Experts predict that Bitcoin price will rebound to $10000 by 2019
By the application Blockchain Technology which is the base for the cryptocurrencies a number of other domains are being rapidly improvised. The Healthcare industry, HR industry, electoral process, supply chain management, etc. are some of them. The cryptocurrency fanatics are eagerly waiting for another upswing in the Bitcoin price who missed out the escalation in Bitcoin which the cryptocurrency space witnessed in December 2017.
The market fluctuations which occur in the cryptocurrency space is immensely dependent on the news and FUDs in the market. Adding onto that if any speculation or prediction is done by any prominent figure in the financial industry then the cryptocurrency market seems to be moving along the direction itself.
Analysis of the cryptocurrency market is very crucial for Investments. Hence many organizations have been in the cryptocurrency market analysis. They provide a simplified overview of the current market conditions. One such organization is TradingAnalysis.com.
Todd Gordon, the founder of TradingAnalysis.com has come up with his Bitcoin prediction recently. He is of the opinion that a similar kind of upsurge is bound to happen in the year 2019 where the Bitcoin price might reach up to $10,000 levels. But he even has mentioned that the cryptocurrency will fall down to $4,000 prior to it.
He also has mentioned the main reason for his prediction as the volatility in the Bitcoin market. According to the analysis of the high and low range for the price of Bitcoin is around 17% which is the lowest till date. He even mentioned the fact that this range used to be 30-40% earlier which was large enough. With the current range, if the price is down by 30% it can be recovered within 2 weeks.
Cryptocurrency market prediction
Gordon is also of the opinion that since the cryptocurrency market is dependent mostly on the technical factors, calculating the market sentiments and technical factors of the market is sufficient to predict the amount of time required to recover the losses.
TradingAnalysis.com helps the cryptocurrency traders as well as the investors in analyzing the market by providing a number of strategies. Apart from making predictions in the cryptocurrency space, he is even specialized in predicting the market of the other commodities like crude oil and also had done one. For an instance, back in November 2015 when crude oil was trading around $51, he had anticipated a downfall of about 50%, which turned out to be exactly true in February 2016, when the world witnessed the market price of crude oil to be $26.
Bitcoin will reach $25000
Another most popular stock analytics firm, Trefis, which estimates the future condition of the cryptocurrency market based on the financial forces of demand and supply. The firm, earlier in June had estimated a Bitcoin price of around $12,500, $2500 lesser than their initial prediction.
Thomas Lee, CEO of Fundstrat, in a statement, affirmed that his belief in $25,000 mark of Bitcoin by the end of the year wouldn’t vanish off that easily. Its this belief is backed up by a number of factors. First and the foremost factor being the fact that the amount of energy required to generate Bitcoins is relatively matchable to the current market situations. The second factor is the institutional investors. It is estimated that a number of institutional investors jump onto the Bitcoin Investments every day. The third factor is the strong backup of the argument, by the analysis of the statistics about the Bitcoin price that the firm Fundstrat has.
A significant number of many other financial experts have a similar opinion with regards to the future of Bitcoin price. One such financial analyst of Wall Street, Spencer Bogart also sings the same tune. He holds a very firm opinion in the prediction of Bitcoin price, that it would at least become $10,000 before the completion of the year. His perspective towards the cryptocurrency space is very optimistic and also the fact that the cryptocurrency space is being accepted deeply by a number of community members is a sign that the cryptocurrency trend is on the right path.