Bitcoin Tanks From Highs, But Still Up Significantly YTD

Bitcoin News

Over the course of the first six months of the year, Bitcoin managed to go on a remarkable rally that raised the possibility of the world’s biggest cryptocurrency to reach the levels it had reached back in 2017. At the time, the price of one Bitcoin token had almost touched $20,000.

However, the momentum soon went out of the coin, and it started dropping in July. In recent days, Bitcoin experienced rapid slumps, and for the first time in four months, it lost as much as $2,000. Although it did make a recovery, it makes for grim reading for many investors.

Analysts are Bullish

Experts, however, believe that despite the recent slump, the cryptocurrency is all set to reach record highs. Amid the doom and gloom, it is necessary to keep in mind that Bitcoin is up by more than 100% in 2019 and that is no mean feat.

Enter Your E-mail Address To Subscribe

* indicates required

I want e-mail alerts, updates, and offers and agree to the CryptoCurrencyNews privacy policy.

The Chief Executive Officer of digital exchange firm Nexthash, Daniele Mensi, stated, “What is important to remember is that Bitcoin is still up around 115 percent this year, so its short term peaks and troughs are necessary to facilitate longer-term growth.”

Many Bitcoin bulls believe that the cryptocurrency should fall further before going on a remarkable bull run to reach record highs. Well-known trader Peter Brandt stated that the coin should slump to as low as $5,000 and then climb to levels of $50,000 each in the long-term.

>> Ethereum SKALE Network’s Funding Round Raises $17.1 Million

While that is a bold prediction, many others in the crypto community believe that it is a cautious prediction. However, the most bullish prediction has perhaps been made by John McAfee, the cybersecurity savant, who has now become an important voice in the crypto community. He stated that he is convinced that Bitcoin is going to reach the dizzying levels of $1 million per coin by the time 2020 ends.

Bitcoin is trading higher by 2% at $8,264 after hitting a low of $7,750 last week.

Featured image: DepositPhotos © AntonMatyukha

If You Liked This Article Click To Share

Sponsored Crypto Content

Products You May Like

Articles You May Like

Vitalik Buterin on the crypto blues: Focus on the tech, not the price
Long Covid may be ‘the next public health disaster’ — with a $3.7 trillion economic impact rivaling the Great Recession
How to buy food with Bitcoin?
Astra chief engineer resigns, CEO shakes up management ‘to execute faster’
Margin trading vs. Futures: What are the differences?

Leave a Reply

Your email address will not be published. Required fields are marked *