Over the course of the first six months of the year, Bitcoin managed to go on a remarkable rally that raised the possibility of the world’s biggest cryptocurrency to reach the levels it had reached back in 2017. At the time, the price of one Bitcoin token had almost touched $20,000.
However, the momentum soon went out of the coin, and it started dropping in July. In recent days, Bitcoin experienced rapid slumps, and for the first time in four months, it lost as much as $2,000. Although it did make a recovery, it makes for grim reading for many investors.
Analysts are Bullish
Experts, however, believe that despite the recent slump, the cryptocurrency is all set to reach record highs. Amid the doom and gloom, it is necessary to keep in mind that Bitcoin is up by more than 100% in 2019 and that is no mean feat.
The Chief Executive Officer of digital exchange firm Nexthash, Daniele Mensi, stated, “What is important to remember is that Bitcoin is still up around 115 percent this year, so its short term peaks and troughs are necessary to facilitate longer-term growth.”
Many Bitcoin bulls believe that the cryptocurrency should fall further before going on a remarkable bull run to reach record highs. Well-known trader Peter Brandt stated that the coin should slump to as low as $5,000 and then climb to levels of $50,000 each in the long-term.
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While that is a bold prediction, many others in the crypto community believe that it is a cautious prediction. However, the most bullish prediction has perhaps been made by John McAfee, the cybersecurity savant, who has now become an important voice in the crypto community. He stated that he is convinced that Bitcoin is going to reach the dizzying levels of $1 million per coin by the time 2020 ends.
Bitcoin is trading higher by 2% at $8,264 after hitting a low of $7,750 last week.
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