Is Bitcoin Price Set to Hit $20,000 or the Rally is a Dead Cat Bounce?

Bitcoin price (BTC) rose sharply higher in the last two days following a massive slump in prices in the past two weeks. Traders are unsure that where the markets are likely to move in the future; some are hoping to catch the next wave of the bull-run while others fear that the market hasn’t hit bottom and its future fundamentals are bleak.

Source: coinmarketcap.com

Bitcoin price continues to trade around $4300 level amid some positive reports and comments from market pundits. The rest of the market has also been following bitcoin price movements. Ether (ETH), Ripple (XRP) and remaining top ten coins are mostly in green over the last two days. The total market cap rose to $140 billion from this year low of $120 billion that it had achieved last week.

Bitcoin is Set to Hit $20000

Bulls are optimistic that bitcoin price is likely to generate a fresh bull-run in fiscal 2019 and in the following years. They claim cryptocurrency markets are developing at significant pace; SEC is playing their role, Institutional investors are entering the market and irregularities are declining.

Sonny Singh, chief operating officer of BitPay, is optimistic about the bull-run, as she sees increasing adoption of bitcoin and cryptocurrency products. She claims that the entrance of Fidelity and Intercontinental exchange will change the fortune of the cryptocurrency market.

Top 10 CryptoCurrency Price Analysis Today

She stated: “If these traditional incumbents launch their products as expected you’d see a price of maybe around $15,000 to $20,000 (£11,691 to £15,586) per bitcoin by the end of next year, but that depends when these products are launched because nothing moves fast in fintech.”

ICE is planning to launch bitcoin future contracts in the first month of next year while Fidelity is seeking to start its cryptocurrency products by the end of this year.

Bitcoin Could Collapse to $2500 

Bears continue to predict that BTC hasn’t fallen to the bottom. Asia-Pacific Head of Trading at foreign exchange brokerage Oanda is among the bears who expect a further drop in bitcoin price amidst the huge selloff in the past eleven months.

Explaining the bearish stance, he said, He said: “What I’m looking at here is the way coins have been trading over the last few months. It’s indicated that the bottom is not in so, therefore, I don’t think any mature investor is willing to catch this falling knife. And that tells me there is more room to go and as soon as we hit some of these key round figure inflection points like $3500 and $2500, the psychological impact will weigh on more inexperienced traders.”

The analyst believes that the massive amount of volatility and uncertainty in cryptocurrency markets makes these assets unattractive to both long and short-term investors.

Bitcoin price could move either way in the future. Therefore, traders should keep a keen eye on all the market reports and fundamentals aspects before making or shorting any position in bitcoin and the rest of the market.

 

 

 

 

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for stock and cryptocurrency markets. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others. Siraj is Crypto Editor at TheOofy.com.