Bitcoin has emerged as the leading contender against the centuries-old system of banking. Since it is often termed as the “digital gold“, bitcoin price is something that is always kept under the microscope by many investors in this space. At the time of writing, the world’s leading cryptocurrency is standing at a price of $10,415 while showing 0.04% increase in the past 24 hours.
The co-founder of Fortunly and financial consultant, Igor Mitic, recently got in touch with BlockPublisher as he shared his opinions regarding the future expectations associated with bitcoin’s price movement. He said:
At the moment, bitcoin is already over $10K and it will most likely keep going up and down in September. I don’t expect any dramatic spikes before the end of the year. If there is a major breakthrough, it will probably happen at the end of the year or even the beginning of the new one.
Although the current price level is much better as compared to where it was at the beginning of the year, the asset has been stuck around the $10,000 mark for quite some time now.
The above graph shows the behavior of bitcoin in terms of its price since the beginning of this year. After gaining an upward momentum following the month of April, the asset’s price growth has turned much stagnant now. Relatively short spikes above the $12,000 and $13,000 mark have been seen but since mid-July, the $10,000 mark has acted as a pivot.
The last major bull-run that was witnessed in the bitcoin world happened back in 2017 at the very end. Since then, the road has largely been rather tough for the asset. But over the past several months, major developments have taken place in the crypto world that have infused a lot of credibility in it.
While cryptocurrencies have largely been discarded by the proponents of traditional financial space, increased public adoption and developments in the underlying blockchain tech world have developed a more positive aura around them.
Big companies like Facebook are even launching their own digital currencies. The technology underneath bitcoin, blockchain, is being tested by many corporate giants such as Walmart, BMW, Pepsi, LVMH and many more.
Unlike 2017, the ecosystem is much healthier for bitcoin now as compared to past. It is being claimed by many experts that the next bull-run will outshine the bull-run of 2017. But apparently, we are still pretty far behind before that happens. Bitcoin has been showing a pretty consolidating behavior over the past few months and inferring from the statements made by Igor, it is expected to prolong at least until the end of the current year.
Next year holds significance due to the fact that bitcoin halving event is expected to happen in May of 2020. With the aspect of bitcoin’s supply going down, it is expected that the demand will grow just before the supply gets halved, thus boosting the overall asset price based on simple economics. For now, it remains to be seen how far this stagnant behavior on part of bitcoin continues.