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A Bitcoin Price Forecast For 2017

(Ed note: end of May update on our Bitcoin price forecast at the bottom of this article. Read our revised Bitcoin price forecast)

(Ed. note: another flash crash of the Bitcoin price took place on September 4th 2017, the editorial team has posted a new update at the bottom of this article)

Several readers requested us to provide our bitcoin price forecast for 2017.

Bitcoin is a totally different asset type. Traditional analysis methods do not applying when trying to forecast the price of bitcoin. That’s why we apply a more fundamental approach in this article in order to come up with a bitcoin price forecast for 2017.

How not to forecast the future price of bitcoin

Most readers would turn to the cryptocurrency blogosphere where they will read ultra bullish bitcoin price forecasts for 2017 similar to this one from Coindesk. The issue with this approach is that those sites only feature bitcoin enthusiasts and entrepreneurs, so they offer a very biased view.

Another great option would be to use prediction markets such as the one that KoCurrency offers. They offer a bitcoin price prediction channel where predictions are output based on the inputs of the smartest members of the crowd. Their predictions model is very interesting (they use a proof based model which aims to solve the “biased view” problem mentioned above), However, they are very early stage so they need more data pouring into their platform before they can offer reliable predictions. I encourage you to sign up for their platform, so maybe we could all use this as a reliable predictions tool in the future.

Traditional financial media, on the other hand, have their classic story telling format. That is not a useful approach neither for investors. For instance, CNBC looked at the ongoing stream of articles that compare bitcoin with gold, and concluded that “the comparison is perhaps a positive signal that bitcoin is being commoditized. But bitcoin is not a commodity, while gold has been a commodity for thousands of years.” That obviously does not tell anything about the future price of bitcoin.

Fortune.com explained how demand for safe haven assets have fallen since the elections “on a stronger dollar, signs of future interest rate hikes, and potentially business-friendly policies that may arise from the Trump administration. Those potential regulatory changes would raise the chances of higher-yielding stocks.” That also is not useful as input for a bitcoin price forecast.

The most interesting headline comes from CNBC: “Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s spending binge and dollar rally.”

There is obviously no correlation between the bitcoin price and the dollar or any other regular asset. Large investors simply don’t pull money out of currencies, stocks or gold in order to buy bitcoins.

A legitimate bitcoin price forecast for 2017

We believe that a combination of price analysis and fundamental analysis is the most appropriate way to come up with a legitimate bitcoin forecast.

Fundamentally, the bitcoin usage data look great: usage of bitcoins keeps on increasing, and that is exactly what it fundamentally is all about. Because of the fact that bitcoin is a form of money, the widening acceptance of bitcoin is the most fundamental data point to consider.

According to Statista, bitcoin usage keeps on growing as seen by the number of Bitcoin ATMs which increased from 538 in January 2016 to 838 by November. Most Bitcoin ATMs, as of July 2016, were located in the United States (345) and Canada (108). The Bitcoin ATMs located in Europe as of June 2016 constituted 24.02 percent of the global ATM market share.

Moreover, several bitcoin charts confirm a growing usage and acceptance:

Last but not least, this research paper on bitoin’s big picture trends identifies 3 marked regimes that have evolved as the Bitcoin economy has grown and matured: from an early prototype stage; to a second growth stage populated in large part with “sin” enterprise (i.e., gambling, black markets); to a third stage marked by a sharp progression away from “sin” and toward legitimate enterprises.

In other words, fundamentally, the picture for bitcoin looks very good. This is not only a market for speculators anymore, but one of real users.

We are confident, based on the objective data set outlined above, that bitcoin’s price rise is not only legitimate, but will continue. That results in a bullish bitcoin price forecast for 2017 and beyond.

From a bitcoin price analysis point of view, the long term chart looks very constructive. Readers should compare the steep rally in 2013 with the steady and solid rise in the last 2 years. As the price of bitcoin took out all-time highs, it suggests it has much more upside potential.

The only ‘negative’ is that the price rise has accelerated in recent weeks. Investors want to see a steady rise, not a parabolic rise. So we hope there will be a healthy correction sooner rather than later, to cool off emotions. Ideally, bitcoin’s price corrects to the $1000 to $1100 area in the coming weeks.

We could easily see bitcoin’s price move to $2,000 in 2017.

Update end of May: A revised bitcoin price forecast for 2017

As our initial price target of $2000 was met already several weeks ago readers urged us to come up with a revised bitcoin price forecast.

That is not an easy challenge. Given the steep rise of Ethereum in recent months we start senseing that Ethereum will gain ground against Bitcoin. That does not mean that Bitcoin will crash, it merely means that the steep rise in Bitcoin could become a slower rise, and, potentially, consolidation in a wide range.

We are cautious with a new Bitcoin price forecast. Cryptocurrencies that have instrinic value will continue to rise, without any doubt, but we believe that Bitcoin will remain range bound between $2000 and $3000 in 2017. However, the price of Ethereum is set to rise sharply according to our Ethereum price forecast for 2017.

Update: the flash crash in the Bitcoin price on September 4th 2017

On September 3d and 4th the price of Bitcoin fell sharply and lost some 20% in just 48 hours. Although this is meaningful it was a smaller decrease compared to other top 10 cryptocurrencies as explained in this article. It is no reason to worry (yet). We still believe Bitcoin will do well over time because of its intrinsic value.

We update our Bitcoin price forecast and use our earlier max price target of $3000 as a mega support level. Given recent strength in Bitcoin we would not be surprised to see its recent highs at $5000 will get tested later this year.

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A MUST READ for 2018: China’s Stock Market Bullish. 7 High Quality Stock Tips For Long Term Portfolios. Featuring 7 China stocks >>
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  • Bitcoin is classified as a commodity by the US Commodity Futures Trading Commission.


  • Nguyen Xuan Hong

    Awesome sir! It’s true now!

  • rapidpayway.com

    Over $4000 by december 2017 #rapidpayway prediction

  • John Dozier

    $7000.00 by years end

    • durgesh lal gupta

      August 12th, 2017 and price crossed, 4K, Please update with your prediction for end of 2018

    • Vikram Daswani

      how come you can be assure on this, are these based on any predictions..?

  • Basketball God

    Nearly 3000 now. Most of the public still doesn’t know what bitcoin is. Still no bitcoin ETF. I think price discovery is still occurring and will continue to occur as there are still multiple catalysts that could come on line any time. I suspect bitcoin will end the year in the 3500-4500 range. My prediction is for bitcoin to double every year for the next 5 years. 6000 next year, then 12000, 24000, 48000, 96000. Then I think growth beyond 100,000 will be incremental. Probably along the lines of 10-20% per year. At 100,000 dollars per bitcoin, the market cap will be 1.75 trillion dollars. Eventually the law of large numbers will come in to play.

  • Dave Roy

    Over $4000, in upcoming days next target will be $2800: https://cryptomon.io/chart/bitstamp/btcusd/day

  • Daniella

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  • Robert

    Great Article. I think that the price of BTC will reach $4 000 by the end of 2017 and therefore it is great time to invest in BTC in the time of correction. I personally gain 0,25 of BTC every month. If you want to help with it, text me and I will see what I can do.

    • John Adams

      Hi Robert, I love your contribution. I would love to have some more enlightenment on your investment method, thanks

      • Robert

        I invest with the company which profesionally trades on the market with cryptocurrencies and I get 25% of my investment pef month.

        • Lynn

          Hi Robert! So good to hear from your experience! It sounds like the company you are investing is pretty reliable. Is your company oversea? What if i want to invest there? Do you have any other advices?

    • valgalaxy1

      i need help and your assistance.

  • Ciristian Martinez

    http://ai21btc.blogspot.com short-term prediction Bitcoin,is free

  • BigJilm

    Already blew this ut the water son.

  • BigJilm

    Already blew this out the water son.

  • Ciristian Martinez

    Hi, I made good money by following the ai21btc bitcoin price
    predictions and I would like to know if there are more sites like this.
    Thanks in advance

  • I am making money with BTC/USD trading these days.from waveform price movement of Bitcoin i have predicted 2018 year price for BTC/USD pair. have a look at https://jaisi.org/bitcoin-price-prediction/

  • Vikram Daswani

    will there be price dip in oct 2017 to buy bitcoins..what will be the target for the dip in bitcoin in Oct

  • cos

    @ TAKI

    have you seen recent prices (end Noe ’17, flying at over $9.800,00) of bitcoin?
    it seems your predictions and estimations fall to trush.
    Please do not be tempted and mess with GOD’s money again…

    i dont apologize for being aggressive, you made a post publicly claiming your expertize on the subject.
    You failed. This miss-information could lead to people loose fortunes, you know…

  • Bitcoin Price: Almost $10,000 Now, What’s Next?

    As to the possible Bitcoin price change in the future, Mark Dukas shared his opinion with Coinidol:

    “From a technical analyst view, Bitcoin’s mid-term price support on the 720 min chart (2 bars per day) is currently at $7,431.00. New resistance is now $9,721 and price support sits at $5,555.00. Look for another small push down before prices takes off through $10,000 USD. Be sure to check out volume moving the price to see the legs this next move has. A mind-blowing number came out of the Coinbase camp: 33,000 new users every day are signing up. The amount of Bitcoin mined per day: 1,800. Math and numbers don’t lie. Look for $10,000 plus and cryptocurrency market cap as a whole to reach half a trillion dollars in 2018.”


  • Some experts anticipate an even more significant bullish trend. Billionaire hedge fund legend and former Fortress executive, Mike Novogratz, thinks BTC will hit as much as $40,000 by mid-2018 due to a large number of institutional investors entering the market. He stated on CNBC’s Fast Money:. . “There’s a big wave of money coming, not just here but all around the world. What’s different about these coins than other commodities … there is no supply response here. So it’s a speculator’s dream in that as buying happens there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50 percent corrections. It will get exaggerated on the way down.”


  • Bitcoin Price: UK and Indonesia Causing Market Turbulence https://coinidol.com/bitcoin-price-uk-and-indonesia-causing-market-turbulence/

  • The upsurge of BTC price goes on. Bitcoin rated $13,200 on CoinMarketCap. This has probably become possible owing to CBOE’s and Gemini’s listing of bitcoin futures.

    That announcement caused the market to turn optimistic enough for another all-time high, which is not surprising as CBOE is the largest options exchange in the world. The mere fact that such a giant turned to Bitcoin allows for improving its liquidity and, therefore, a price increase.

    More: https://coinidol.com/bitcoin-price-btc-breaks-through-ahead-of-cboe-bitcoin-futures-launch/

  • Bitcoin Price: The Upsurge Goes On https://coinidol.com/bitcoin-price-upsurge-goes-on/

  • Some might think Monday is a tough day, but not for Bitcoin, as it has broken through a new all-time high of $17,000.

    The Chicago Board Options Exchange ( CBOE) finally launched its bitcoin futures trading platform which caused the price to skyrocket by 20% overnight. The highest price at CoinMarketCap amounted to $17,102. However, sometime after, we have seen a pullback to about $16,800.

    You can read the experts’ opinions here: https://coinidol.com/bitcoin-price-hitting-after-cboe-futures-launch/

  • Mark Dukas, Bitcoin and Blockchain Consultant and cryptocurrency trader at BitcoinSmartMoney.com, told Coinidol:

    “One week in Bitcoin can feel like one year in almost any other trading market as trading goes on 24/7 news and money never sleep. Bitcoin opened up seven days ago at $11,589 and as of December 13th is sitting at $16,964. Futures trading on the CBOE started at 6 PM EST on 12/10/17 causing trading to be halted two times in its first day.

    Bitcoin dominance is now sitting at almost 63%. Sideline money and bearish altcoins continue to flow money into this market. Bitcoin the most well-known currency has the largest network effect (a phenomenon whereby a product or service gains additional value as more people use it). The market cap is approaching $280 billion. The chart looks great with volume on the move up last week with resistance now at $19,697 (Coinbase exchange). First level of support sits at $13,798 and the next level below would see prices in the $11,532 range Calling a top would be foolish. Until the trend and market sentiment change, I expect the price to continue marching upward.”


  • The futures markets are in full swing and price action on the Bitcoin trade has garnered a tremendous amount of activity over the past few weeks. The transaction memory pool has become filled with outstanding transactions to confirm. The average amount of transactions per block is close to an all time high. Bitcoins market dominance has dropped from a recent high on December 7th of 64% to now treading above 50% as the altcoin market has exploded this past week.

    More: https://coinidol.com/bitcoin-price-market-cap-tops-600-billion/

  • CEO of JPMorgan Chase Changed His Mind About Bitcoin
    Jamie Dimon, CEO and Chairman at JPMorgan Chase Chase & Co., managed to make quite a big fuss around cryptocurrencies, when he said last year that Bitcoin is a fraud. However, now he has changed his mind.

    Read more: https://coinidol.com/ceo-of-jpmorgan-chase-changed-his-mind-about-bitcoin/

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