Bitcoin to the Moon or Correction to Hell: What’s Around the Corner for the Price of Bitcoin?
- The majority goes with “BTC will correct to hell”
- Not far behind is “No Correction, Only Moon”
The leading cryptocurrency first saw the greens in early April and then started pumping at the beginning of May, when the price was at $5,100. Today, BTC price smashed through $7,000 reaching to 2019’s highest level of $7,585.
At the time of writing, BTC/USD has been trading at $7,130 with 24-hours gains of over 5 percent.
Skyrocketing or Tumbling?
In 2017, BTC price skyrocketed to its all-time high (ATH) of $20,000 and for the next bull cycle, experts have given even wilder projections than ever.
Recently, financial advisory firm Canaccord Genuity Group forecasted a $20,000 BTC price by 2021. In its analysis report, the firm came up with this prediction on the basis of Bitcoin's performance as an asset during its previous cycles.
Another bold prediction came from Morgan Creek Capital Management founder, Mark Yusko, who forecasted $400,000 within a decade. He further claimed that there is a high probability within the next 10 years, Bitcoin will reach the market cap of gold that currently stands at $7.5 trillion.
“The best thing about Bitcoin is it’s digital gold. It’s much easier to transport; it’s much easier to divide. […] It has all these essential qualities that I think are superior to gold.”
It’s not all, there is also John McAfee’s $1 million per BTC prediction, that’s the wildest of them all.
On the basis of past Bitcoin cycles, the bullish reward halving event and the parabolic moves it has been seeing are some of the factors that have been driving these predictions. So, are we on that cycle?
Since BTC first jumped to $6k level, crypto analysts have been expecting a correction, however, that level has been now beaten and left behind as BTC is aiming for $8k. But experts are still holding onto the correction due to BTC’s sudden shooting up.
Everyone on my feed lately – "bitcoin is topped out" "tethering up here" "looking for a short here"
Bitcoin – yeah… I'm going to just go ahead and go to another yearly high
— moon (@MoonOverlord) May 12, 2019
What Does the Poll Say?
To find the answer to the question if BTC is finally on its way to another peak or will it be crashing soon, crypto analyst, Magic Poop Cannon conducted a poll on Twitter.
Who thinks a nasty correction is just around the corner?
— MAGIC (@MagicPoopCannon) May 11, 2019
Out of 3,630 votes, 55 percent votes for “BTC will correct to hell” while 45 percent goes with “No Correction, Only Moon.” However, there are less than 10 hours left, so it’s to be seen.
One enthusiast comments,
“This is officially a parabolic advance. Massive volume, expansive candles, this thing will retrace as hard as it is pumping.”
Though a correction seems to be coming at Bitcoin’s path before it starts its journey to the moon it seems highly unlikely the drop will be to “hell” as a bottom has been already concluded by the majority. $4,000 – $5000 range is the most likely where we will fall into.
What do you think, to the moon or to the ground? Share your views with us!