forecast that Bitcoin could reach $5,000 USD in 2017.
2020 Bitcoin Price Prediction
Mark Twain once said, “Plan for the future because that’s where you are going to spend the rest of your life.” That statement applies to Bitcoin. More an more businesses are planning to accept Bitcoin as a form of payment, and we predict that the Bitcoin price will trade between $10,000 and $50,000 USD in 2020.
Bitcoin Predictions From Other Financial Professionals
American venture capitalist Tim Draper said that he expects “people to run to Bitcoin the way they do to gold.” His price prediction for Bitcoin in 2016 would be somewhere from $400 to $600 per Bitcoin. His 2017 prediction is, “the price might be around $1,000 to $1,400.”
BullBear Analytics states that the price drop which ended in 2015, “has set the stage for a rally back above $1000 to a new nominal ATH. To be more specific, we think the price of 1 bitcoin will get above $1175 USD (Finex) at some point in the year 2016. Not that it will necessarily close there, but it will break it at some point.”
The general consensus among professional forecasters is for Bitcoin to experience somewhere between modest to eye-popping rises in the coming months and years. We lean towards the latter. If these predictions are anywhere near accurate, now would be a great time to pick up a few Bitcoin.