Bitcoin (BTC): Opening A New Pandora’s Box
Cryptocurrencies are having a somewhat crawl-ish start to the post-valentine week with green dotting market charts after being in red for most of second half of Dec and all of Jan.
The overall market cap climbed back to over $500 billion in the week ending February 18, 2018, while Bitcoin (BTC) pushed hard to break $11,000, eventually staying above $10,200.
According to stats on CoinMarketCap, BTC rose by over 1350% in 2017 before the price correction bit off a 60% chunk to leave many unsure whether the much-feared bubble had not already happened.
Yet the lows of $6,000 look a bit far off as Bitcoin rallied again to climb above the 10k mark.
After a slow start, Bitcoin seems to be pushing for $12,000
Bitcoin, however, seems to be riding the market resilience again and has rallied from a low of $6000 early this year to reach a high of $10,830 by 17 February. Despite the fact that crypto prices can experience sudden spikes and dives, it is safe to assume that BTC will continue to teeter towards $12,000 or more this week.
What’s encouraging is that the coin ended yet another week in the green, prompting several analysts and bitcoin aficionados to predict further growth.
Regulatory concerns still abound
The movement of BTC against the USD aside, the world of Bitcoin wasn’t dull at all this past week. As usual, there were so many bitcoin-related events from elsewhere. Cryptocurrency regulations have been mooted by the U.S Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), especially with reference to ETFs and ICOs.
Representatives at last month’s World Economic Forum 2018 held in Davos agreed that there was a need for an international cooperation on how to regulate crypto projects. It is anticipated that this will be a major talking point when world leaders meet at this year’s G20 Summit in Buenos Aires in March.
Bitcoin market bullish as anonymous trader purchases $440 million worth of BTC
An anonymous trader is said to have bought Bitcoin (BTC) worth $440 million between February 9 and 12. The price of bitcoin had had a dip to trade at around $8,400 by then. The news may have prompted an upside price movement for the coin, with speculation on the direction of its price dominating Bitcoin forums.
According to a report by MarketWatch, the address had a total of 55,000 BTC before a further 41,000 were purchased by the anonymous bitcoin whale. The revelations that the account linked to the address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 had a total of 96,000 BTC comes amid a renewed interest in BTC as regulatory bodies continue to clarify their position on Bitcoin and altcoins.
Bitcoin strategists predict new all-time highs- Is it possible?
As Bitcoin continued its fight back throughout the week, experts and analysts all seem to be gravitating towards a resurgent crypto world, with Bitcoin once again tipped to reach new heights in 2018.
Tony Vays, a bitcoin analyst and cryptocurrency consultant believes that we will witness bigger BTC price upswings this year. He stated that bitcoin could climb to an ATH of $100,000, before calming down to predict a modest $25,000 by end of the year.
And he isn’t alone. According to a report on Bloomberg, bitcoin strategist Tom Lee predicts that BTC will reach a new all-time high by July this year. Lee’s sentiments are centered on the “V-shaped” patterns of Bitcoin’s bottoms.
Lee analysis has pointed out that it will take about 85 days for the coin’s price to recover from its plunge, setting a new all-time high by July. It is apparent that investors are beginning to have a positive outlook towards BTC, a demonstration of their bullishness.
Another notable sentiment came from Bitcoin Foundation executive director Llew Claasen. According to remarks made at the Startup Grind conference, Claasen projected that BTC will reach a high of $40,000 by year’s end.
In his bullish remarks, Claasen maintained that BTC will have major swings throughout a six month period before hitting the $40,000 mark.
When questioned by BusinessInsider about the many scams associated with the coin, Claasen remarked that it was unfortunate that such was happening.
He, however, expounded that Bitcoin and cryptocurrency, in general, is best suited to recover from any harm caused by the scams. He intimated that people were already getting wiser by scrutinizing all crypto projects before investing.
So, how is Bitcoin’s market outlook today as we get into yet another week in the green?
At recent check, Bitcoin’s price is staying higher above the $11,000 mark, picking up an upside trend when analyzed at the hour interval. With this, Bitcoin is poised to embark on a rally after its brief downward in the course of last week.
BTC was priced around $11,200 today, aiming to hit $12,000. If this trend continues throughout the week, it will likely hit the $15,000 price by next weekend.
It is good to be cautious, however, as we cannot conclusively call Bitcoin (BTC)’s price due to the very nature of cryptocurrencies. Nevertheless, the market seems to be ready for a bull run.