We are on record predicting that Bitcoin would reach a price target of $2,000 USD before 2016 is over. That remains our official Bitcoin target for this year. For next year, 2017, our price target is $5,000 USD.
Anyone who has ever made future financial predictions knows that markets do not always behave as expected. There’s an old saying that, “The stock market can remain irrational longer than you can remain solvent.” Just because a price estimate is entirely rational, and just because logically speaking an unsustainable trend must end at some point in time, does not mean that prices will revert in the near term to where they “logically should be.”
So while logic dictates to us where the Bitcoin price is eventually headed, nowhere is it a law that the Bitcoin price (or stock prices for that matter) must trade at a rational level each and every day. The price can remain “irrational” for lengthy periods of time.
And it is only time that will tell if our price targets for Bitcoin will be reached when we anticipate them to be.