Forecast: Bitcoin will fluctuate between $ 6,500-22,000 next year

Baku. 28 December. REPORT.AZ/ In 2018, the world market is expected to be "volatile" for bitcoin, and price is likely to be lower than the current level. 

Report informs citing the Forexpf.ru, one of the first crypto-currency forecasting experts, an analyst at the DataTrek Research Nick Colas said.

In fact, bitcoin could slosh in a range between $ 6,500 and $ 22,000; it was around $ 15,750 in Wednesday morning trade. Bottom line: bitcoin can rally to $ 22,000 and still be reasonably priced, or plummet to $ 6,500 and also be correctly valued. We expect to see bitcoin trade for both prices in 2018", Colas said in his daily note.

Along with the wild price swings, Colas sees bitcoin losing more market share to competitors, and "at least four crashes" of 40% or more: "Bitcoin and crypto-currency are hard to value and their economic utility relies on use cases that are not yet built. Of course the volatility we've seen will continue", he said.

Ultimately, he said a midpoint range of $ 14,035 would be a reasonable price point. 

Notably, bitcoin price declined by 12% today and traded at $ 14 230.