Despite the recent price struggles of Bitcoin and the rest of the cryptocurrency market, some enthusiasts still hold hope of a significant rally before the end of the year. Elsewhere, the rising BTC hashrate is beginning to force sweeping reactions in the mining ecosystem.
Bitcoin Will Hit $15,000 by the End of 2018
Danny Scott, a co-founder of CoinCorner, an Isle of Man-based Bitcoin exchange platform, believes that the top-ranked cryptocurrency will end the year on a strong note. Speaking to Express.co.uk, Scott said:
For the last few months, the price of Bitcoin has been at $6,000 which we believe will continue for a while, but we predict the price will reach $15,000 by the end of the year. We take this view because the retail market is continuing to expand at a very healthy rate based on both our own data and industry trends.
According to Scott, his prediction is based on the fact that institutional investors are becoming more active in the market. These big-money traders are reportedly buying BTC in high volumes, thus helping to initiate another significant bull run in 2018.
Despite the recent tumultuous price movements, BTC has managed to recover above the $6,000 mark. Some experts believe that BTC will still test $5,000 before any meaningful rally that will take the price to higher levels. This reasoning assumes that the base mining cost is approximately $5,000.
At press time, Bitcoin was holding steadily above the $6,400 mark. The top-ranked cryptocurrency has also managed to attain its first seven-day positive price variance since the start of August 2018.
Bitcoin Hashrate Continues to Increase
In another development, the Bitcoin network hashrate continues to increase despite the significant price drops experienced in the past few weeks. Already, Hashflare, a cloud mining service platform was forced to terminate its Bitcoin mining contract.
On Thursday, Genesis Mining, another cloud mining platform issued a statement saying that it would terminate open-ended BTC mining contracts. The company advised its customers to migrate to a premium five-year BTC mining contract.
According to Genesis Mining, the reason for the decision was based on the fact that several clients have been unable to earn enough to cover the maintenance fees thus rendering the enterprise unprofitable. However, despite the move, the company remains bullish on the long-term prospects of BTC mining, saying:
There are still major expansions happening, especially from more efficient miners. The expansion is so big that it compensated for the drop-out of not-so-efficient miners.
Do agree with Danny Scott’s prediction? What is your end of year Bitcoin price forecast? Keep the conversation going in the comment section below.
Image courtesy of Coinmarketcap.