Bitcoin Price and The Surrounding Situation
Bitcoin’s price has taken a surge recently after the sudden fall it received as a result of the report of Goldman Sachs expression of being disinterested in establishing its earlier proposed cryptocurrency trading platform.
A week ago the price of Bitcoin had rallied to $7,400 after experiencing a short-term downward trend. However, this was soon to end when a report, countering earlier reports that Goldman Sach’s decision remains and renders the previous statement as “fake news.” Price later took a turn back up to the $6,000+ region.
Notably, different opinions and observation have been trailing the price of Bitcoin, especially amid a period of uncertainties in the cryptocurrency market.
Jani Ziedins believes the little recovery that Bitcoin has made from $6,000 is only momentary. He noted that more bearish days are still to come in the cryptocurrency market.
Contrasting to his opinion, Tom Lee and Hermann Finnbjörnsson foresee a rise in the value of Bitcoin before the end of the year. Tom Lee envisages the price of Bitcoin to rise to $18,000, while Hermann sees the Bitcoin rising to $10,000 by the beginning of November courtesy of institutional investments into the industry.
Bitcoin Rising, But Not Beyond $8,500 This Year
Another positive view on the price of Bitcoin is the thought of Forbes popularly known team, Trefis. The group noted that Bitcoin’s price would rise in the remaining days of 2018, the cryptocurrency community shouldn’t expect a rise above $8,500.
This thought is similar with the opinion of Michael Novogratz, who illustrated with the Bloomberg Galaxy Crypto Index [BGCI] recently in a post that Bitcoin has reached its bottom, and should take the bullish trend any time soon.
Team Trefis, not focusing only on technical indications, they also used fundamental indicators to support their belief. This was illustrated by a graphical analysis of Bitcoin users using the interactive Bitcoin Price Estimator.
The fundamental analysis of Bitcoin is based on the rate of cryptocurrency usage and its trading. The Bitcoin price estimator shows that there would be a gradual increase in the rate of users over time.
The team also concluded that the numbers of Bitcoin users would increase in the remaining months of the year which will impact a 30% increase in the value of the cryptocurrency.
As expected, the decision of the U.S. SEC on Bitcoin ETF should give it a positive impact in the coming days.