Bearish and bullish trends are a part of every market cycle, and the crypto industry is no exception. However, knowing the market well, and having a futuristic approach helps minimize the effects of adverse market conditions.
The bearish trends in the crypto space from January 2018 to February 2019 were worst ever. Most digital coins lost about 90% of their price value, which caused heart-wrenching losses to investors. Nonetheless, many market experts had predicted a severe market crash in mid-2018, and the predictions turned out to be true.
For instance, in August 2018, Pompliano, co-founder and partner at crypto investment firm Morgan Creek Digital had predicted that Bitcoin prices would fall as low as $3,000 apiece, which it ultimately did. He had also predicted that after dipping as low, Bitcoin will bounce back to cross $10,000, which it did a couple of days ago.
Just to prove, that this isn’t a fluke, another example is ThinkMarkets Chief Analyst Naeem Aslam’s prediction on 17th June 2019, that Bitcoin would cross the $11,000 mark within a week, and it pleasantly did. Find one, and you’ll get 100 other such examples where experts had analyzed what the future had in store for the markets.
Why is it important that experts give accurate predictions?
Bitcoins and other cryptocurrencies have been under severe criticisms from the traditional market leaders like Warren Buffett. Digital tokens have been accused of being of no use, and being just ‘gamble’.
However, when market experts present their analysis and predict accurate information, it dismantles allegations of crypto not being legit. So Mr. Buffett can rethink about Bitcoin being a gamble, rate poison, and just like the button on his suit. Moreover, like any other market, general investors rely on experts opinion to understand market sentiments and invest accordingly.
What are the experts predicting now?
During the last quarter of 2018, analysts voiced that the bears will leave the markets soon, which they did in February earlier this year. Many predicted a rapid recovery, and from $3,859 on March 1 to more than $11,000 on June 24.
The majority of the experts believe that the prices will surpass the current all-time high of $20,000 and reach at around $45,000 – $50,000. However, there are quite a few who believe that the next bull run could take the price to a whopping $100,000. So even if we take the minimum prediction, bulls are roaring to come back.