The world’s largest cryptocurrency in terms of market capitalization, bitcoin is currently floating around the $8k mark, around $7979 (at the time of writing), with a -1.36% decrease in the past 24 hours. One crypto influencer predicted BTC to reach $9,700 before a minor pullback. The road for bitcoin over the past week has been a bumpy one as the asset has largely floated around $8k while showing an unexpected and short drop to around $6,400 in between.
$BTC is in reaccumulation. Target after the next minor pullback is $9500-$9700.
— cryptoamd (@cryptoamd) May 24, 2019
The crypto community seems still quite hyped and bullish for the asset as of now. Here are some of the expectations that are floating around regarding the asset’s future behavior.
The next $BTC pump will make the one from 3K to 8K look like a dip.
— Galaxy (@galaxyBTC) May 24, 2019
$BTC > 8000.
Impressive reversal in the last 36 hours. Big picture, there is only one right play, and that is long.
— Alex Krüger (@krugermacro) May 24, 2019
The proponents of the digital asset are proposing different price ranges of the asset in different timelines, both short-term and long-term. Renowned crypto permabull and cyber-security expert John McAfee, has already predicted this asset to touch a million dollar mark in the future.
I don’t care if it’s a penny today, it’s going to be 2 million dollars very soon…What’s happening in the market has nothing to do with the reality of its value.
The recent spike in bitcoin has attracted a lot of eyes from the financial world as well as from the outside world. It is thought of as an investment option which can result in heavy returns if the timing is correct. The 2017 bull run of bitcoin, which saw the asset shoot from a few thousand dollars to almost $20,000, established the image of the asset as a money-making option for the investor community.
The 2017 bullish trend even resulted in a lot of “bitcoin millionaires”. Since then, the conditions have been too dry for the asset and a lot of investors have lost a large amount of money in the bear run that has continued on for over a year. The April of 2019 saw a shift in bitcoin’s bear trend and the asset finally rose from the lower $4,000s to the $8,000. Now, everybody is trying to figure out what happens next with its price.
But tracking bitcoin’s price is not an easy job. The asset in the past has been known to break the predicted trend repeatedly. There is no physical backing of bitcoin and the price is purely based on speculation, meaning people believe that bitcoin has worth and will be worth something in the future as well. Lack of physical backing is also something that makes it prone to one of its biggest issues, price volatility. Price spikes and falls are sudden and intense in the bitcoin world. This results in a lot of profits being made or losses being borne by the investors. The people who put their trust in the decentralized technology lying underneath bitcoin — blockchain — are usually more supportive of the asset than the others.
Speculation also leads to another important aspect associated with bitcoin, FOMO (fear of missing out). FOMO leads people to think that they are missing out on something very important that might be able to impact the future. Bitcoin’s price is something that is largely associated with the FOMO. The 2017 price spike of bitcoin brought a lot of people in on the bandwagon of bitcoin with the hopes of making quick bucks. Those who stepped in and out at the right time gained a lot. The recent spike now brings a FOMO aura with it as well. As the asset has crossed the $8k mark, the crypto community is expecting it to go on a bull run like that of 2017 again.
CEO and Founder of Mycro, André Bruckman, while previously talking to BlockPublisher, even predicted the $50,000 mark for the year-end prediction.
The industry is bigger than ever, it is more professional, more serious and the image has improved. The next run will come and this time it will be more intense than ever. BTC represents the whole industry and I am very bullish on it. I think there will be another correction and from there I see $50,000 as possible in 2019.
While people like Warren Buffet dismiss the idea of bitcoin, its proponents are expecting it to cross previous highs from here onward. The uncertainty is building around the asset again. Sit tight and put on your seat belt. Whether the asset goes up or down, it will be an interesting ride to watch.