One of the many reasons why Bitcoin (BTC) isn’t being adopted in day to day scenarios is its volatile nature. Volatility in Bitcoin can’t be measured since it does not yet have a generally accepted index since cryptocurrency as an asset class is still in its nascent stages. This, paired with a decentralized market, makes it extremely hard to predict where Bitcoin is going next.

Despite the high fluctuations and volatility, cryptocurrency analysts and enthusiasts go on to try and predict the price of Bitcoin. Some of the predictions are optimistic, claiming Bitcoin could go as high as $250,000. While some claim the world’s largest cryptocurrency would just die eventually.

Coming from the Skeptic

2019 saw many end-of-year predictions that were completely off from where Bitcoin (BTC) currently is. Despite the bearish market, BTC still managed to hold above $7000. The more interesting predictions about BTC came from the skeptics. Some of the most notable ones were from gold bug Peter Schiff.

Schiff is an avid believer of the fact that BTC cannot replace gold claiming that it has no value in itself, unlike gold, whose value lies in its physical properties.

Back in September, when Bitcoin fell from $9,700 to $8,000 in a matter of hours, long-time Bitcoin skeptic Peter Schiff claimed that this massive shedding was just the beginning of the downfall, adding that, “The risk is high for rapid descent down to $4,000 or lower!”

The Peter Schiff Indicator

What’s interesting about Schiff’s predictions is the fact that whenever he has made some bearish predictions, BTC seems to move upward. This has led the cryptocurrency to often call the man a ‘counter indicator.’ His most recent prediction was on January 2nd when he took to Twitter claiming:

“Continuing the Dec. the trend all asset classes are rising accept Bitcoin. #Bitcoin may have been the best performing asset of the last decade, but it’s already the worst-performing asset of this decade. While I think U.S. stocks will soon drop, I think Bitcoin will fall even faster.”

Right after this tweet, the BTC price rallied from the $7000 region right up to $8000 in a matter of days. This was one of the many times when Schiff unwillingly predicted the BTC. Some crypto enthusiasts have even compiled Schiff’s predictions on a BTC chart to showcase this weird phenomenon.

Source: Twitter

Schiff isn’t the only one who’s been wrong about BTC. John McAfee, one of the most renowned figures in the crypto industry has made some massive claims himself. In an interview from October 21, when asked about his prediction of BTC reaching $500,000 by the end of next year, he doubled down on the forecast increasing his prediction to $1 million per coin. Sadly, this wasn’t the case.

This just goes to show how unpredictable is the nature of Bitcoin. It is quite difficult for someone to predict where the price would be going in the upcoming hours and days, let alone the years. Back in 2017, when everyone predicted that BTC would die, it ran up to $20,000. Similarly, when everyone was rooting for BTC to climb even further, it sank to $3200.

As of now, Bitcoin is sitting at $7928 at the time of writing, while its dominance has risen to 68%.

