Making the Case for Bitcoin (BTC) Price Getting to New All Time Highs of $20,000 or More in USD Value
If you happen to be a big Bitcoin enthusiast, you could still be hoping and praying that 2019 will be the year when the pioneering cryptocurrency will finally start its bull run and possibly reach the 20,000-dollar mark. A closer look at its past history indicates that the pioneering crypto has always followed a path that was quite tumultuous in nature.
For instance, Bitcoin almost made it to this incredibly high standard a few years back (December 2017). However, the tide changed which led to it taking on a downward spiral to low heights never seen before.
So unless you are a newbie or a crypto enthusiast who has been lagging behind on crypto news, you should know by now that the crypto performed very poorly in the past year (2018). And despite the predictions made by experts and market insiders who were hopeful that it would make a bull run at the start of 2019, this is yet to happen.
Instead, it has gone ahead to shatter the hopes of all Bitcoin enthusiasts by performing rather dismally. In the past few weeks, its prices have dipped to as low as $3,500. By the time of writing this article, its price was set at a little above that price level and was selling at $3,668.37.
Even though many people in the crypto universe have remained hopeful that Bitcoin will possibly not start bottoming up any further, the crypto has continued to remain within the firm grasps of the bear market. A fact that has helped prove the sentiments aired by certain analysts like Willy Woo right.
Will The Crypto Reach $20,000 This Year?
Looking at its past history, it is clear that there is a small possibility that the crypto might finally make its way to the top of the mountain. However, there are those who strongly hold the belief that Bitcoin will eventually find its way to the stars.
It is important to note that the naysayers have been very vehement when voicing their sentiments on why they think that Bitcoin might not make it to that glorious mark at any moment in the coming future. The following is a look at what both sides are saying:
The Bitcoin Hopefuls
There are various major players in the tech and crypto scene who have reasserted their faith in the fact that Bitcoin will be able to bounce back. Some of these experts include the Winklevoss Brothers who are associated with the Gemini Exchange, Tim Draper a venture capitalist, and John McAfee.
Unfortunately for many crypto enthusiasts, this group also comprises of very heavy and renowned names. They include Kenneth Rogof a Harvard alum, who also happens to be the former IMF chief. Kenneth believes that the price of a single Bitcoin will plummet to a point where it will be retailing at a $100 apiece.
The Bottom Line
From these opinions, it is clear that Bitcoin is still one of the most promising cryptocurrencies in the market at the moment. However, the downside for it lies in the fact that institutional investors will need to make heavy investments for it to be able to start gaining momentum.