Bitcoin is acquiring the attention of the investors. And this time, the attention was acquired from James Altucher, Author, Investor, and Entrepreneur. He seems to be in real favor for Bitcoin as he seems to be stating that it will not be impossible for Bitcoin to reach at the value 1 million dollars by 2020. He stated the same on Kitco News platform.
Well, of course, the number of investors is increasing towards the Bitcoin investment in such a short period of time. In the world of trading, Bitcoin is surely gaining the popular in a much shorter time. Well, we can only analyze if 2020 will actually give such a benchmark or not!
Price Analysis of Bitcoin on 1st June 2019:
New month welcomes a new start for the cryptocurrency. Well, at least that’s what we need to predict for coming 30 days.
At 7:21 UTC time, the BTC value is traded at $8510.9 on 1st June 2019. June seems to be a stable start for now as the escalation is neither too high nor too low. The ranking is still position at number one for Bitcoin. The return on investment is approximately touching 6204.12%. The market cap value is 151,267,040,798 USD with 24 hour volume at 24,308,831,101 USD.
BTC Price Comparisons:
Comparisons help the investors to understand whether to invest in long term or short term basis. However, Bitcoin is rumored to be beneficial in both cases. Speaking of the long term investment, since the beginning of the year, the trend is realized in upward motion only. The lowest on the year was seen on 7th Feb with the value trading at $3425.5. The market has increased to 148%. The highest of the year was realized on 30th may when the market was pushing towards the value of approximately $9000. The market has only seen the drop of 5% from then which might get escalated soon.
Short-term investment, on the other hand, seems like a good initiation if you are new to the cryptocurrency web. Last month there were many escalations happened every second of every minute! Traders invested their capital on 27th May (valued at $8932.6) but delightful when the value was hitting the highest on 30th May. One of the reasons why Bitcoin is ranking at number 1 is because of the escalations making a difference for short term and long term investors.
BTC Price Predictions and Conclusion:
The Bitcoin market is showing the Bullish nature inviting the keen notice by all the traders for June. June has a lot of speculations and updates coming from so many other coins which might affect the position and value of Bitcoin as well.
However, the statement of James Altucher sounds very impractical. However, he stated that based on instability persisting this year and the adaptability of Bitcoin in the market, you probably do not want to bid your capital on this statement, but probably the value can close to $10,000 by the end of this year.