Bitcoin

Bitcoin Price to Plunge Below $8K Before Shooting for $14k, Analyst Suggests

Bitcoin price is often seen as the center stage to gauge how well the entire crypto space is performing. Since the digital asset has the highest market capitalization, its price movements often decide the direction of the rest of the cryptos. At the time of writing, bitcoin is standing at a price mark of $10,194 while showing a major 1.29% drop in the past 24 hours.

Dragos Dunica, the founder and CEO of DappRadar, recently got in touch with BlockPublisher as he opined about how he sees bitcoin price’s future movement. Answering the question about bitcoin’s future movement, he said:

I can definitely see the price dropping below 8k before it begins a steady rise back towards the 14/15k zone and hopefully an all-time high for 2019. Organic momentum combined with a decrease in negative media has already seen the price rise, I predict this trend to continue throughout 2019.

The $10,000 range has acted as a pivot for bitcoin’s price since mid-July this year. While bitcoin is showing no signs of abrupt bull or bear runs, everyone is trying to figure out the next direction for the digital asset from here on.

Bitcoin has already seen a significant price movement as compared to its starting price for the current year. While it has rallied up pretty strongly following April, much of the hype-based spike resulted in a consolidating behavior on part of the asset. Since its price is purely speculation based with no physical backing, media hype and FOMO can add to the increased upward movement too often.

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In order to balance out the extreme upward swing, a drop in price can be expected. Organic momentum in terms of positive regulatory developments and technological improvements is expected to be much more useful for bitcoin in the long-run than just short cycles of extreme boom and bust behavior.

So a drop below $8K is on the table when it comes to bitcoin’s future movements. Still, sole dependence on speculation makes it extremely difficult to map out a concrete future movement.

READ ALSO: This Bitcoin Millionaire Nearly Kissed Death by His Crypto Wealth Boasting

The mainstream media has historically been critical of cryptocurrencies owing to their widespread usage in illegal activities such as money laundering, usage in the dark web and much more. But over the past few years, a few positive developments have been made that are establishing a more credible image of cryptocurrencies. Facebook launching its own cryptocurrency, although it still has pegs to fiat, is a recognition in itself that the prospects presented forward by blockchain and cryptocurrencies are revolutionary.

Regulation has largely been absent from the crypto space but as Facebook’s Libra has brought the attention of U.S. lawmakers towards this space, it is expected that a more secure and credible ecosystem will be created as a result of the regulatory clarity.

READ ALSO: Bitcoin Price: Crypto Bull Run Insight Due to FOMO and BTC Halving

With regulations mapped out, it will be easier for investors to trust this space. Projects springing up in this nascent space will also figure out their boundaries, thus relieving themselves of future regulatory troubles that arise as a result of the regulatory unclarity.

Next year, bitcoin halving is expected to occur in May. It will decrease the supply of the newly-minted bitcoins being thrown into circulation. The anticipated drop in supply is expected to factor in towards a price spike.

There are a lot of factors to count, but overall, things seem to be aligned well for the future growth of bitcoin. But before that happens, a drop might just be around the corner.

READ ALSO: Does Bitcoin’s Price Truly Represent its Value? Here’s the Answer

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Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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