Binance

Bitcoin of Unfulfilled Hopes: Why …

Navigation

Bitcoin of Unfulfilled Hopes: Why ...

Bitcoin of unfulfilled hopes: what were expected from cryptocurrency in 2019

The cryptocurrency market knows no half-measures. This year, everything was expected from bitcoin, from a complete zero and total collapse, to growth by tens, or even hundreds of times to new record highs..

At the end of the year, Bitcoin (BTC) has been stuck in a range somewhere between $ 6,500 and $ 8,200. The first and most popular cryptocurrency has almost doubled in price over the past 365 days, giving rise to hope for a long-awaited crypto thaw after a long winter. But did the coin live up to investors’ expectations? Let’s see what predictions were made by experts this year.

Were you waiting for the rally? Guessed!

The bitcoin rate began to grow steadily in February this year. By April, the coin has almost doubled in price, up to $ 6,000; in May it was already worth $ 6,000, and in July it came close to $ 14,000, showing an increase of 400% in less than six months. Inspired by the new rally, the experts vied with each other to issue rainbow transports, one more fantastic than the other.

Bitcoin of Unfulfilled Hopes: Why ...

The most conservative was Andy Chung, the operating director of the OKEx cryptocurrency exchange, who said that by the end of the year, bitcoin would return to the $ 20,000 area and then continue to grow. According to him, the inflow of institutional investors into the industry will contribute to the strengthening of the first cryptocurrency..

Jihan Chu, co-founder of Hong Kong-based investment firm Kenetic Capital, suggested that interest in cryptocurrency from companies such as Fidelity, JPMorgan and FacebookIn June 2019, Facebook announced preparations for the release of the digital currency Libra. The social network project immediately attracted attention … More will be the main driver of growth in the market, and in December 2019 Bitcoin will reach $ 30,000.

Billionaire and head of crypto investment fund Galaxy Digital, Mike Novogratz claimed that Bitcoin will surpass the previous all-time high of $ 20,000 and reach $ 40,000 by the middle of the year or at least by the end of the fourth quarter. The head of Galaxy Digital was confident that the impetus for the rally would be the massive entry of investment banks into the industry. But he was wrong. Neither happened.

Meanwhile, the chief strategist of Binance Jin Chao has outlined the range of $ 50,000-100,000 for bitcoin. According to the expert, investors will gradually leave altcoins, which will lead to a concentration of cash flows in the first cryptocurrency. Murad Makhmudov, a former Goldman Sachs analyst, shares this point of view. He suggested ignoring short-term price swings and just waiting for Bitcoin to hit $ 100,000.

Morgan Creek Digital CEO Anthony Pompliano is also betting on the $ 100,000 mark, but he estimates that this level will be reached by the end of 2021..

Below the city sewer?

Bitcoin of Unfulfilled Hopes: Why ...

There were also quite a few pessimists and fatalists in the industry. As soon as the cryptocurrency began a correction from annual highs, bearish forecasts came down, promising an avalanche-like sale and an almost complete depreciation of bitcoin.

Nouriel Roubini, professor of economics at New York University, again became the main and most ardent critic of bitcoin. One of the most authoritative experts in the field of world finance and also the president of RGE Monitor claims that he is not interested in bitcoin as a class, but at the same time he never misses the opportunity to pour out a good portion of sarcasm, curses and criticism on it. He is convinced that bitcoin cannot function as money, it has no value, does not scale well, and in general, “even the Flintstones in the Stone Age have a more advanced system.” All in all, Nouriel rejoiced strongly during the November crash and argued that Bitcoin would depreciate to zero. However, he turned out to be wrong and bet Mike Novogratz.

Bitcoin venture capitalist Jason Kalacanis also promised a drop to zero and dishonor. He said that new technologies will soon supplant the first coin, and now there is simply a speculative game. He named the $ 0 – $ 500 range as a price reference..

Another critic, Peter Schiff, noted that anti-risk sentiment was the main catalyst for Bitcoin’s growth in the first half of the year. However, unlike gold, a crypto coin has no intrinsic value. According to the expert, bitcoin should meet the new year at around $ 2,000, while he believes that he still has time to justify the forecast. Earlier, he claimed that BTC could crash to $ 1000.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Bitcoin of Unfulfilled Hopes: Why ...

Share Article

Tags

  • Binance
  • Galaxy Investment Partners
  • Goldman sachs
  • OKEX
  • Analytics
  • Bitcoin analytics
  • Volatility
  • Short squeeze
  • The crisis
  • Cryptoexchange
  • Crypto market
  • Bearish trend
  • Bitcoin Forecast
  • Forecast and analytics
  • Cryptocurrency forecast
  • Technical analysis
  • Price predictions
  • Digital asset
  • Electronic money

Similar articles

Similar articles