Many online analysts feel Bitcoin is on the verge of skyrocketing in price in the near future. Spencer Bogart, a partner with venture capital provider Blockchain Capital, says Bitcoin is: “…close to bottoming. We’re down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market“.
Will Bitcoin Rise?
The cryptocurrency bounced 0.21% against the US dollar on Friday, to reach highs of $6,641 (£5,062) and this followed a good week when prices hovered around the $6,600(£5,030) mark.
A recent US survey by Fundstrat in late September, indicated that, although more than half of the Wall Street financial institution respondents feel that Bitcoin has bottomed and will start to rise, 9,500 investors who responded via crypto Twitter feel the cryptocurrency has still not reached its bottom rate price.
The research entailed 25 Wall Street institutions and all seemed to agree that some of the macro factors holding Bitcoin prices down include bank policies, politics and emerging markets.
Overall, the institutions were very positive about a Bitcoin price rise with forecasts from 57% of the respondents suggesting that the cryptocurrency will be at least $15,000 higher by end of 2019.
Volatility Still Abounds
Bitcoin is an unpredictable asset for potential investors, however, as it can display huge variations in price over an extremely short period of time.
There have been a number of large investments in cryptocurrencies over the past week or so, including David Swensen, nicknamed Yale’s Warren Buffett, who invested in two cryptocurrency venture funds for the first ever time.
Danny Scott is the Chief Executive of Bitcoin provider CoinCorner and said:
“Bitcoin is a piece of technology that will take time to be adopted. We’re currently only approaching 10 years of Bitcoin.
The view that Bitcoin’s price decrease from the start of the year is ‘catastrophic’ is down to perspective. If we look at the price changes from the last 12 months rather than 9 months, we’re now up by an increase of $2,500 rather than down by $10,000 simply by moving the time scale 3 months.
We all know that Bitcoin’s price has been volatile over the years, but its uses and technology have only continued to increase and improve with time.”
2017 was the most memorable to date for Bitcoin, which started the year at a price of around $800 (£610) and had peaked at a massive high of $19,783 (£15,078) by 17 December.