A bitcoin renaissance could see the digital currency rise by as much as 84 per cent by the end of 2019, according to a panel of experts polled by Finder.com.au.
After peaking at US$20,000 ($28,982) in December 2017 off the back of a global cryptocurrency mania, bitcoin lost 71 per cent of its value and spent most of last year hovering around the US$4000 mark. At the time of writing, bitcoin was trading at just under US$3500.
Of the six fintech experts who offered their predictions, Digital Capital Management chief operating officer Ben Ritchie was the most bullish, tipping a year-end price of US$9500. The average price prediction was just under US$7000.
"Two things to look out for in 2019 will be whether we will see decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner," Richie said in the report, forecasting a "slow and steady rise in 2019".
"The second is the impact of the traditional markets on cryptocurrencies. Will bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet."
