DataTrek’s Nick Colas quoted in CNBC:
Bitcoin is in for a potentially wild ride in 2018 that will end with a modest drop from the current price, the first Wall Street analyst to write about the crypotcurrency said Wednesday.
Nick Colas, co-founder of DataTrek Research, has been following the bitcoin phenomenon for at least four years. Looking ahead to 2018, he sees more volatility for an asset that has soared nearly 1,600 percent over the past year.
In fact, he figures 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,” Colas said in his daily note. “We expect to see bitcoin trade for both prices in 2018.”
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