Within 10 hours, on 3rd May 2019, bitcoin market cap rose from $97.1 billion to $103.7 billion, a staggering $6.6 billion were added in a matter of hours. The recent price increase is the highest in 5.5 months and comes much earlier than expected by many influencers of the industry. $6,000 is considered to be the psychological resistance and bitcoin is all set to test that barrier.
Bitcoin’s price is often the center of attention for the investors and traders in the crypto arena. Alongside these, influencers in the traditional financial world are also keeping an eye out on the world’s biggest cryptocurrency in terms of market capitalization to see what is happening in this nascent space. Price of bitcoin mirrors the progress of this space in terms of this space’s general adoption and it is something on which many want to bet. And one of the best months for the asset in the past half a year is by far in terms of its price has remained to be April’19.
April saw bitcoin break its months of inactivity as it soared past the $5,000 mark and at the time of writing, it is standing at around $5,794 while showing a 6.10% increase in the past 24 hours. From here on, some experts are predicting that things are getting set up for a prolonged bull-run. The following chart shows bitcoin’s price rise from the start of the month of April to its end.
Moving from here on, everybody is trying to speculate where will this year end for bitcoin in terms of its price as it now becoming a viable option for many to invest and store their assets as compared to physical gold. As developments are being made in both the legislative and technological areas of bitcoin, it is trying to replace the physical gold with itself. Clem Chambers, CEO ADVFN, previously talked to BlockPublisher as he shared his opinion regarding bitcoin becoming the digital gold.
Bitcoin is ‘digital gold’ already. Is it a replacement for gold? No, you can’t make jewellery, bullion coins, electronic connectors and teeth from Bitcoin, and gold has its place in the world and will always have a place in money. Will bitcoin take on a role similar to gold? Yes, it already has. Will it be used more for this purpose? Yes.
BlockPublisher recently got in touch with the Founder and CEO of Aliant Payments, Eric Brown, as he opined about bitcoin’s year-end price prediction stating:
“My Bitcoin price prediction for the end of the year is $23,000.
Although we are still very much in the infancy of this type of currency, the technology behind it is rapidly growing, and so will the value of the currency. Here are some of the things that will cause the price increase:
-Mobile wallet usage will increase as smart phone purchases continue to rise, opening the potential for a fully compatible crypto and credit card mobile wallet to be introduced by the end of 2019.
-Cryptocurrency payment technology continues to advance, with merchants from a wide variety of industries now offering cryptocurrency payments in both online and retail settings.
-Blockchain is also becoming more commonly used for everyday transactions, including home and car titles, legal contracts, government contracts, retail inventory and more. The future is technology and Bitcoin is the currency of that technology.”
$23,000 is a big amount as compared to the current standing of the asset. These are the kinds of prediction that make this space get filled up with FOMO (Fear Of Missing Out). Although such volatility of the price can prove to be fruitful sometimes, things often go sideways in the crypto world and heavy losses are also witnessed by many investors as the market drops.
Editor and market analyst at Finixio Ltd, Chris Skordis, also got in touch with BlockPublisher as he offered his input regarding bitcoin’s year-end progress.
“I have been trading cryptocurrencies for 4 years and have experienced bear markets and bull markets. 2018 and 2019 has been a tough year for cryptocurrency traders as we have experienced a slow bleed from the December 2017 all-time-high at $20,000. We have seen a brutal but healthy correction to the low $3000s but I think the second half of 2019 is all about accumulation. Bull markets don’t just pop out of anywhere – there needs to be some stability and accumulation before we witness huge price increases again. I believe we will test the $3000s again this year before ending 2019 at around the $6500 mark. A constant range between these 2 price levels would not surprise me. I believe this is a good time to start scaling into Bitcoin and other cryptocurrencies in general”.
As pointed out by Chris, we are still in the accumulation phase, In a recent report by Adamant Capital, it was highlighted that the accumulation phase for bitcoin is expected to last from $3,000-$6,500.
One of the early adopters of cryptocurrency and bitcoin, John Frigo, also gave a word in regarding the expectations attached with bitcoin’s price as the current year ends stating:
“I feel like a couple years back it was fairly easy to predict cryptocurrency price movements. Following 2017 however that’s no longer the case. If there’s one thing I’ve learned about Bitcoin and cryptocurrency it’s that anything is possible. In terms of where Bitcoin will be at the end of the year, if I just had to pull a number of[f] of thin air I’d say $6400, however that’s not based on anything more than a gut feeling.
Currently, there’s some issues going on with Tether which could sink Bitcoin and cryptocurrency prices. Essentially it’s possible that the entire crypto market is propped up by fake money. If that turns out to be the case I think Bitcoin could go down as low as $1800.”
With developments being made and accumulation seemingly nearing its end in the near future, things are likely getting set up for a bitcoin bull run. All eyes in the investor and the trading community are now set up on “bitcoin’s endgame.”