The price of Bitcoin is a viral topic on many best cryptocurrency news sites. In the latest edition of the BTC news, one crypto analyst predicts Bitcoin to rocket soon, saying that it could visit the $25,000 mark by the end of this year.
We are talking about the millionaire cryptocurrency trader and analyst called Oliver Isaacs who recently set a new target for the Bitcoin price. As he told The Independent, more and more investors are viewing Bitocin as a safe haven asset in the wake of the growing macroeconomic tensions. He referred to the ongoing trade conflicts between the US and China that sent the global equity market on a downward trend last month.
According to Isaacs who is featured in the latest cryptocurrency news, there is a lot of sentiment for Bitcoin to rocket soon – which is driven by the negative sentiment which prompted investors to hedge in cryptocurrencies. As he said:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
This statement by Oliver Isaacs follows the dramatic correction in the recent market cycle in which the dominant cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on the San Francisco-based exchange, Coinbase.
Nonetheless, Isaac predicts Bitcoin to rocket because of the positive trend which is seen in its broader outlook, showing that Bitcoin’s year to date performance has 146% in gains. Isaacs also noted that Bitcoin adoption is another big factor which could push BTC in a positive direction. He did not share much of his outlook when it comes to the coming altcoin news – but indicated that the cryptocurrency ecosystem has turned more positive since it crashed by more than 85% in 2018.
Meanwhile, other notable analysts think that Bitcoin is due for a considerable drop. According to Willy Woo who is the founder of Woobull.com, the dominant cryptocurrency has become overvalued because of its latest upside movements. The analyst said that there is a considerable divergence between the current Bitcoin price and the NVT Ratio (explained on this link) which is currently bearish.
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