Trader Says Bitcoin Price to See $10,000 BTC/USD by Year’s End, Crypto Twitter Analysts Weigh In
Bitcoin (BTC) has been in a bullish trend in the last few weeks. The digital currency moved from $4,200 up to $5,300 and it was able to remain above $5,000 for around two weeks. Because of this reason, the sentiment in the market is changing and Bitcoin could reach $10,000 by the end of the year according to what a trader says.
According to Clem Chambers, the chief executive of ADFN, explained in a recent article that the cryptocurrency bear market is over and that Bitcoin could eventually rally as a result in the near future. In the article, he says that there has been an increased issuance in Tether (USDT) that could help Bitcoin increase in price.
Money moving towards Bitcoin and virtual currencies is what helps prices grow in a sustainable and fast way. Chambers says that as Bitcoin remains in an inflationary scheme, money must keep flowing into the space every single day to sustain its price.
At the moment, Bitcoin has an inflation rate per annum of 3.79%, more than the inflation rate experienced in developed countries. Nonetheless, the inflation rate of Bitcoin is going to fall down to 1.8% after the next halving. This inflation rate would be sustained for a period of around 4 years until 2024.
Bitcoin miners receive 12.5 BTC each time a new block is found. The next halving, Bitcoin miners will be receiving 6.25 BTC per block. If money flows into Bitcoin and virtual currencies as it has been doing in the last months, the price of the digital currency is expected to grow.
Chamber says that if Bitcoin is able to take 20% of gold’s market share, Bitcoin would clearly surpass the old time high of $20,000, which has been registered in December 2017.
About the bear market, Chamber wrote:
“Bitcoin winter is over, the price is going up, the only question is how high. For no $6,000 is an easy target and $10,000 a coin this year is not such a hard target. I’m still accumulating.”
There are other experts and crypto enthusiasts and analysts that believe that Bitcoin could keep growing in the future. Tom Lee, Fundstrat Global co-founder, mentioned that the winter is done and dusted. Tom Lee is known in the market as a permabull, thus, he has always commented in a very positive way about Bitcoin and he is always bullish about it in the short and long term.
He has also mentioned that the Misery Index, that weighs several factors to understand Bitcoin’s investment sentiment, reached 89 points, which means that people are very happy about it. Specifically, the market reached that level on April 2nd, when Bitcoin surpassed $5,000.
Lee explained that this is the highest point since June 2016 and it could be very positive for the future of the digital currency. In general, the Misery index falls during bear markets.
Crypto Twitter's BTC/USD Price Prediction Forecasts
The general sentiment seems to be everyone playing and weighing out both sides of the coin, knowing there is a real possibility the bear market is over yet could be a final shaking of the proverbial bitcoin-money tree.
$BTC -just a thought- but not disregarding the possibility that we chop up more traders in this range once or twice more before a break out one way or the other. I'm still inclined to believe it's up but clearly this is a very dangerous area. Also rife with opportunity. Thoughts? pic.twitter.com/OBM6McIFG9
— Brent (@blockchainblitz) April 17, 2019
While you can always count on #CryptoTwitter to weigh in its bitcoin price predictions, there is usually a healthy mix of optimism and skepticism.
Targeting the 1.618 FIB extension on RSI
Would put the price around $7,000
— moon (@MoonOverlord) April 17, 2019
What are your guys thoughts about the bitcoin pricing bottom already being in? While no one can be certain and markets react how they are going to react, but many experts and professional traders are shooting their shot by earmarking their belief that the $BTC bottom has already gone and passed.
The 2W MACD has crossed in a buy signal on $BTC. We opened @ approx $4k.
The last time it happened? May 2015. #Bitcoin opened around $240.
We can still drop in accumulation, but the bottom is in 'folks. pic.twitter.com/5X7Dc9qc5S
— CryptoThies 📈 (@KingThies) April 16, 2019
And lastly we will include notorious crypto chart analyzer, Josh Rager, and his semi-hot luke-warm $BTC short term forecast:
And $BTC still going sideways
No huge updates here
If you want to know my guess, I'm predicting a break above $5,500 resistance with a push towards $5,800 before it sees sub $4700 https://t.co/rBnCJTRxda
— Josh Rager 📈 (@Josh_Rager) April 17, 2019
At the time of writing this article, Bitcoin is being traded around $5,220 and it has a market capitalization of $92 billion.In the last 24 hours, Bitcoin grew 2.32% according to CoinMarketCap.
Live Bitcoin (BTC) Price:
1 BTC/USD =$48,940.5330 change ~ 5.81%