I don't think bitcoin will go back to 20k this year but it surely can over a longer time frame. On short term i'm bearish to neutral and long term i'm very bullish. I believe we will see new all time highs in 2019.
For bitcoin to go back to 20k we need some big fomo like we have seen in the market end 2017. For this to happen we need institutional money to enter this market. This will be the case when a cryptocurrency etf finally get's approved by the sec. Because right now institutional investors can't go long on bitcoin because there is no safe way to do so. Also in the eyes of the law crypto ownership is still a grey area. Tax implications are also still unclear. Governments need to make laws around cryptocurrency but it takes them very long because they are a bureaucracy.
The etf won't likely be approved until second quarter 2019 and until there are some catalysts to get this market going up the current trend is still bearish.
Bitcoin has received bashing from certain countries which brought about the low price. China clampdown on Cryptocurrencies in particular is a major effect.
However, there is light at the end of the tunnel. With a positive ETF ruling I believe Bitcoin can rise well above $20,000. I see many countries adopting Cryptocurrencies too.
Already football clubs are partnering with Cryptocurrencies exchanges. With all this,the demand for Bitcoin will be high and therefore increase the price to over 20k
That's just an hype for me.
Bitcoin has really struggled this year on like other years.
There has been no added tech to bitcoin this year. No reason to invest other than it's current market dominance.
If altcoins are able to break free from under bitcoin it would lose its value. So no I don't see it getting to that price.
No I do not think it can go that high.
I've seen several analysts that were originally predicting $25,000 and $50,000 totals for the year end revise those numbers.
I don't think $20,000 is completely out of the question but I think it's more likely that we will slowly rise up to about $10,000.
My personal belief is that people will get involved with cryptocurrency on a more gradual basis, as oppose to giant bull runs.
I really do think this will be healthier for the market because it will prevent large highs, and huge drop offs.
Bitcoin prices as for me is based on hype,i believe that the bitcoin price increase is not really based on market
forces but simply because of the hype,i do not think that bitcoin price will reach 20000$ this year,i know bitcoin
market is volatile and it do have increase in prices very fast but i believe that during the last quarter of this year
bitcoin price will increase but the increase won’t be as volatile as it used to be some months ago...
Bitcoin is a volatile cryptocurrency and its price can move at a very wide margin within short period of time,bitcoin as a cryptocurrency can move up to twenty thousand dollars within few months because of its high volatility..
But the market forces can also be a factor that will determine if bitcoin price will reach 20000$ or not this year but one fact i know is that yeah it is possible for
bitcoin to get to such high price before end of this year but all these are simply predictions and i am not very certain but i know it is possible...