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Bitcoin

Sentiment is Mix but Bitcoin has Passed $7,700 Mark & Maintaining the Above Levels

Despite the recent bloodbath in the world of cryptocurrency, Bitcoin rises back into the market with a consistent growth this week (A total of 18%), crossing the $7,500 mark and reaching $7,757 with a growth factor of +2.95%, according to Bitfinex. The momentum at which Bitcoin’s growth has happened over the past month, points to sky high rates that were foreseen by experts and now seem achievable by the currency.

The dominance of BTC still remain the same as it holds the monthly gains of about 21% and the weekly growth of 18% while the leading competitor, Ethereum, faced a fall of about 1% from yesterday to press time. Ripple and Litecoin remained relatively stable in the $0.46 and $86 levels respectively. It is estimated that if the same momentum is carried on by BTC, the $8,000 mark is expected to be seen very soon. The increasing dominance rate of the Bitcoin simply shows that it is easily more in demand than other cryptocurrencies in the market, that includes variables like security, volatility, and the evolution to become a payment method.

The mix sentiment

Although BTC fell 3% over the weekend because of the quick sell off by the investors, it showed strong signs of steady recovery this week by growing back to $7,699. The predictions and the growth rates imply that the currency might get a raise and soon hit $8,000 with a probability of hitting the highs of $8,694 in July, and is still expected to rise till the end of August, however, the volatility of BTC and the major upswings and downswings over the past few weeks, suggest that currency is also expected to fall miserably after hitting the $10,000 mark. The currency might face a fall in the case of a sell off. In an interview with CNBC, the co-founder and CEO of BitMEX Arthur Hayes said, “I don’t actually think we’ve seen the worst” he continued to say that it is predicted that Bitcoin may hit $9,000 or just a shy of $10,000 when it falls again. The currency may see the lows of $5,000. Similarly, Tony Vays, an expert Bitcoin trader, tweeted in early June that he expected the prices to hit $4,975 in July.

On the positive side, in another interview with CNBC, earlier this month, Arthur Hayes said that Bitcoin will reach $50,000 at the end of the calendar year.

The volatile nature of Bitcoin is what keeps the traders invested in the currency, it may have seen some drastic highs and lows over the last few months but, it may interest the investors that the currency may rise to the ridiculous price of $50,000 range as per the prophecy of Arthur Hayes.

Vouching for the volatile nature of BTC, the ‘Wolf of Wallstreet’, Jordan Belfort, said that he wants to warn the world and the new investors of the fact that the currency is going to crash. Jordan added that he’s very certain that there is going to be an incident involving the worst ever decline of Bitcoin that the currency has faced till date, however, he didn’t deny that Bitcoin wasn’t rising. While talking to Express UK, he said;

What’s going to happen with Bitcoin is going to be a black swan event in the next six months, by the way just so you know, I’m not saying Bitcoin is going down, it might go to $50,000. Jordan Belfort

This mix sentiment can be viewed across the market with other cryptos with a downward trend. If bitcoin’s momentum continues, a bull market is expected during the day.

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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