Experts say bitcoin will fail to meet earlier end-of-year price predictions, but is still expected to double in value

 
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Although the new predicted value is more than halved, bitcoin price is still expected to surge (Source: Getty)

Bitcoin will fail to meet January's end-of-year price forecast of $33,000 (£24,600) according to experts who now expects the price per coin to reach $14,638 by December.

The world's most popular cryptocurrency bitcoin, currently valued at $7,601 per coin, will lose more than half of its earlier predicted value due to stagnant pricing and the crypto still recovering from the price plunge at the start of the year, according to experts at finder.com.

John Ostler, chief executive of finder.com, said: “Our June report shows that bitcoin is not set to recover this year. In fact, our panellists were much more optimistic in January where they were expecting it to hit £24,791 by year's end.”

“Now, our panel is forecasting less than half of this, at £10,995 by 31 December, likely because bitcoin hasn't risen above £10,000 since it fell in January this year.”

Read more: Steve Wozniak says bitcoin could become single global currency

The cryptocurrency predictions report also forecast that the crypto EOS will be the best performing this year with a predicted 206 per cent price increase by the end of the year to $38.25.

None of the 13 cryptos examined are expected to suffer a loss in value by the end of the year, however, IOTA and Monero may suffer eight and seven per cent loss respectively by July.

James Lynch, chief executive of CastleCoin, said: “The expected influx of institutional money and increased adoption of cryptocurrency as a whole will likely lead to an increase in the value of bitcoin.”

“The market is moving towards a state of maturity, and it is unlikely we are going to see the explosive increase we witnessed last year.”

Aaron LePoidevin, co-founder of Every Capital, said: “While I am positive on the longer-term prospects, in the short term, bitcoin might have some downward pressure, as it looks like it could close below the 50-week moving average, with bears pushing prices lower.”

“There could be a corrective rally, but perhaps not until the third quarter. The Consensus summit in New York showed the strong underlying interest in bitcoin and its applications.”

In December last year, bitcoin prices peaked at almost $20,000 per coin causing a worldwide crypto craze before plummeting in the first few months of this year reaching its lowest point since the surge at around $7,000.

Read more: Ripple boss says bitcoin dominance on crypto prices may come to an end

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