Analysts Believe Bitcoin Can Go Under $1,500 in the Near Future, Implies Ethereum Overpriced
As the sentiment in the digital currency market is becoming positive, there are several individuals that believe that the bear market is over and that we are entering a new accumulation period before a bull run. Nonetheless, there are some experts and analysts that Bitcoin did not reach a bottom yet.
Could Bitcoin Reach $1,300?
In a recent panel of crypto analysts at the #Token2049 in Hong Kong, some experts called for new bottoms in the near future. These panelists were Toney Vays, an analyst from Princeton University, Murad Mahmudov and Arjun Balaji.
Both Mahmudov and Balaji said that they believe Bitcoin could drop down to $2,000 or $2,500 by the end of summer 2019. Meanwhile, Tone Vays explained that the most popular digital asset could bottom at $1,300. Nonetheless, he did not give a specific timeline for this to happen.
Bitcoin has already lost more than 82% since its all-time high close to $20,000 in December 2017. If Bitcoin goes down to $1,300 that means that Bitcoin would be operating 93% down from its all-time high.
The same time, the panel talked about Ethereum (ETH), the second largest digital asset in the market. According to them, this virtual currency is over-priced at $130. Due to the challenges that the asset is currently facing (scalability and fees), there might be some corrections in the near future.
Although these analysts seem to be bearish in the short term for Bitcoin and digital assets, they remain bullish for the future of the market.
#Crypto Price #Predictions– #bitcoin @ToneVays: Can hit USD1.3K in 2019 @MustStopMurad & @arjunblj: Can hit USD2K-2.5K by end of summer 2019. Both are bullish in 2020. #Ethereum is overpriced & is going through a transition as they rebuild it for future #scalability #Token2049 pic.twitter.com/KHpEm56ouo
— WHub 🚀 (@whub_io) March 14, 2019
There are other experts that think that Bitcoin could start to grow once again in 2020 and reach new highs the next year or in 2021.
Currently, at the time of writing this article, Bitcoin is being traded around $3,950 and it has a market capitalization $69.44 billion. In the last 24 hours, the largest virtual currency grew 0.76%.