We are all wondering if Bitcoin will rocket to a higher price soon – and it seems like the analysts are questioning themselves the same question. As the latest cryptocurrency news show, Bitcoin is headed to $10,000 but is moving slowly.
According to Andy Cheung who is the head of operations at the Malta-based crypto exchange OKEx, $20,000 is a “conservative prediction for Bitcoin.” With this Cheung hinted that most of the speculators are less likely to exit their long positions on BTC, indicating that Bitcoin will rocket past this prediction. Knowing that BTC has already rebounded by more than 180% from its low of $3,120 in just 163 days, the outlook is positive.
“$20,000 is a conservative prediction for [the] bitcoin price in 2019, as I said last year. 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 [a] 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,” Cheung said.
Trying to get them to accept BTC or other cryptocurrency instead of being a Fiat only Cafe :p pic.twitter.com/b7SEJh347E
— Andy Cheung (ACDX) (@AndyC0125) May 17, 2019
As many best cryptocurrency news sites show, the holding sentiment is also rising. Still, the dynamics surrouding the previous boom are very different from the current one, which is why Bitcoin will rocket as many analysts believe. For example, Q4 2017 saw Bitcoin surging close to 219% which owes to the infamous ICO mania. However, when 90% of those firms failed, a lot of traders sold their Bitcoins which caused the crash by more than 75%.
Diar, which is an international crypto research publication, in February reported that the number of Bitcoin holders – and investors who did not move crypto from their hot and cold wallets – was continuously increasing. The firm was in the altcoin news then, noting that the number of wallets holding anywhere between 100 and 1,000 BTC was declining.
So, Bitcoin will rocket or not – is the question we all have right now.
In another study, Wencer Casares who is the CEO of the Hong Kong-based Bitcoin wallet company Xapo, said that more than 60 million wallets are right now “holding the cryptocurrency.”
“After 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, [bitcoin] has a good chance of succeeding,” Casares wrote.
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