Forbes Expert: Bitcoin to Fall Down to $5000
February 6, 2018
Forbes journalist Peter Tchir has posted an article where he put forward some suggestions on the short-term Bitcoin price. Tchir believes BTC to sink soon down to $5000 per coin.
“There may be a time to buy Bitcoin again, but it isn't until it breaks $5,000. That is the level when I will reevaluate what to do next.
Basically, the reasons to buy or own Bitcoin have been eroded, one by one, so we need to see prices correct and new reasons to support it to develop. Some of these issues are unique to Bitcoin, some apply more broadly”.
Following this Tchir pointed the primary causes for acquiring Bitcoin and their current state:
- As a medium of exchange
“Not working at all. Unwieldy. Costly. The arguments against Bitcoin have switched from the "tulip" or mindless "bubble" arguments to actual discussions of whether Bitcoin is scalable and functional, and those arguments highlight that the technology is not delivering very well”.
- As a store of value
“Still okay, but not as miraculous as some would have you believe. Fraud and theft seem quite common».
- As a way to participate in ICOs
“With the SEC turning its attention to Initial Coin Offerings, which have only proven themselves to be a great way for their sponsors to get rich, we could see a slowdown in ICOs”.
- New buyers have to own Bitcoin
“Fail. Futures did little to help new adopters, and ETFs seem unlikely to add to the new-adopter level”.
“Bitcoin is interesting, has some value, but for now, I wouldn't touch it above $5,000, and unless some new information comes out, I suspect that price is too high”, Tchir summed it up.
As far as altcoins are concerned, the expert explains their current intermittent growth with alleged low price which allures unpracticed traders. Tchir is sure altcoins price to go lower after the next market correction.
Let us recall that Jordan Belfort, better known as the Wolf of Wall Street, has also shared his view on the possible Bitcoin future when claimed the cryptocurrency is to reach $50000 before collapsing.