It was only yesterday that a tech giant banned crypto advert on its platform, bitcoin price has hovered around $8000 as of today, and analyst has speculated that this digital currency could jump back to $20,000 before the end of this year.
The fact that bitcoin falls from more than $13,000 this year, Has made people like Jordan Hiscott to loose faith on the digital currency, Jordan Hiscott is a chief trader at Ayondo Markets, “In my view, this could be the situation for at least six months it will keep falling,” Hiscott said, basing his prediction on the liquidation of the Mt Gox exchange in Japan, and the appointed trustee handling the bankruptcy who has already sold around $400m worth of bitcoin and bitcoin cash.
However, other analysts are still expecting the cryptocurrency to rebound
Naeem Aslam chief market analyst at ThinkCoin, made it clear that negative news seems not to bother investors has it never affect the price of bitcoin, news like twitter’s advertisement ban seems to have no effect on the crypto price, industries have become immune to all this kind of development, most investors just want to buy at current price, so we are very optimistic about the growth of bitcoin before the end of the year. “I think it is by no means naive to think that by the end of this year we could see the bitcoin price crossing the 20K mark again,” he said.
Matthew Newton, analyst at eToro is also very positive about cryptocurrency, he proclaim is faith on the digital currency to move up dramatically as the year runs out and beyond, though he admitted that the crypto market still has a long way to go, in his word “We expect the price of bitcoin and other cryptocurrencies to climb higher this year, though we may see some short-term volatility as investors respond to market news such as regulatory changes.”
Data specialist at CPPF Callum Blanchard was reported to have said “the interesting thing about bitcoin is its ability to recover quickly after falling, no matter how many times it slides, It always bounce back, so that’s more than enough for confidence, so we can expect it to rise again in no time if statistics is to be used.
Blanchard added “The projected online popularity, trade volume and market cap all reveal that bitcoin remains fiercely popular. So while the current slope is downwards, expect the price to bounce back soon – even passing $9,000 per coin by the end of May if predictions are accurate.”
Cryptocurrency expert Andrew Pritchard, the blockchain managing director at the 10x Growth Account, added that while bitcoin is currently at a border, the six-month view is “very, very positive” as consumers enter the market through easier routes, such as Coinbase and Barclays’ collaboration on faster payment methods.