Predictions in favor and against the Bitcoin trend continue.
So far, things have not gone well for the Bitcoin community since the largest cryptocurrency in the world by capitalization has been in a continuous lateral movement, since it could not cross resistance of $ 10,000. According to data from CoinMarketCap, Bitcoin was quoted at a maximum of $ 9,934 earlier this month, on May 5. Since then, the cryptocurrency has eroded its value by almost 28% and is currently trading at $ 7,249.
The first Wall Street analyst who covers Bitcoin, has been a partner of the popular venture capital firm Blockchain Capital, Spencer Bogart, points out that Bitcoin is still a purchase despite recent losses, says “that despite the possibility of short-term setbacks in Bitcoin prices, the long-term story is bright as space is being institutionalized to a large extent. “
Spencer Bogart is optimistic about the future of Bitcoin. During an interview with CNBC he said that “it is the right time to buy the cryptocurrency and that, at least, it will be sold above $ 10,000 before the end of the year.”
During the interview, Bogart said: Bitcoin can still face some headwinds in the near future, but it remains “positive in general” from a long-term perspective. He said: “Could the Bitcoin trade be lower? Certainly, but I think it will be higher within a year? Absolutely. But when I look at next year, two years, I mean that history materializes a lot. Bitcoin, however, should at least finish above $ 10,000 by the end of the year. “
In turn, Bogart suggested selling many altcoins, of which they have recently created a lot of hype and could face headwinds. He said that the altcoins are “too promising and not very promising”. Meanwhile, you have some that stand out in their use cases. Bitcoin is one of them. “
He currently recommends selling tokens such as Cardano, TRON, IOTA and NEO. “Many of those tokens are overrated,” said Bogart. “They could climb significantly, but they also have a big headwind.” Niall Ferguson tells the Bank of England that Bitcoin is the financial system of the future
For his part, Niall Ferguson is a leading historian, commentator and author of fifteen books, including the Ascent of Money and the House of the Rothschilds. He offered a seminar to the Bank of England, in which he spoke about the financial crisis of 2008 and the reactions he has had to this day. When concluding the subject, he mentioned that Bitcoin is part of the main challenges of the future system based on fiat.
He also pointed out “I do not think much more is really different. The news, the things that really matter in ten years are still relatively small in scale. Whether it’s Bitcoin or the cryptocurrencies in general, the massive online payments revolution that big Chinese technology companies are making, that’s the financial system of the future, and it’s still small enough to not be systemically important in 2018. “
In another vein, Willy Woo, a respected analyst of cryptocurrencies and digital assets, recently stated that it is quite likely that the Bitcoin price will fall below the US $ 6,000 mark in the short term. Bitcoin may fall below $ 6,000, May 2018. Since mid-May the price of Bitcoin has repeatedly failed to prove that it can maintain a level of support at $ 10,000, the cryptocurrency market as a whole has been in a continuous trend to the bottom.
Woo stated the following. “Bitcoin will not be able to stay on the $ 7,000 step and will inevitably fall to $ 6,000.” But due to the intensity of the collapse since the end of 2017, Woo emphasized that in 2018 he will not see a period of corrections similar to 2014 and this time he foresees a realignment in 2 phases. Woo sentenced:
“So in summary, my best estimate. A slow bleed up to 6,800 USD, then a faster slide up to 5,700 USD, then a deceleration and finally a flat area. This is the educated assumption based on the volume profiles and the fundamental data that frame the movement rate “.
Both Woo and other analysts of the cryptocurrency ecosystem have agreed that the next Bitcoin recovery cycle will take less time to start, possibly by the end of 2018.
In this sense, the high volatility of the Bitcoin cryptocurrency makes the positive predictions of the experts go to predict their rise in the future and not in the medium term, each one has its own formulas; its procedures, but uncertainty prevails in the financial world, since there are many variables that can affect the rise or fall of prices at a given moment. Ideally, it is always to inform yourself before investing.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.