Bitcoin price remains to be the center of attention for most of the investors and traders involved in this space. Over the past few weeks, the asset broke its months of bearish behavior as it shot past the $5,000 mark and currently, at the time of writing, it stands at around $5,334 with %0.66 increase shown in the past 24 hours. While many are expecting it to cross the $6,000 mark, interpretations of the previous data show we might just rally towards $7,000 as well.
Market trends are often believed to have memories of the past. Zooming out from the short perspective and looking at how the asset has performed over the years, we get a hint that things are heating up for another bull-run and $7,000 seems very reachable.
Whenever you sell too soon, it’s not because you don’t want to win. You sell too soon because you don’t want to lose. If you avoid the possibility of losing, you’ll avoid the possibility of winning. Without the risk of downside, there is no prospect of reward.
Most of the people that are involved in the crypto space are largely here due to the quick buck that can be made owing to the volatility associated with bitcoin’s price. While there are certain tech enthusiasts that believe in the technology lying underneath and bitcoin’s potential of becoming a global digital currency, many investors and traders just want to gain profits from its price fluctuations. Bitcoin is also one of the most volatile assets on the planet right now. One day the asset is seen shooting up while the next day it is down on its knees. It is also prone to manipulation by big whales present in the crypto game which use pump-and-dump strategies to their own favor.
Bitcoin’s price is something that is looked at with great analysis and belief. Some ambitious bitcoin and crypto bulls believe that the asset will be worth millions in the future as developments are made and this space gets more and more mature. Over the past year, although the price of the asset has remained relatively stable, its intrinsic value has only increased due to the advancements made in the technological and legislative arena. John McAfee, who is a strong crypto-bull and a world-renowned cybersecurity expert, recently said in an interview with the founder of Morgan Creek Digital, Anthony Pompliano:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020.
André Bruckman, CEO and Founder of Mycro, even said regarding the asset’s price by the end of the year:
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.
It is a very happening space for anyone in it. It will be interesting to see how bitcoin performs in terms of its price under the light of such predictions moving forward.