In the past hours, the price of bitcoin has increased sharply, as shown in the following 30-minute chart. With this increase, the price has risen from 7,410 dollars to 7,550 dollars. By the end of the week we can say that the crypto money market has risen a little but struggled for a more important movement. If all the crypto investors in the sector can Bitcoin move again to the market? They’re looking for answers.
Will Bitcoin go back to $6,000 again?
Some investors, including Wall Street firm Fundstrat founders Tom Lee and John McAfee , are optimistic about Bitcoin’s short-term growth. Willy Woo, a crypto-currency researcher, said the price of Bitcoin is likely to fall below $ 6,000:
Bitcoin price can not hold up to 7,000 dollars support, I predict that the band will be reduced to 5,000-5,700 dollars. I am waiting for June to make a better prediction.
Willy Woo voiced this prediction based on Bitcoin’s extremely strong decline, high NVT signaling and volatility. He added that he is not expected to return to the $ 8,000 zone of the current level of Bitcoin price.
Ari Paul, a founder of crypto money investors and Blocktower, pointed to a similar point on May 25th. Paul noted that the volume and prices are not expected to increase sharply due to the current period of low-volume fixes.
As seen in the 30-minute Bitcoin chart above, Bitcoin volume and the entire crypto money market have remained relatively low since mid-May. In addition to the three buying and selling increases, as of May 24, Bitcoin volume remained significantly lower compared to April and May.
Since January, the trend of Bitcoin has been recovered at the level of $ 6,500 in the short-term. Analysts, however, see the possibility that the Bitcoin price could go below $ 6,000 if the crypto money market continues to remain so low.
After Consensus 2018, the majority thought that bitcoin would increase again
Tom Lee, who predicted a 70 percent increase in Bitcoin value after the Consensus 2018 conference in New York , applied for a corporate investor argument to estimate a price target of $ 25,000 for Bitcoin in the short run.
“I think that institutional investors are attracting a lot of attention and yet they have not yet been able to fully adapt to the crypto market because of some legal uncertainties. However, as a class of assets, cryptography is the antithesis of such a capital entry as a powerful reason for Bitcoin to appear in the new summit. ”
At the moment there are very few institutional investors in the cryptographic currency sector and large scale multi-billion dollar pension funds are struggling to get crypto money due to regulatory hurdles.
Tom Lee also thinks that some transparency that can be gained by the regulators can attract market institutional investors. However, the market thinks that the newcomers can spend months on large capital investments.