Bitcoin continues to climb higher and is currently trading for just shy of $9,000.
Rising Faster and Bolder Than the Sun
The currency continues to impress us all with its recent string of price gains, which began in early April of 2019. At that time, the currency rose beyond the $5,000 mark, something many traders and enthusiasts thought they’d never see again. That means that at press time, it has nearly tripled its value in just two months from where it was in March.
2019 has certainly proven to be a solid year for the digital asset. Following consistent price drops in 2018 that saw the currency hitting the $3,500 mark in late November, bitcoin had ultimately lost more than 70 percent of its value since striking its all-time high of nearly $20,000 in December of 2017. Many crypto traders saw all their stashes disappear within 11 months; it was an ugly sight, and one that many believed would never be remedied.
However, things have ultimately turned around in 2019, with the currency striking a position that it hasn’t held in more than a year. The last time bitcoin even came close to $9,000 was during the summer months of 2018, and the last time it saw the $9,000 range was in February of that year.
Despite all the good news, however, some analysts seem incapable of making up their minds regarding where bitcoin is likely to go in the coming weeks. One crypto blogger, Kevin Godbold, thinks a dead cat bounce is inevitable, and suggests that bitcoin could potentially take a nosedive sooner than we might anticipate. He comments:
The buying probably caused the share price to move up. A little at first, but seeing the movement, others maybe started saying, ‘Bitcoin’s moving,’ and more buying happened. Because of that, bitcoin went higher, and the higher it went, the more the momentum speculators piled in. The more they piled in, the higher bitcoin moved. I think that description is the essence of what causes a dead cat bounce. Nothing has changed in the case for or against bitcoin, but speculation happened.
At the same time, another source claims that the bitcoin technical charts currently show the digital asset preparing itself to reach $10,000 in the coming weeks, virtually the opposite of what Godbold suggests.
Bitcoin’s Prospects Are Solid in the Distant Future
A recent panel of cryptocurrency experts – assembled by the finance firm Finder – predict that by December 2019, bitcoin will be trading for well over $9,600. This is good in the sense that bitcoin will spike further, but it’s a little disappointing that fewer rises will seemingly take place over the following seven months.
At the same time, the panel also believes that the $20,000 mark hit in December 2017 will be surpassed at some point in the future.