Leading Analysts say Bitcoin will surge after dropping
As most cryptocurrencies are experiencing new lows for 2018, top analysts remain incredibly positive.
Despite the entire market capitalization slipping below $300 billion this week, some experts are unusually optimistic.
As many investors panic, new investors, who have been waiting on the sidelines now see opportunity.
Analysts are now predicting that cryptocurrency values will surge after Bitcoin reaches its bottom.
According to one of eToro‘s leading market analysts, Mati Greenspan, the falling price of cryptocurrencies is a good thing.
In a report from Market Watch, Greenspan stated that volatility is significant for advocates of the market.
He added that Bitcoin needs to find it’s bottom, which will allow it to grow again, saying:
“At this stage price doesn’t really matter.
“The more sideways movement will increase the likelihood of adoption.
“We are seeing a pickup in day traders, more people playing the range, which helps the adoption of cryptocurrencies.”
Too much FUD
Over the last few weeks, the whole cryptocurrency market has seen a drop in value.
Since the last significant drop in early February, prices have struggled to recover.
Increasing pressure to regulate the market has come from governments and financial institutions.
Announcements from three internet giants that about bans on advertising related to cryptocurrency has pummeled values.
On Tuesday, Twitter joined Facebook and Google in banning digital currency-related adverts.
As each company’s ban becomes effective, market prices immediately slump as a result.
These factors undoubtedly contribute to the fear, uncertainty, and doubt (FUD) that’s currently felt in crypto.
Just a phase
Despite the downturn in cryptocurrency values, many believe the dip is only a temporary phase.
According to one of the analysts in the US, the price drop is part of the process required for values to again surge.
The head of research at Fundstrat Global Advisors, Thomas Lee, says Bitcoin is on the verge of a price boom, that will occur shortly after Bitcoin hits the bottom.
Not only does Mr. Lee believe prices will recover, but he predicts that Bitcoin’s price will return to $20,000 by the summer.
Speaking to CNBC, Lee said that Bitcoin would continue to rise to $25,000 by the end of this year, before skyrocketing to $91,000 in 2020.
At the time of publishing, the number one cryptocurrency is trading at $6,837.73, according to the Coin Thud live price charts.