During every crypto winter, there are those that hold steadfast in their optimism. Message boards are flooded with happy messages that the “moon” for Bitcoin is close to hit, and that a bull market is sure to hit soon. The recent price crash and subsequent bear market this past month is no exception to this consistent trend within the cryptocurrency investment community. There were many voices shouting that Bitcoin is sure to rise once again to over $10,000.
These optimistic predictions, however, were often shot down by analysts and layman alike as being unrealistic. During an extended bear market, which 2018 has largely been following the explosion in price back in late 2017, it is hard for investors to look at the future with a positive tint. And thus far, things haven’t lent themselves to a happy outlook for the future of Bitcoin futures. Declining prices have been consistent in their depreciation, creating a deep sense of a bear market within the community.
But as prices have begun to climb relatively quickly, some analysts are predicting that $10,000 is no longer just a pipe dream reserved for the happy-go-lucky investors in the crypto markets. Instead, the senior analyst at firm eToro has expressed his optimistic prediction that Bitcoin will likely hit ten grand by the end of the year.
Increased Market Interest
Bitcoin has risen over 20% in the last week alone, climbing from $6700 to over $8,100 today. Consequently, the market has seen increased participation and a spike in overall excitement regarding investment in the cryptocurrency. But in order for Bitcoin to take this small bullish run and turn it into a mighty jump to $10,000, there needs to be even more excitement and movement in the market.
According to eToro senior analyst Mati Greenspan, it is likely that Bitcoin will be able to generate enough interest, participation, and excitement to push past the key $10,000 mark before the end of December 2018. He remarked that there is currently “a lot of excitement” in the large crypto market, and that there is a current “flight to quality.”
Little Movement in the Altcoin Markets
Some traders are puzzled by the fact that, while Bitcoin continues to rise from its yearly low from last month, many other cryptocurrencies have flatlined—or even fallen in price. The reason for this, according to Greenspan, is that Bitcoin is not susceptible to the kinds of internal squabbles and divisions which cause problems in projects of smaller size. This is due, in large part, to the enormous size of the Bitcoin project.
Additionally, Greenspan is optimistic for Bitcoin because of its rarity. While thousands of other coins are continuing development, Bitcoin has established itself as a secure, sound front-runner in the cryptocurrency trading markets.
The coin could theoretically serve as a way to store funds, putting it on-par with traditional currencies in the status quo. But that would require the kind of stability which the market thus far is unable to provide. While the community would surely love to see Bitcoin reach $10,000, a better long-term goal may be to hope for increased levels of price stability, rather than constant recoveries and corrections in the changing landscape of the Bitcoin futures market.