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Bitcoin [BTC] prices could skyrocket by 84% by the end of the year, says Ben Ritchie

Jibin M George

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Bitcoin [BTC] prices could skyrocket by 84% by the end of the year, says Ben Ritchie
Source: Pixabay

According to some cryptocurrency and fin tech experts, including Ben Ritchie, Bitcoin [BTC] could surge by a significant 84% by the end of the year 2019. This possibility offers some hope to Bitcoin holders and investors who have had to see the price of the world’s largest cryptocurrency fall massively since $19000 high in 2017.

Bitcoin has been going through a bearish market, with it presently priced well below $3500. The bear attacks early this month have also breached any support points the BTC market had while lowering the resistance for the same.

However, according to a panel of experts polled by Finder.com.au, the Bitcoin market will pull through from this bearish market and hit new highs this year. The poll also suggested that on an average, the panel of experts believed that 2019 will end with the price of the world’s premier cryptocurrency at $7000, a 50% improvement over the prevailing price of BTC.

However, that wasn’t the most bullish prediction offered by the panel of experts. Ben Ritchie, the CEO of Digital Capital Management, backed the cryptocurrency market to hit new heights, with Bitcoin leading the charge and touching $9500 by the end of the year. If the coin does indeed do so, it would prove to be an incredible 84% surge over the current price of Bitcoin.



Despite the very optimistic price projection for Bitcoin, Ritchie was conservative when it came to the general future of the cryptocurrency market over the year. He predicted a ‘safe and steady’ 2019 while also suggesting that the market may not see a lot of institutional investors in the market just yet. Further, while implying that he did not believe that the cryptocurrency market was immune to external shocks, he also did not discount the effect traditional markets may have on the already volatile cryptocurrency market.

The panel of experts was constituted after it was found that over 6% of all Australians have presently invested in the cryptocurrency market, with Bitcoin being most popular among them.





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1 Comment

1 Comment

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    bill

    February 7, 2019 at 9:33 AM

    Good article. For the crypto market, those predictions are actually quite conservative overall. I’m hoping for more, but who knows.. there doesn’t seem to be much interest at all currently. The market has never seemed so boring.

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Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
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Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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