Bitcoin price set for massive gains
A number of leading analysts are predicting that the Bitcoin price is about to “explode.”
Bitcoin’s next “price explosion” will see values soar higher than previous records, according to experts.
The predictions come amid significant increases across the cryptocurrency market in recent weeks.
The rise has seen Bitcoin soar by more than a third in value to return above $9,000 for the first time in over a month.
The CEO of investment platform Atlas Quantum, Rodrigo Marques, told The Independent:
“I’m not surprised to see bitcoin’s price exceed $9,000 this week.
“Rumours of a price explosion seem to have been driven by more and more institutional buyers getting into cryptocurrencies.”
Recent market activity in part informs the positive Bitcoin price forecast.
The world’s most valuable cryptocurrency has seen a significant increase in buy orders in the last week.
According to Cryptoslate, buy orders constitute over 92 percent of market movement for the first time since March 2017.
Bitcoin was worth just over $1,000 at that time.
But shortly after, it quickly began to gain value, eventually moving close to $20,000 by December last year.
A massive price surge is “inevitable,” Crytoslate states, adding:
“With so many buy orders placing pressure on the cryptocurrency market, a significant price shift is highly likely.”
Cryptocurrency regulation fears subside
When explaining the dramatic drop in 2018 of the Bitcoin price, many analysts cite regulation fears.
The leading cryptocurrency fell by over $10,000 in just a couple of months as investors became apprehensive.
However, a shift toward the right kind of regulation is now seen as a significant boost for Bitcoin and the crypto market.
An even-handed approach to regulations will protect investors while exploiting their benefits.
Earlier this month, the head of the IMF, Christine Lagarde, made recommendations for regulations that will allow digital assets to grow.
Lagarde even went so far as to declare cryptocurrencies and their underlying blockchain technology as having the potential to change the way people live, for the better.
Ms. Lagarde’s comments led a boom in the cryptocurrency markets.
Other principal digital currencies like Ethereum, Ripple, and Bitcoin Cash are following, and even exceeding, the recent gains for Bitcoin’s price.
According to Mr. Marques, the idea of regulation is now being seen in a more positive light, saying:
“Although there are ongoing regulatory concerns in key markets, they do seem to be dissipating.
“If these concerns are addressed and there is even more positive movement related to regulation in these markets, there could be even more buying pressure to come.”
The $10,000 barrier
In a few weeks you will never be able to buy 1 bitcoin for less than $10K ever again.
— Oleg Andreev (@oleganza) April 24, 2018
After sailing past the $9,000 mark, analysts are confident the Bitcoin price will soon pass through the next psychological barrier of $10,000.
When it crosses this price point, it should give the whole market a boost.
Should the momentum continue, it could trigger a “bull phase,” whereby optimistic investors push up the values.
Speaking to The Independent, experienced blockchain and cryptocurrency adviser, Oliver Isaacs, said:
“Bitcoin is well on its way to $10,000 and the volumes, buy orders and momentum oscillators all point towards this.
“Bitcoin is up over 15 percent in the last seven days and there are clear signs that the bull run is back.
“Over the past few months, Bitcoin has lost nearly three quarters of its value but now investors are seeing a lot of value across the board and market caps are rising rapidly.”
When comparing the Bitcoin price predictions of several renowned figures within the crypto space, these optimistic expectations seem relatively modest.
Investor and self-proclaimed “Bitcoin evangelist” Alistair Milne, says he sees Bitcoin reaching between $35,000 and $60,000 by 2020.
Celebrated investor Tim Draper announced earlier this month that he believes Bitcoin will soar to $250,000 by 2022.
Should Bitcoin reach this sort of value, its market capitalization would be around $5 trillion.
The current market cap of the world’s most valuable publicly listed company, Apple, stands at around $1 trillion.
In the crypto world, however, anything is possible.