OKEx Chief: Bitcoin Price Prediction of $20,000 BTC/USD in 2019 is Conservative, Rally Won’t Stop
Bitcoin (BTC) has been growing during the last few months and there are several individuals and experts that are expecting the virtual currency to keep this bull trend. Andy Cheung, the head of operations at OKEx, said that $20,000 target for Bitcoin is a conservative prediction.
OKEx Executive Believes $20,000 Target Is a Conservative Prediction
In a recent document released by OKEx, Cheung said that $20,000 is a conservative prediction for Bitcoin in 2019. He believes that there are several cryptocurrency investors entering the market and that the bull trend that started when Bitcoin surpassed $4,200 a few months ago.
About it, Cheung commented:
“The rally won’t stop here, because more institutional investors are coming into the market and the 2020 halving effect starts to take place. We are thrilled to witness such bullish trend and I look forward to a new high the Bitcoin deserves. Bitcoin is not just a coin, but a spirit that hinders the crypto industry.”
Bitcoin was close to $9,000 a few days ago, the highest point in over 8 months. That means that Bitcoin increased this year more than 140% and in the last two months the gains were close to 120%. Some experts and analysts were comparing this bull trend with the one that Bitcoin experienced back in 2017 when it reached an all-time high close to $20,000. At that time, in just ten days, Bitcoin was able to reach $20,000.
In 2017, Bitcoin and the whole crypto market experienced such a large price increase due to the Initial Coin Offering (ICO) mania that was attracting users to purchase ICO tokens. It was possible for firms to gather funds from investors around the world in a very easy way with virtual currencies. However, the market crashed in a year to $3,200, falling over 80% in 2018.
Currently, Bitcoin is in a different situation compared to 2017. Investors are currently purchasing Bitcoin to hold them rather than selling them for other digital currencies. According to a recent report released by Diar, the number of Bitcoin holders continues to increase in the market. In general, these holders are companies or larger firms that hold between 1,000 BTC and 10,000 BTC.
At the same time, Wences Casares, the CEO of the XAPO Bitcoin wallet, explained that 60 million wallets are currently holding the most popular digital asset. He has also mentioned that there are 1 million new holders per month that move over $1 billion worth of Bitcoin per day.
Bitcoin adoption is roughly tracking the trend for internet adoption. I made this in 2014, predicting 500M holders by 2020. @Wences estimates that we're currently at 60M Bitcoin holders. pic.twitter.com/Z75MRWGBPh
— Tuur Demeester (@TuurDemeester) April 13, 2019
At the time of writing, Bitcoin is being traded around $8,642 and it has a market capitalization of $153.22 billion.