Bitcoin price analyst predicts cryptocurrency will reach record high in six months despite recent crash

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Cryptocurrency analysts have renewed their price forecasts following bitcoin's recent crash, with some prominent figures predicting it will still hit record highs before the end of the year.

Bitcoin's record-breaking price gains over the last month came crashing to an end at the start of June, as more than $1,000 was wiped from its value.

It is currently trading below $8,000, less than half the value it reached in late 2017 when a major price rally saw it almost hit $20,000. Yet experts note that he recent dip does not necessarily mean a market turnaround.

"I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020," prominent bitcoin analyst Oliver Isaacs told The Independent.

"There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to the sudden interest in bitcoin as a hedge on investments."

A growing number of investors are beginning to view bitcoin as an established safe haven that operates in a market that is finally being protected through regulatory oversight, according to Mr Isaacs.

He also points to signs of increased adoption for bitcoin and other cryptocurrencies, with major organisations and retailers like Microsoft, Amazon, Starbucks and Whole Foods opening up to payments from virtual currencies.

Other notable figures within the cryptocurrency space have been even more optimistic when forecasting bitcoin's future price.

Billionaire investor Tim Draper renewed his claim earlier this year that bitcoin will reach $250,000 by 2023 – a prediction he first made when the price of the cryptocurrency was around $5,000.

"It's going to keep going [up in price] because I'm a believer that in four years, something like that, bitcoin will be about a 5 per cent market share of the Earth," Mr Draper said.

"It's a better currency, it's decentralised, open [and] transparent – everybody knows what happens on the blockchain."

Beyond its huge price gains, Mr Draper claims bitcoin will replace other forms of mainstream payment within a few years.

"I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrency," he said. "It will be like the old lady paying out with pennies."

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