Bitcoin has faced some serious volatility during the early weeks of 2018, with its price falling below $7,000. While the price dip has presented some cause for concern, many analysts are predicting a huge bull run ahead for Bitcoin during 2018. One expert that has been willing to back Bitcoin during its dip is Outlier Ventures CEO Jamie Burke, as he feels that Bitcoin has the potential to skyrocket as 2018 unfolds.
Bold bull run predictions
Outlier Ventures represents the Europe’s first Blockchain-based incubator, as such the views of Jamie Burke are making headlines. Speaking to CNBC, he outlined his belief that the cryptocurrency market cap could reach $1 trillion over the next twelve months, with BTC leading the charge via a $50,000 ATH. These claims are certainly bold, but there is certainly conviction in Burke’s words, “We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”
Also throwing his support behind Bitcoin, Gatecoin Head of APAC Thomas Glucksmann feels that technological advances like the Lightning Network and the introduction of institutional capital represent the turning point for Bitcoin. In a single sentence, he said what many analysts are thinking as Bitcoin begins to find its feet, “There is no reason why we couldn’t see bitcoin pushing $50,000 by December.”
Looking at the Winklevoss impact
What’s good for Bitcoin is that its price already appears to be stabilizing, with Glucksmann attributing this to the start of the US Securities and Exchange Commission’s (SEC) month-long review of the Winklevoss twins Bitcoin ETF proposal. During April 2017, Bitcoin reached a then ATH of $1,300 arguably off the back of Winklevoss’ involvement, with Glucksmann keen to point out the connection between that and the current steadying of BTC’s price. Recently the joint Commodity Futures Trading Commission and SEC hearings discussed the Winklevoss impact and the twins’ role in the cryptocurrency market, with this aiding Bitcoin’s rebound.
The importance of a cryptocurrency-based ETF
Looking at what’s going to help propel Bitcoin going forward – building on its recent rebound – Glucksmann believes that the release of a cryptocurrency-based ETF holds the key. Following the launch of CBOE futures, Bitcoin’s price skyrocketed up to nearly $17,000, so Glucksmann – among others – believes that an ETF can have a similar impact. Speaking on the impact that an ETF could potentially have, Glucksmann said, “One possible appetizer for the bulls, or the catalyst for the recovery, will be the release of another cryptocurrency backed instrument listed on a major exchange. There are several candidates in the pipeline, it’s only a matter of time until we have a cryptocurrency backed ETF (exchange-traded fund).”
From bumpy start to potential bull market!
Bitcoin might have had a bumpy start to the year, but it’s clear that the world’s leading cryptocurrency is currently on the comeback trail. Sometimes it’s well worth listening to the experts, with Jamie Burke and Thomas Glucksmann throwing their support behind a big-time bull run for Bitcoin during 2018. While you can never take anybody’s word as gospel, with these two industry heavyweights willing to go on record, it might well be worth taking notice of what they have to say!