Cryptocurrency market update: New York Trefis analysts – Bitcoin to hit $8,500 by December

 The cryptocurrency market has experienced the worst fall in history this year. In fact, Bloomberg recently made a reported that indicated that the market has shed $640 billion since January 2018. Bitcoin spike towards the end of last year and almost hit $20,000. However, the far-reaching declines have seen it trade below $6,000 more than once. Various experts have come out with predictions indicating that Bitcoin will surge to $20,000 and $25,000 respectively.

Significantly, according to a New York Fintech firm, Bitcoin price will rise 30% in the coming three months to exchange at $8,500 by the end the year. Trefis analyst shared an article on Forbes saying there should be a steady recovery in the number of unique users as well as transaction volumes on the Bitcoin network over coming months – helping … prices reach around $8,500 by the end of the year.”

Trefis utilized its very own too referred to as Bitcoin Price Estimator which takes into account a couple of critical inputs; a number of users of Bitcoin and the daily transaction volume. The firm believes that the exact “fundamental value” is exhibited by this tool. Within its capable talent pool, there are experts from MIT and Wall Street. In addition to that, Trefis says that the tool produces results that are 94% correct.

“We expect the number of users on the … network to continue to grow steadily over the coming months, which is why we believe the Bitcoin price will jump more than 30% over the next three months to reach $8,500. While this figure pales in comparison to the high it reached last year, and is also well below the $10,000-level seen in May,” Trefis wrote on Forbes.

Bitcoin price is trading at $6.465 at the time of press, although it has made a slight correction from highs of $6,582. The above predictions ignored the recent slump of Bitcoin from above $6,300 to lows slightly above $6,100. Bitcoin bulls seem to be back in spite of the brief bear correction of Friday.