Bitcoin is once again on a roll, and a huge bull rally is expected soon. It peaked over $13,000 before coming back to around $11,000. The fluctuations may have raised a few eyebrows, but experts have assured that the markets are moving towards stable growth.
Popular Bitcoin enthusiast and founder of Galaxy Digital, Mike Novogratz has stated that the apex cryptocurrency will stabilize between $10,000 – $12,000. A few weeks ago, however, Novogratz predicted that
On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000.
During an interview on Thursday, the Galaxy Digital head said,
One of the largest companies in the world said we believe in cryptocurrencies. […] If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident.
Trade99, an emerging trading platform, has predicted that Bitcoin will touch the $20,000 mark by the end of 2019.
After the mega rally from $9,000 to $13,000 within a couple of days, the market fell to about $10,800 on Thursday. However, the prices are back to the higher end of $11,000. Though many have attributed the recent rally to the introduction of Facebook’s Libra cryptocurrency, many experts including Blockstack CEO Muneeb Ali, who thinks that the rally was due to the cyclical nature of Bitcoin.
Senior crypto analyst at financial trading firm Oanda, Craig Erlam,
Bitcoin has slowly – by its own standards – been rising in recent months but the launch of Facebook’s Libra has clearly been a catalyst for the recent surge.