Bitcoin price is likely to reach $20,000 again, but it will “probably” drop in value first before rallying, according to a crypto expert.
Bitcoin to be Part of the Future
Clem Chambers, CEO of ADVFN, a financial market website, was speaking to the Express at the CryptoCompare MJAC Blockchain Summit when he made his remarks.
Last December, Bitcoin price reached nearly $20,000 for the first time. However, the first six months of 2018 proved to be anything but fruitful for the market. In February, Bitcoin’s price dropped to just above $6,000, and in June, it fell below that mark twice. Not only that, but the combined market cryptocurrency cap has dropped from $830 billion to $273 billion, according to CoinMarketCap.
Speaking of the blockchain, Chambers said that it would be the way of the future similar to how the Internet was. He added that Bitcoin would likely be part of the future in the long term. Notably, while he remains confident, he thinks the crypto will “probably hit $2,000 before it hits $20,000,” adding:
But will it hit $20,000? I think so. Will it hit $100,000? I think that’s quite likely.
Lack of Fiat Currency
In Chambers’ opinion, the reason why Bitcoin’s price will rise is down to a shortage of money. According to him, there is not enough money in the world. Consequently, digital currencies are filling that space, he said. He opined:
Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift.
Another factor that may boost the crypto asset’s price is the fact that there are only ever going to be 21 million coins in circulation. As long as there is demand for Bitcoin, though, its price will rise, just as its price will drop when people sell.
Bad Year to Continue?
Even though the first six months proved negative for Bitcoin’s price, it has since rallied. The beginning of July sees the cryptocurrency trading at $6,709, according to CoinMarketCap.
Yet, as it steadily climbs back to $7,000, others have also been projecting a further drop in value. A trend analysis from June suggests that Bitcoin’s bad year may continue. Not only that, but Ran Neu-Ner, the host of CNBC Africa’s Crypto Trader, has said that he puts his money on the market going down.
As a result, he thinks that in the next two weeks, Bitcoin could test $5,350. Early last month, he said that the cryptocurrency hadn’t bottomed yet.
Where do you think the price of Bitcoin will get to next? Let us know in the comments below.
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