When it asked its panel of crypto experts about the price at the end of this year, the average prediction was $9,659. As for why the price has surged this year, 80% of panellists said it was due to crypto-related announcements made at the recent Consensus event. The next most cited factors were the US-China trade tensions (50%) and the impending reduction in Bitcoin emission, also known as the halvening (50%).
Chief Investment Officer at Arca, Jeff Dorman, comments: “Bitcoin has rallied for a variety of reasons, not one specific reason. It’s mosaic theory. Pent up demand spilled out because of Fidelity’s new platform, China’s trade wars, short liquidations and Bitfinex forced buying from people who bought BTC with USDT in order to get out of USDT.”
CEO at WishKnish Corp, Alisa Gus, adds: “I feel like BTC is back where it belongs, in the 6k to 10k range, and while eventually I do see it rising past 10k for a long-term gain, it shouldn’t be any time soon – if it does, it is unlikely to hold on to that level for long. Let the market rest a bit after the rally.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.