The BTC price is a topic which is constantly in the main headlines of many best cryptocurrency news sites these days. According to top-tier hedge fund executives, Bitcoin will continue its rise of 114% in 2019 and visit the mid $9,000 region before the year ends.
In a prediction that was first published on the US comparison website Finder which surveyed ten FinTech capitalists including executives from hedge funds Arca and BitBull Capital on Friday, the news showed that a majority of these execs expected that the BTC price would pull back from the $8,000 level. However, their prediction is strong and says that a rebound in June will push the cryptocurrency’s price to as high as $9,659 by the end of the year.
The reason why this is in the latest cryptocurrency news – and why the execs are so bullish – is quite simple. The April and May trading session alone saw an increase of 50% in the BTC price, making it rise from $4,000 to above $8,000. At the same time, a lot of mainstream financial markets underperformed which owed to escalating the economic tensions between the United States and China.
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The Finder survey participants were also very quick to notice the relationship between the two events – the coming altcoin news show. Around a half of them said that mainstream investors diverted their capital from interim bearish equities to Bitcoin – as a strong sign of risk management.
Meanwhile, the institutional investors are also seen as the ones who got in the rat race and have been building new services around the Bitcoin market – and as such were one of the main drivers in the latest BTC price rally.
“Eight out of 10 panelists think the price of bitcoin increased due to cryptocurrency-related announcements made at Consensus 2019 in New York City,” said Finder in the survey.
After the Consensus event finalized, the BTC price surged by more than 77% as a result of the positive news. The COO at Kinetic Capital which is a cryptocurrency trading firm, David Wills, recently said that the Bitcoin price is due for gains because of its potential for broader adoption as a currency.
“Last year, the bear market was in part caused by the fallout from many loss-making, unsuccessful initial coin offerings, and the participation by [a number of] questionable players that attracted regulatory scrutiny in cryptocurrencies,” Wills told the South China Morning Post.
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