MARKNetwork Blockchain: Bitcoin Price Hype

Could the current Bitcoin price rally be a hoax?

Short summary of the article:

“Do not get left behind”

»After battelling the highs and lows in 2018, Bitcoin prices seem to be soaring currently. Going beyond the resistance points one after another, the prices are heading towards surpassing the highest of 2017. Is this rally going to be sustainable?«

Bitcoin_price_upsurge

After a drudgery crypto winter, Bitcoin’s price witnessed a sudden surge in the second quarter of 2019. The rally continues as the prices soared beyond $8,000 in last 24 hours.

The currency touched $8,195 on Coinbase on 13th May, marking a 17.4 % during a single day trading session. The market is witnessing a heavy exchange of bitcoins and Messari revealed bitcoin worth $27 billion was exchanged in the last 24 hours.

2018 proved to be a highly volatile year for cryptocurrencies after a meteoric price rise in 2017. The prices of bitcoin vibrated around $3000 the entire year in 2018. However, 2019 started at a positive note and has exhibited 100% price growth in the last 5 months.

What might look like another crazy bull market to some crypto enthusiasts, experts believe the price will recovery to touch its all-time high.

Till now 2019 has been full of optimistic predictions without any positive yields but the recent April-May 2019 price rally seems to be taking the prices from mild to wild. If you are the one looking around for answers for what the Bitcoin price might look in a few months, the data below might sound interesting to you.

After running a brief survey of what the experts think in the cryptosphere, we decided to share their predictions with you.

UK based investor and entrepreneur Alistair Milne predicted in Jan 2019 that as soon as the next bull rally hits, the bitcoin will surpass the highs of 2017. As the Chief Investment Officer of the Atlanta Digital Currency Fund, Alistair also pointed towards a short squeeze leading to a sudden price surge. The current rally is forcing a lot of short sellers to close their position leading to a price even higher.

Cryptocurrency expert Thomas Lee identifies the reasons behind such value hype. The prime driving factors are the original owners of the bitcoins who have liquidated their share during the last Bull Run are buying back now. With Venezuela and Turkey trying to beat inflation issues using bitcoin, the coin is strengthening its stance.

Lee stated that the rally looks like a catch-up of the price hype S&P witnessed with two standard deviations. If the rally continues like this and Bitcoin exhibits the two standard deviations, the price will touch $19,000.

Prominent trader and crypto Analyst Alex Kruger claimed that bitcoin is in its bull market right now. The resistance levels, as stated by Kruger, were 7,000 and 8,000 and within a matter of hours, both levels were surpassed by BTC.

In his Feb 20 tweet, Krüger mentioned the Bitcoin price surge will not be pumped or initiated by anything. As per Kruger, the rally will have three successive stages – capitulation, strong reversal, and build-up and this is exactly what is happening right now.

Ex-hedge fund manager and CEO of Galaxy Digital, Michael Novogratz stated in an interview with CNN that within next 18th Months the bitcoin (BTC) is about to touch its all-time-high price within 18 months.

According to Novogratz $6,000 and $10,000 will be the stall points. When asked about why the market did not show a reverse trend after the Binance hack, Novogratz commented that Bitcoin has already hit the bull market and such a market can easily digest any bad news.

Crypto industry researcher tweeted if market witnesses a short squeeze the bitcoin price will blow-off. The price would start exploding from there as there would be an instant buying pressure in the market.


To wrap:

The growth in BTC price in 2019 could be credited to institutional investors getting involved in bitcoin and the cryptosphere. We are halfway through 2019 and it has already witnessed players like Fidelity, Etrade and TD Ameritrade treading into the cryptospace with potentially bigger plans. All the factors stated by the experts and this wave of institutional interest in bitcoin could really flare up the BTC price in upcoming months.

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