Categories: BitcoinChartsNews

Bitcoin Price Watch: Currency is Staying Strong at $8,000

The bitcoin price has fallen by roughly $100, but this isn’t necessarily something to fear or a sign of another impending bear run. The currency has spiked by approximately $1,200 since mid-week, jumping from $6,900 to $8,100 in just under 48 hours, and a small drop in the records isn’t something to get one’s hat in a twist.

At press time, most analysts are unanimous in their thoughts that bitcoin and its crypto-cousins are in line for some “monster gains” in the coming weeks. Perhaps the biggest enthusiasm comes from tech billionaire Tim Draper, who recently stated that he believes bitcoin could reach a quarter of a million dollars by the year 2022.

“I’m thinking $250,000 a bitcoin by 2022,” he recently exclaimed to an enthusiastic crowd outside Draper University in California. “Believe it, it’s going to happen. You heard it here first. They’re going to think you’re crazy, but believe it. It’s happening. It’s going to be awesome.”

Rodrigo Marques – CEO of cryptocurrency investment platform Atlas Quantum – is also convinced bitcoin is about to strike very bullish territory. He suggests that the last few months of low prices have somehow been “preparation” for bitcoin and related altcoins to come back stronger.

Speaking with The Independent, Marques confidently stated:

“Bitcoin deflationary characteristics are an indication that in the long run, the market is bullish. We believe the price could be set to go up and has the potential to reach December 2017 levels again.”

Related Post

Others are even more excited, claiming bitcoin won’t require excessive periods of time to reach allotted goals. As the CEO of fintech firm Smart Valor, Olga Feldmeier suggests that bitcoin could reach last year’s highs within the next eight months, and believes that one bitcoin could be worth as much as $100,000 by the year 2020.

One reason for the sudden price surge is that bitcoin trading may have greatly increased on April 12 and 13. One source suggests the “biggest hour of trading in bitcoin’s entire history” took place, with nearly $300 million moving through exchange platforms in less than one hour. That’s a total of roughly 38,500 coins.

Head of fintech startup Revolut Ed Cooper explains, “In this scenario, traders with short positions started to lose money and liquidate their positions by buying bitcoin. This caused the price to rise further, and as more people started to notice the rise, they bought in for a quick gain. This continues the cycle.”

He further states that enthusiasts and traders shouldn’t get too amped up just yet, and that even though bitcoin may be moving in a positive direction for the time being, investors should think beyond the “short term.”

“We’d need to see a sustained rise over a number of weeks to signal the end of the bear market,” he mentions. “We’re definitely not there yet.”

Bitcoin was not alone in its newfound bull behavior. The currency was joined by fellow altcoins ether and XRP, which experienced impressive gains of roughly 13 percent each in just a matter of hours. Bitcoin cash is trading at nearly $750 at press time, while litecoin has expanded by just over $3.

nmarinoff

Share
Published by
nmarinoff

Recent Posts

OKX Wallet Sees Whales Massive Moves; More on Plus Wallet & Coinbase  

Plus Wallet Impresses with its Speedy 15-Min Token Listings While Coinbase Unveils AI Tool &…

2 hours ago

100% Bonus with BlockDAG! Ethereum Eyes Breakout, Sui Plans To Expand

BlockDAG Rolls Out Limited Time 100% Bonus For Community While Ethereum Price Looks Bullish &…

3 hours ago

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

4 hours ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

11 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

21 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

21 hours ago