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At the beginning of the year, the analysts were very bullish on Bitcoin and had projected high targets for 2018. Many did not revise their target lower even after the sharp fall in January this year because they were expecting a sharp bounce from the lows.
Fast forward to June, the analysts are getting worried about the lack of momentum, resulting in a downward revision in target prices.
In January, price comparison site Finder had arrived at a year-end price of $33,000 on Bitcoin after compiling the forecasts of a panel of cryptocurrency experts. This week, Finder has slashed the target price to $14,638 by end-2018.
Stock analytics firm Trefis is also not very ‘gung-ho’ on the prospects of a sharp rebound in Bitcoin prices this year. It has lowered its year-end price forecast from $15,000 to $12,000. Both these price forecasts still offer a decent upside from the current levels.
Probably, the game changer will be the entry of institutional investors. Various firms are laying their groundwork to benefit from the influx of big money. The latest to join the crypto trading bandwagon is the American global trading and technology firm Susquehanna International Group, which will open Bitcoin futures trading for a small group of its 500 clients.
So, is this the right time to buy? Let’s see.