Bitcoin price continues to rise
Suddenly, Bitcoin is back on the move and observers wonder why. Ever since Bitcoin price topped $5,000 last week for the first time in almost half a year, the cryptocurrency’s value remains strong.
As of time of writing, Bitcoin is trading above $5,150, which is a far cry from last December when its price tumbled to below $3,200, prompting many observers to present optimistic prediction.
Software tycoon John McAfee, who is famous for his strong faith in cryptocurrencies, recently proclaimed an end to bears, attacking pessimists.
“Everyone trashed me two weeks ago when I said: ‘The market has now turned,’ so I’ve kept my mouth shut. I will now say it again: ‘The market has now turned,’” he said.
“The bow of the bear market was pulled to its max. Now watch the arrow spring to life.”
The former software developer and notorious Bitcoin bull still stands by the words that the Bitcoin value will surpass $1 million by the end of next year.
The bullish sentiment doesn’t end with McAfee. As the Bitcoin price holds steady at $5,000, some come up with very rosy predictions. For example, trader Peter Brandt revealed his very bullish prediction of $50,000.
However, there are still many experts and analysts, who are skeptical about the future of cryptocurrencies. For them, “crypto winter” is not over, yet.
In a recent interview with Bloxlive, for example, Tone Vays known as Bitcoin bull came up with such negative opinions.
“For me, $5,100 was the target so I conducted a couple of long trades and exited them. But in my opinion, I think the bull run is coming to an end. The bear market, on the other hand, has not ended and that’s why I am dealing with shorted Bitcoin right now.”
It remains to be seen how the market will move down the road. Time will tell who is right.