Bitcoin Recovering From a Week Long Low Trend
After having a seven day run of lows at below $9000 USD, Bitcoin seems to be making a reversal and a bullish trend is on its way. Priced at $9,355.24 USD the at time of writing, the signal indicates a steady rise. The previously predicted risk of Bitcoin falling below the $8000 USD mark seems not the direction it will take after all. Now, most are anticipating Bitcoin’s cross-over to the $10,000 USD mark which a lot speculate would happen this month of May.
One of the reasons why many Bitcoin supporters are optimistic about their favorite digital currency’s standing is due to the upcoming Consensus Conference. From May 14 on, thousands of cryptocurrency and blockchain enthusiasts, traders and investors and perhaps those who are just curious would start to meet in New York. This event will most probably push Bitcoin up the scales again as proven with previous years.
The Consensus rallies are speculated to produce from 10 to 70 percent gains. When this happens, Bitcoin could actually recover it’s record-breaking $15,000 USD value back it had the end of the last year 2017.
Another event scheduled today, May 10th which will have some effect on Bitcoin and the other cryptocurrencies as well would be the World Sports Blockchain Summit organized by SportyCo. It is SportyCo’s effort in encouraging those in the world of sports to make use of cryptocurrency technology to its advantage. The event is well supported by big names in the world of sports and will be attended by respected speakers in the field and industry. The event is to be held online and free to anyone who has internet access and wants to tune in to listen. They will be mostly discussing what initiatives to take are necessary for a micro-financing platform based on the blockchain technology to be implemented or incorporated in the world of sports.
This month of May could perhaps be another big one for Bitcoin and the cryptocurrency world itself as a whole.
Can Bitcoin Reach The Mythical $50,000 USD Mark This 2018?
A big question not only to Bitcoin’s supporters but all throughout the crypto universe. Investors, traders, and enthusiasts often ask and discuss if Bitcoin can actually hit the $50,000 USD mark this 2018?
A lot of digital currencies are now at a level below their previous highs and lot more on a long bearish trend. Bitcoin itself experienced a huge fallback after hitting its all-time high last year. But still, a lot of people predict Bitcoin will hit $50,000 USD this 2018.
Jeet Singh, a portfolio manager and expert on cryptocurrency trading said that the volatility cryptocurrencies experience is quite normal. Fluctuations of up to 80% can happen as normal circumstances in the cryptocurrency world. Volatility is part of development he added and so the fluctuations do not worry him at all. He made the statement in Davos during the World Economic Forum.
Singh further stated that long-term investors need not worry about the volatility of cryptocurrencies as they are definitely here for good. On the other hand, many investors still are concerned and argue that such a long hold is only applicable to those who can actually afford it. True that any investment is favorable to those with deeper pockets and can let go of funds without expecting returns in a short time span. But to new investors with limited funds, holding on for so long most times is not an option.
He also said that Bitcoin hitting the US$50,000 mark this year is most probable. If so, investors would have multiplied their Bitcoin funds’ value five times when this happens.
At present, experienced and wise investors are holding on to their money. Guarding the cryptocurrency market like hawks, they gather data and information as to somehow base their predictions as to when will they go for the kill and hopefully multiply their investments several folds. As what experienced traders say, information is vital and the control of emotions is crucial in the world of trade and investment.
Will History Repeat Itself With Bitcoin This 2018?
It is known that history repeats itself in many aspects of life but the main challenge with Bitcoin is knowing which history part of Bitcoin will be repeated? With Bitcoin having a lot of history, even expert analysts find it difficult to really make an accurate prediction. Bitcoin is quite popular and at times notorious for its wild roller coaster rides in the crypto market and opinions as to what direction it will take these coming months of 2018 is very diverse. A lot are expecting more drama and surprises with Bitcoin will unfold when 2018 near its end.
Die-hard Bitcoin supporter John McAfee and also the founder of the antivirus software McAfee is still very optimistic about Bitcoin. With confidence, he stated that Bitcoin will hit the US$1 million by the year 2020. He recalled his previous prediction for Bitcoin for last year which was at US$7,000. In which case, he was right on the uptrend but wrong on the value as Bitcoin soared at US$15,000 last year, more than double his predicted value.
A few days from now, the Consensus Conferences will start which many say will start rallies of Bitcoin on the market. Some analysts expect it to go past the US$10,000 mark this month while others think it will hit the $15,000 USD mark again. As proven with previous data and events, such conferences do have a great effect on the market value of not only Bitcoin but other cryptocurrencies as well. Bitcoin hitting the $50,000 this year seems like a long run and improbable, but not impossible as Bitcoin has a record of making historical twists and turns along the way. McAfee’s predictiion of a $1 million value for Bitcoin by the year 2020 seems almost impossible as many analysts have said. Many say that the prediction defies all the laws of calculations in the world of trade, investment and even cryptocurrencies; but some say Bitcoin makes its own laws.