At press time, the father of cryptocurrencies is trading for just under $7,700. The cryptocurrency market cap has garnered over $25 billion over the last week alone, and with roughly $300 to go, many investors are wondering whether the $8,000 mark can be reached soon.
One source claims bitcoin is currently facing resistance where it sits, and that the price consolidation it’s undergone over the last few days may be a “good sign” for the long-term bulls granted the price is able to keep moving forward. It also suggests, however, that if present resistance proves too difficult to handle, or if bitcoin is unable to hold its current trendline, it may find itself spiraling all the way back down to an even $7,000.
Another source agrees. It says that a price reversal is at hand, and that recovery is likely imminent if bitcoin can keep its current momentum going. While the present sell-off isn’t over just yet, buyers are likely looking to get back into the game, and the currency may continue to spike now that it’s moved beyond the $7,600 point.
In the meantime, Ripple CEO Brad Garlinghouse has emerged to state that altcoins are likely to carve out their own paths in the coming months, and will no longer require bitcoin price uptrends to do well themselves. He suggests that altcoin technology has grown sufficiently over the previous year, and that bitcoin’s crypto-cousins can virtually take care of themselves, and will no longer require the support of leading or major cryptocurrencies to assist their relative ascensions.
“Investor rationale,” he explains, will also have a lot to do with this. While the altcoin market is still in its infancy, he suggests that many investors are beginning to see specific altcoins as superior to bitcoin, or just as strong in some way, and they’ll garner the attention they deserve by attracting further institutional capital. He suggests this isn’t likely to occur with every altcoin, but he has a few specific ones in mind. We can’t help but wonder if he’s specifically referring to XRP…
Founder of Pantera Capital believes bitcoin is still bound for big things, though he suggests further resistance may be encountered before a strong correction can ultimately occur, which he believes can be within the next few months.
With so many clashing and differentiating opinions, it’s unclear what, exactly, bitcoin has in store for investors this summer. As we enter the month of June, we are getting closer to the mark in time where analysts like Tom Lee of Fundstrat fame first explained that bitcoin would begin its hike to the $25,000 mark. In addition, we are only 1.5 years shy of when he mentioned bitcoin would hit $91,000. These are obviously huge predictions, and it is difficult to understand how or why bitcoin could undergo a near $20,000 spike in just the next few months alone.
Right now, one supposes it’s probably best to take things a step at a time. Considering bitcoin’s current trading mark, it might be best to wait for the jump to $8,000 and then take things from there.