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Can Bitcoin reach 20000$ once again in 2019?

Posted on
9 February 2019
( yesterday )
Views  
27

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Bitcoin, the first largest cryptocurrency, has had it rough since it reached its peak at $19,500. After the 2017 December to 2018 January frenzy ended, everyone was expecting BTC to recover. Unfortunately, it didn’t recover and things only got worse. Right now, BTC is hovering above $4,000 and there is no saying when another bear grip will take the price below this level.

As expected, some experts have given their opinion about the current bear market and most of them don’t think it’s going to end soon. While BTC may find stability short-term, it’s going to take a lot of long-term effort for it to get to its all-time high of almost $20,000.

Statistics have shown that retail investors lost the most during this bearish market. This is why the major sell-off was no surprise. What’s more, these small scale investors are less likely to return to the market any time soon. Only older clients who believe in the industry will most likely remain.

The loss investors suffered didn’t just affect them financially, it also affected them emotionally and well. Imagine a new investor entering into the market when the price was as high as $19,500 and remaining in the market until it fell to as low as $4,200 and even lower. This can have a serious psychological effect on a person.

Experts Talking About The Future Of BTC

A Bitcoin and technology researcher, Boris Hristov had a lot to say about the current market conditions. According to him, the only way BTC is going to regain its garner legitimacy and composure is if institutional investors enter the market. However, because most of these investors aren’t willing to take the financial risks attached to trading cryptocurrencies, they do not want to get involved in the market. In his words:

“Some potential institutional candidates are Marco funds CTAs, multi-strategy funds and alternative strategies have about $600 billion AuM. Commodity assets alone that are held by hedge funds were $300 billion as at 2017. It makes up for 10% of the AuM. BTC may fall into this bucket. Macro funds are potential institutional candidates. However, the current circumstances are bleak.”

Making reference to custody investments like that of Fidelity and Goldman Sachs, he said that the playing field will soon be ripe for institutional investors. These services will help them to invest in a less volatile market through over the counter trading.

Robert Sluymer, Also From Fundstrat, Sees Bitcoin Bottoming
Down the street in CNBC’s broadcasting room, Sluymer pointed out the series of higher lows which the price of Bitcoin should hold at if the market stays in a bearish state.

He reiterated that he believes that Bitcoin is about to “challenge its downtrend,” with Bitcoin’s price movement

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