Like shares, people have started predicting about the price level of different cryptocurrencies. That is mainly because of significant interest generated after a stupendous last year when most of the digital coins surged like anything. However, the current year has seen the virtual currency prices falling like a pack of cards. That did not deter Trefis Technologies, a data analysis firm, from predicting the price of bitcoin to hit $12,500 before the current year ends. This was mainly based on software and data analysis as the company claimed its accuracy pointing out analysis done before.
However, there are others too who have been predicting the prices of bitcoin and other digital coins. This included big-ticket analysts from the Wall Street. Some of the analysts expect the value of bitcoin to hit zero levels reflecting the negative sentiments following the tightening of regulations. On the other hand, there are some who believes that the prices of bitcoin could hit anywhere between $25,000 and $100,000 and it looked like a highly optimistic number. Trefis’ recent move is an updated one based on software and analysis.
The research firm thinks that the global regulatory conditions in the digital currency sector have been having its impact on the overall bitcoin or BTC value, news.bitcoin reported. Its analysis for June said, “The global cryptocurrency industry has seen a flurry of new developments since December. Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies, and calls by financial regulators across the world for caution while investing in digital currencies.”
The data analysis firm or the “Bitcoin Price Estimator” has claimed its forecast to be accurate. The company indicated that when backtesting the Trefis Estimator for BTC’s average monthly prices, the system demonstrated a 94 percent accuracy rate. In any case, the projected price is still far below the nearly $20,000 levels seen around Christmas last year. There are other estimators too to predict the prices before the current year ends or even for the five-year period.
Wallet Investor is another portal that is using the analytics to predict different digital assets price. Its prediction for Ethereum or ETH is that the price would reach $1,221 before the current year ends. For the five-year period, the data analytics firm sees $3,900 per ETH.
The website also offered an estimated price for bitcoin cash to be $1922 in one year and that the prices would shoot up to approximately $5,949 in five years’ time. As far as the Ripple or XRP price, the forecast is $1.37 before the year ends and that $4.60 for the five-year period. These projects suggested that the forecast price is conservative one whereas other investors see bitcoin to hit $25,000 or even more.
It is a fact that different people adopt different tactics to arrive at a price estimate. Some might see the real data offering better projections whereas some big venture capital firms could differ to attract media attention.