Just recently, news.Bitcoin.com talked to a number of individuals and asked them to let us know what they think the price of bitcoin and gold will be by the year’s end. Rather than leveraging the typical predictions from experts, executives, and crypto luminaries, the post delves into the perspective of average people and what they think about the future value of these assets.
Back in May 2016, I used a number of social media avenues in order to survey people on what they would do if bitcoin (BTC) touched the $10,000 mark. The article was very popular and of course, we all know that BTC reached the $10k zone the following year in 2017. It’s been a long while since the 2017 bull run, so I decided to do the experiment once again leveraging my 4,700 friends on Facebook and a few members from a private crypto-focused Telegram channel.
Basically I asked what people think the price of bitcoin (BTC) and the price of one troy ounce of .999 fine gold will be by December 31, 2020. None of the participants are deemed experts, luminaries, or are billionaires with the same old predictions.
The people who answered are your average, everyday people who follow the cryptocurrency ecosystem. They also understand the faltering, manipulated monetary system bolstered by the central banking cabal as well. The first person who answered the price prediction question, an individual named Archer, said he believes bitcoin (BTC) will be $100,000. Archer also thinks the price of an ounce of gold will be $3,000 by the year’s end.
“The Federal Reserve is pumping trillions of dollars into the economy, the U.S. is suffering civil unrest (and will likely suffer more, especially pre/post-election),” Archer said explaining his rationale. “Many city/state governments are near bankruptcy already, employment is at +30%, and will likely only get worse as the pandemic continues. I expect that there will be Greek-style bank shutdowns, capital controls, hyperinflation, negative interest rates, which will cause a flight to hard, portable assets.”
A guy named Doug thinks bitcoin will be $16,000 by December 31, and gold will reach $3,300. Matt explained that he thinks gold will be $3,300 per ounce as well, but he expects BTC to jump to $35,000. “Money printer go brrrrrrrr,” is the rationale behind Matt’s reasoning. My old roommate Andy expects BTC to be valued at $21,243 and gold will be $4,116, but he also thinks a cow will be valued at $104,231.
Preston says BTC will be $24,000 by December 31 and gold will top $3,200 by the year’s end. “I believe they’ll be a significant price increase due to current unstable markets but due to reduction in monetary supply among lower classes, it won’t completely go parabolic. Same with gold,” Preston said explaining his forecasts’ reasoning.
Sarah gave me a “random guess” and said she thinks BTC will cross $33,000, while gold remains in the $2,000 range. Alfred said that he “doesn’t know much about gold” but predicts BTC will be $10,100 by the year’s end. Alfred further explained his rationale:
People tend to spend more fiat during December, this will trigger more sell order plus miners recapitulation. The recent surge in price could be traced to the growing interest in an alternative source of income, which BTC seems to provide due to the closure of business activities plus growing interest in Defi in Ethereum blockchain. Things are returning to shape gradually and in the next quarter, I see the price stabilizing at $10,000 support level.
Andrew says with his prediction we will see BTC touch $15,000 per coin, while gold reaches $2,500. “I think the main push for BTC will be from the retail side,” Andrew stressed. “The number of friends asking me ‘how do I buy Bitcoin’ is at an all-time high… reminds me of 2017. Gold will continue to rise for obvious reasons.”
Steve says BTC will be $13,500 and gold will be $2,300 at the end of the year. Chris told me he’s “not a gold bug” and thinks BTC will be anywhere between $8-12,000 by the year’s end. Another friend named Freya thinks gold will be $4,000 per ounce, but BTC will be $60,000.
“BTC will be $23,500 and gold $2,400,” said Rene. “The issuance of more stimulus only serves to continue the devaluation of the dollar, and increase the value of more finite forms accepted as a store of value.”
Adam seems to think BTC will be $15,500 and gold makes it to $5k by the end of the year. “Hyperinflation causes Bitcoin to absorb debt and increase in value, where fiat does the opposite and devalues exponentially,” Adam wrote. An individual named Colm said:
Bitcoin will be $33,000. Gold??? It’s funny how folk buy gold but yet receive nothing. Silver maybe, but my trust is in blockchain.
The predictions were interesting and I got around 52 responses between Telegram and the Facebook channels leveraged. Interestingly, most of the gold predictions were relatively similar while BTC forecasts were all over the place. A number of others gave price predictions without reasoning as well. Daniel thinks BTC will be $17,000 and gold will be $2,390.
“BTC will be $16,000,” Neeraj concluded. “We will have heavy resistance at $20k and gold $2,500 as it moves slowly, but we are definitely knee-deep in inflation. With bitcoin, we could either be slowing down as we approach the all-time high (ATH) or touch it and come back to the handle part of the cup and handle that we always see before liftoff.”
What do you think about the average people’s predictions about bitcoin’s and gold’s future price? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Crypto Exchange KuCoin Gets Hacked
On Saturday (September 26), Singapore-based crypto exchange KuCoin suffered a security breach, as the result of which a part of the cryptoassets in the exchange’s hot wallets were stolen. According to KuCoin Global CEO Johnny Lyu, who hosted a live stream that started at 04:30 UTC on September 26, here are some important details about […]
On Saturday (September 26), Singapore-based crypto exchange KuCoin suffered a security breach, as the result of which a part of the cryptoassets in the exchange’s hot wallets were stolen.
According to KuCoin Global CEO Johnny Lyu, who hosted a live stream that started at 04:30 UTC on September 26, here are some important details about this security incident:
- Bitcoin, ERC-20 and some other cryptoassets in KuCoin’s hot wallets were “transferred out of the exchange”; these represented a small portion of the exchange’s total cryptoasset holdings (since the vast majority reside in cold wallets, which have not been harmed in any way).
- KuCoin’s hot wallets have been “re-deployed”.
- The exchange’s security team first finds out about the attack at 02:51 AM (UTC+8) on September 26 when they get alerted by the risk management system for the first time that an “abnormal” ETH transaction (with TXID 0x4b738df5d7f12e3fa1cbe83b8165c542da461ef0c9255fc1a3f275259a92623b) has occurred.
- They then find out about a few more abnormal transactions from an ETH hot wallet with the address 0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23.
- At 03:20 AM (UTC+8) on September 26, the KuCoin operations team “urgently closed the server of the wallet and found that after the shutdown, there were still cases of abnormal transactions.”
- At 04:20 AM (UTC+8) on September 26, the KuCoin wallet team “started to transfer the remaining assets from the hot wallet to cold storage.”
- At 04:50 AM (UTC+8) on September 26, the KuCoin wallet team “transferred most of the remaining assets from the hot wallet to cold storage.”
- KuCoin has reached to various other exchanges (including Binance, Huobi, OKEx, Bybit, and Upbit) to “blocklist suspicious addresses and trace the funds affected.”
- KuCoin has also been in contact with “international law enforcement,” and is offering “rewards of up to $100,000 to those who can provide valid information to us regarding this incident.”
- This loss occurred due to “the leakage of the private key of KuCoin hot wallets.”
- The deposit and withdrawal functionality is expected to be restored within one week.
- KuCoin’s insurance fund is large enough to cover the losses.
Crypto Price Analysis & Overview September 25th: Bitcoin, Ethereum, Ripple, Chainlink, and Tezos
Bitcoin dropped by a total of 3% over the past seven days of trading as it reached the $10,600 level today. The cryptocurrency briefly pushed above the $11,000 mark last Friday but could not sustain this level as it broke beneath it during the weekend. On Monday, BTC saw a precipitous 7.5% fall as it dropped from $10,910 to reach as low as $10,200.
Bitcoin continued to head lower on Wednesday as it reached $10,140 before the buyers regrouped to initiate a rebound, which happened yesterday. During the rebound, BTC managed to break back above the 100-days EMA and reach as high as $10,760 – where it ran into resistance at the bearish .382 Fib Retracement.
The coin has dropped slightly from there to trade at $10,600 today.
Looking ahead, if the bulls can continue above the $10,760 level, higher resistance lies at $10,900 $11,000, and $11,200. Added resistance is expected at $11,340 (bearish .618 Fib Retracement), $11,500, and $11,600.
On the other side, the first level of support lies at $10,430 (100-days EMA0. This is followed by support at $10,330, $10,140, and $10,000.
Ethereum suffered a steeper 11.3% price decline over the past week as it reached the $346 level today. The coin was trading above $380 last Friday but started to drop lower during the weekend. On Monday, Ethereum fell from $365 to reach as low as $335 (100-days EMA).
The price decline continued on Wednesday, which saw ETH drop as low as $320. Luckily, the bulls regrouped for a rebound on Thursday in which ETH managed to reach the $252 resistance (bearish .236 Fib Retracement). It also produced a bullish engulfing candle, which is a strong bullish signal.
Moving forward, if the buyers can break the $352 level, resistance lies at $364 (2019 high), $382, $390, and $400.
On the other side, support is first expected at $336 (100-days EMA). Beneath this, support lies at $320, $306, and $300.
Ethereum also struggled against Bitcoin this week as it fell from 0.035 BTC to reach as low as 0.0311 BTC yesterday. The coin had found support yesterday at the .618 Fib Retracement, which allowed it to bounce higher to the current 0.0326 BTC level.
Looking ahead, if the bulls push higher, the first level of resistance lies at 0.033 BTC. Above this, resistance is located at 0.0337 BTC (March 2019 Support), 0.0347 BTC, and 0.0352 BTC.
On the other side, the first level of support lies at 0.032 BTC. This is followed by support at 0.0315 BTC (100-days EMA), 0.0311 BTC (.618 Fib Retracement), and 0.030 BTC.
XRP witnessed a 5.5% price fall this week as the coin dropped from $0.25 to reach as low as $0.22 yesterday. The cryptocurrency managed to rebound from there to get as high as $0.24 today. However, the market is facing resistance at the 100-days EMA and must pass this to continue higher.
If the bulls break $0.24, the first level of resistance lies at $0.251 (bearish .382 Fib Retracement). Following this, resistance lies at $0.261 (bearish .5 Fib Retracement), and $0.271 (bearish .618 Fib Retracement).
On the other side, the first level of support lies at $0.235 (200-days EMA). This is followed by support at $0.23, $0.22, and $0.217.
XRP is also struggling against BTC as it posted a fresh 2-month low at 2165 SAT (downside 1.414 Fib Extension) yesterday. The coin had slipped from 2300 SAT last Friday and continued lower until it hit the 2165 SAT support.
XRP has since bounced higher to reach the 2250 SAT level today.
If the bulls can break 2250 SAT, resistance is first located at 2300 SAT (bearish .382 Fib Retracement). Above this, resistance lies at 2350 SAT (bearish .5 Fib Retracement), 2400 SAT, and 2460 SAT.
Alternatively, support lies at 2200 SAT, 2165 SAT, and 2111 SAT.
LINK saw a substantial 10% price fall over the past seven days, which saw the coin breaking beneath the $10 level and hitting as low as $7.31. There, it found support at a downside 1.272 Fib Extension level, which allowed it to rebound yesterday to reach the $9.90 resistance level today.
If the bulls can break $10, the first level of resistance lies at $10.40. Above this, resistance is found at $11.37 (bearish .382 Fib Retracement), $12, and $12.63 (bearish .5 Fib Retracement).
On the other side, support first lies at $9.00. Beneath this, support is found at $8.67, $8.00, and $7.31.
Against BTC, LINK dropped as low as 0.00072 BTC during the week. It was trading above a 3-month-old rising trend last Friday, but it went on to collapse beneath this support over the weekend. After reaching 0.00072 BTC, LINK bounced higher to get to the current 0.000935 BTC level today. Notice that it has returned to the previous rising trend line, which is now acting as resistance.
Looking ahead, the first level of resistance lies at 0.00095 BTC. This is followed by resistance at 0.001 BTC, 0.00103 BTC (bearish .382 Fib Retracement), and 0.00112 BTC (bearish .5 Fib Retracement).
On the other side, support is first found at 0.00091 BTC. This is followed by support at 0.0082 BTC, 0.00072 BTC, and 0.0007 BTC.
XTZ saw the steepest price fall on this list as it dropped by 13% over the past 7 days. The coin fell beneath the $2.32 (.618 Fib Retracement) support on Friday and continued lower to crate a new 5-month price low as it reached $1.91. This support held over the past few days, and Tezos rebounded from here yesterday to reach $2.15 today.
Looking ahead, if the bulls break $2.20, resistance is found at $2.32, $2.53 (bearish .382 Fib Retracement), and $2.72 (bearish .5 Fib Retracement).
On the other side, the first two levels of support lie at $2.00 and $1.91. Beneath this, support is expected at $1.74 (.786 Fib Retracement), $1.68, and $1.56.
Tezos is suffering further against BTC as it produced a 7-month price low this week after reaching 18,600 SAT. The coin has since bounced from here to break back above 20,000 SAT today.
Looking ahead, the first level of resistance lies at 21,000 SAT. This is followed by resistance at 22,000 SAT, 21,750 SAT, and 24,300 SAT.
On the other side, beneath 20,000 SAT, support lies at 19,380 SAT, 18,600 SATm ad 17,600 SAT (.886 Fib Retracement). Added support lies at 16,600 SAT and 15,600 SAT.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update
Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days.
The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather promising until Monday when the price shot up to about $11,000.
Unfortunately, it was then when Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, it was a couple of days of sideways action until Wednesday when it dipped even further, calling questions whether or not $10,000 will hold. In the late hours of Thursday, however, Bitcoin bulls woke up and pushed its price to where it currently rests around $10,650.
Elsewhere, on Sunday, Buzz Feed reported that major banking giants such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, were knowingly facilitating the transfer of up to $2 trillion related to suspicious and even criminal activity. This further supports the narrative that cash is used for illicit activities way more than Bitcoin. After all, $2 trillion is roughly 10x Bitcoin’s total market capitalization.
In another interesting development, the world will finally have its first official Bitcoin exchange-traded fund, though it may not be quite where people expected. It’s a collaboration between Nasdaq and a regulated Brazilian fund manager and will be launched on the Bermuda Stock Exchange (BSX).
DeFi markets continue to boom as the total value locked in lending protocols surpassed $10 billion this week.
In any case, it’s interesting to see whether or not the hype will continue or if we will soon witness the burst of what many consider to be a DeFi-fueled bubble.
Market Cap: $337B | 24H Vol: 105B | BTC Dominance: 58.3%
BTC: $10,613 (+2.46%) | ETH: $344.46 (+2.61%) | XRP: $0.237(+5.3%)
World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. Nasdaq has collaborated with a regulated Brazilian fund manager to launch the world’s first Bitcoin exchange-traded fund (ETF). It should go live by the end of the year on the Bermuda Stock Exchange (BSX).
CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts. According to a recent report by CoinGecko, 23% of people involved in the cryptocurrency field invest in yield farming. However, 40% of them can’t read smart contracts, leaving them seriously exposed to inherent risks associated with failures in the code.
FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors. Leaked screenshots of a Telegram group chat that includes some of the most popular Ethereum proponents have sparked a tweetstorm in Crypto Twitter. It appeared as if the participants were planning to create a token, airdrop it to themselves, hype it up, and dump it on the community.
Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet. The popular venture capitalist Chamath Palihapitiya has said that his best investment bet so far has been on Bitcoin. This is despite him having invested in countless successful companies and startups.
Gemini Has Now Opened Doors to Crypto Investors in the UK. The popular US-based Bitcoin trading platform Gemini has officially launched operations for its entire range of services in the United Kingdom. This comes weeks after it received a license from the country’s Financial Conduct Authority (FCA).
Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap. Buzz Feed reported on a major document leak that suggests that major banks have been facilitating the transfer of up to $2 trillion associated with illicit and criminal activities. To put things in perspective, this is roughly 10x Bitcoin’s total market cap.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Tezos – click here for the full price analysis.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Cryptocurrency charts by TradingView.
Blockchain4 weeks ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain3 weeks ago
Blockchain Bites: Is DeFi an Inside Deal?
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain4 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies