Experts come up with different analyses
After a year-long slump, cryptocurrencies still don’t show clear signs of recovery. However, at least they have not plunged at a breakneck pace for a while, either.
In this climate, experts are split into two opposing camps whether cryptocurrencies like Bitcoin would start an upward wave or would remain weak throughout this year.
As always, there are significant uncertainties about their future. Bitcoin’s price is fluctuating between the bullish and bearish market trends, which prompts experts to come up with differing predictions on where it will finally rest.
Analyst Willy Woo, who has shown his cautious optimism, recently said that there is a possibility of a new crash in the Bitcoin’s price.
“The last time the market was more indecisive was at the start of 2018. Zones of minimal long and short positioning have historically coincided with bearish price action during bear markets,” he said.
“When undecided, ‘the trend is your friend’ prevails.”
In comparison, Twitter CEO Jack Dorsey bets on the bullish run.
“The internet will have a single native currency, which will likely be Bitcoin. It is something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet,” he said.
Just like him, still many seem to have long-term hypes on Bitcoin as Brendan Blumer, the co-founder of EOS, recently noted.
“Over the next two decades, Bitcoin will replace gold as the leading commodity to store value,” he said. “Most of the activity will flow to scalable layer-two solutions, but Bitcoin’s awareness and liquidity will continue to compound.”
Bitcoin price tops $4,000
The Bitcoin price, which topped $20,000 in January 2018, tumbled to below $3,200 in December 2018. Back then, fears rose that it would further plunge below $3,000. Some even expected that its value would halve soon.
But Bitcoin managed to bounce back in 2019 and once jumped over $4,200. It now moves in the neighborhood of $4,000.
The price of Ether, which was higher than $1,400 in January 2018, fell below $85 last December. After that, it went through ups and downs but did not slump below the $100 level.
Currently, it is being traded at around $140.