Analysts Believe BTC Will Hit $62K By The End Of Year

Analysts believe that the number one cryptocurrency will reach up to $64K by the end of 2019 according to technical indicators. Let’s check out the latest altcoin news and read more about the analysis.

There are quite a few analysts who believe that bitcoin and its meteoric rise isn’t over yet. According to Galaxy, as one of the popular bitcoin bulls, there are some technical patterns to sustain the price rally. The Bitcoin analyst Robert Sluymer of Fundstrat Global Advisors also stated previously that the investors should load up the digital currency on the basis of improving technicals. Fundstrat’s co-founder Thomas Lee on the other hand, is extremely bullish about the future of the number one cryptocurrency. He says that the bitcoin price will surge up to 200% or 400% once its breaks past the FOMO phase level of $10,000.

It might be a good idea to forget about the past and to believe that the digital asset will hit a new record high in a matter of weeks. There is however a decent evidence that suggests that this is possible according to what analysts believe. Bitcoin fundamentals are very positive thanks to the several latest developments with the last one being the launch of the social media giant Facebook’s cryptocurrency Libra. The market watchers believe that Libra will further fuel the global bitcoin adoption.

The CEO of Digital Currency Group Barry Silbert, believes that Libra will be a perfect catalyst for bitcoin and its mass adoption. Hedge funds are piling into the cryptocurrency which shows that the institutional investors are piling in thanks to the newly found status as a safe-investment asset. Greyscale, the investment company as previously reported in the latest cryptocurrency news, revealed that during Q1 in 2019, the inflow from hedge funds jumped to $24 million from the previous $1 million in the previous quarter. The combination of the increased demand and the technical trends in favour of the price of bitcoin could push the price for the asset to hit new highs in the coming months and by the end of 2019 the price could even reach $62,000. At least, Galaxy believes that Bitcoin will manage to reach this price level but we should wait patiently and see.