An iPhone 8 price cut may happen when it comes out later this year. Originally believed to start over $1,000, it seems that will no longer be the case.

According to a report by Forbes, the new Apple iPhone has been getting a lot of predictions and speculations. In particular, a starting price tag of over $1,000 was the common belief of many. In a report from UBS, a global financial services giant, analyst Steven Milunovich revealed that Apple's 2017 price restructure would affect the new iPhone. In effect, it will likely be much lower than what was previously expected.

Samsung is mostly to thank for this. The Korean tech company decided to push highly compact displays for their Galaxy S8 and Galaxy S8 Plus which is a huge threat to Apple. The report suggests that the new iPhone could start at $850. The report further stated that contrary to what most people think, "Apple likes to position its entry-level products at the mid-market with 'Pro/Plus' products close to competitors at the high end."

In another report by International Business Times, this price reduction will likely affect the whole iPhone 8 range and see at least a 10 percent reduction. Considering that the Samsung Galaxy S8 Plus starts at $840, Apple needs to also have a similar or lower price point if they want to be able to compete.

The Samsung Galaxy S8 was nothing short of amazing with its nearly bezel-free design, dock that transforms it into a PC, and its Bixby assistant. At a price point of $720 - $750, the new flagship has 4K video recording, facial recognition, fingerprint reader, and iris scanner. It uses a Snapdragon 835 processor, 4 GB of RAM, and 64 GB internal storage. It is a most impressive smartphone.

The iPhone 8 will launch at the last quarter of this year, according to recent reports. Hopefully, the base model will also be in the $700 range to compete with the Galaxy S8. Do you think the new iPhone will be able to deliver? Share your thoughts and comments below.

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