Cautious Optimism For A Fivefold Increase
In results published by data scientist Xoel López Barata who conducted the investigation, Bitcoin appears set to hit $55,530 by the end of this year.
— flibbr (@flibbr) January 22, 2018
By contrast, the probability the largest cryptocurrency will be equal to or lower than at present is under 10%.
The rather more scientific evaluation joins the plethora of forecasts from various well-known figures in cryptocurrency and beyond, some of which remain wildly high despite Bitcoin’s recent halving in price.
Most recently, Trace Mayer produced popular findings that a 2018 Bitcoin costing over $14,340 would be “overvalued,” but which nonetheless saw the cryptocurrency having the potential to go over $100,000.
Math or Musings?
Barata used a Monte Carlo simulation with so-called “random walks” to unearth the potential for Bitcoin’s price future, refining the raw data to produce a graph of USD rates ranked by probability.
The results of the walks – or simulated price distributions created on the premise that Bitcoin’s future behavior would mimic that of its past – then delivered a target just over $55,000…