Australian Financial Experts Believe Bitcoin Will Finish 2019 Up 80%+, Near $9,000 BTC Price
According to a new study released by Finder.co.au, Bitcoin could rise 84% in 2019. After a bear market in 2018 and January 2019, Bitcoin (BTC) could increase its price throughout the current year.
Back in December 2017, Bitcoin reached its all-time high of $20,000. However, since that moment, bitcoin lost more than 80% of its value when it reached $3,250 a few months ago. The whole crypto market has been in a bear trend as well.
Ben Ritchie, one of the six experts that provided their predictions regarding Bitcoin and its future during 2019, said that Bitcoin will end the year close to $9500. Mr. Ritchie is the COO of Digital Capital Management. Although he seems very bullish about Bitcoin, the average price prediction was close to $7,000.
According to him, there are two things to take into account in 2019. The first thing he asked is whether virtual currencies will be trading in a different way, something that did not happen in the past.
About the second thing to look out for in 2019 he said:
“The second is the impact of the traditional markets on cryptocurrencies. Will bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet.”
In a recent poll, millennials seem to be the biggest adopters of digital currencies. 12 percent of the respondents between 24 and 38 years said that they’ve invested in cryptocurrencies. That means that 661,000 Australians invested in the crypto market.
Fred Schebesta, the co-founder of Finder.com.au and HiveEx.com, said that millennials are open to embracing virtual currencies and accumulate wealth for themselves.
According to the cryptocurrency trader and Twitter user Galaxybtc, the bear market cannot last forever. He uploaded a graphic in which he shows that we are in the longest bear market in the history of Bitcoin and that it could be reaching an end at any moment.
Today, we're creating history with 411 days of bear market and the longest since #Bitcoin was born.
No one can tell us exactly when is going to end, but it is important to remaining focused on the long-term and remember that it cannot last forever. pic.twitter.com/IkDFwnnRN5
— Galaxy (@galaxyBTC) February 1, 2019
Meanwhile, another popular Twitter user, Moon Overlord mentioned that Bitcoin halving will be happening in just over a year and this will be a major bullish event in crypto’s history. This is why both Moon Overlord and Galaxybtc believe that this is one of the best moments to start accumulating.
At the time of writing, Bitcoin is being traded close to $3,465 and it has a market cap of $60.69 billion.