Nick Colas is an analyst from Wall Street and the co-founder of DataTrek. He says the price of bitcoin would be oscillating between 6,5 thousand US dollars and 22 thousand dollars during next year.
The opinion of Nick Colas was published by CNBC and also on the website of DataTrek Research, a company he co-founded. His company provides services related to the investment analysis and data analysis. Colas predicts as highly volatile 2018 for the most popular cryptocurrency in the world, especially since we know its price went up by more than 1,600% this year.
Colas calculated a range of prices of bitcoin for next year. The minimum price, according to him, will be 6,500 dollars, while the maximum price will not surpass 22,000 dollars. He says an average price of around 14 thousand dollars seems reasonable.
The Wall Street analyst also predicts at least four major drops of 40% or more in the price of bitcoin in 2018.
Nick Colas has been following the movement of bitcoin for the past 4 years. In his analysis, he compared the value of the cryptocurrency with the usage, emission and circulation of the hundred-dollar bill. This comparison was made due to the fact that both are used as a way to protect the savings in countries with high and constant inflation.
This year was a successful one for the most popular cryptocurrency. It reached its historical maximums and, despite its volatility, showed the potential for growth and remained the first cryptocurrency in the world in terms of market capitalization and adoption by people outside the cryptocurrency ecosystem.