Bitcoin Prices Expected to Soar
The bitcoin stakeholders are all of a sudden cocky and brash, after months of dormancy. The bullish run of prices which saw a brief surge over $8,500 before settling at $8,200 have done little to subside the buzz.
The cryptocurrency, which hit an all time high of $20,000 at the turn of year, last hit $8,000 in May, before dropping below $6,000 in what has been a downward trending year for the “superstar of 2017.”
Over the course of the last few months, amidst the volatility and massive sell-off, many predictions have come forth both in support of and against the sustainability of Bitcoin pricing. However, despite the downward trend this year, the ardent supporters of Bitcoin have insisted on a price bottom in sight, with a price surge coming.
Spencer Bogart of Blockchain Capital, reinforcing the views of many who have seen the recent surge from $6000 to above $8,000 as justification, has predicted that the Bitcoin prices will continue to surge as any recent pullback efforts on pricing have seemingly been exhausted.
According to Bogart, “ Bitcoin is in a kind of tinderbox right now and waiting for reasons to go higher.” Global currency wars, trade wars, an ETF approval are some of the possible catalysts as stated by Bogart that could trigger the next upward movement in Bitcoin pricing.
Despite speculations on an ETF approval in the near future, Bogart sees 2019 as a more realistic timeline for a surge. However, he points out that while SEC’s ETF approval remains pending, other vehicles are already granting access to both retail and institutional investors. Retail investors are already getting exposure through bitcoin companies like Coinbase, institutional investors are gaining access through companies like Bitwise Asset Management, and Europe already has ETPs.
Also, on a global level, there seems to be an increased vibe in bitcoin and crypto activities. Services providers such as exchanges and trading signal providers around the industry seem to have raised their own stakes after a precarious first half of the year.
Security is also a massive focus on the industry, as hacks and attacks rose concurrently with the price surge of 2017. This can be expected as situations like 2017 are always profitable targets for those looking to do harm in such environments.
Hence, due diligence and safeguarding will be massively important during the prospective Bitcoin surge, which proponents like Bogart are predicting. As prices go up, so do the ensuing security threats. This holds especially true for the beginners, and those new to Bitcoin and looking to catch the wave.
The bitcoin and cryptocurrency ecosystem is dynamic and remains a continuously evolving environment. Bogart describes it as a “quintessential disruptive innovation,” that is going to favour startups rather than “entrenched innovation.”
Hence the prospects for Bitcoin and its numerous investors and proponents looks strong for the remainder of 2018 and into 2019, after a downtrodden year thus far. And as many will say, the drop in price may be the last chance yet, to get in on the action. Looks like exciting times ahead surely for all cryptocurrency enthusiasts.
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