Bitcoin’s Price Could Plunge Further In 2019
Cryptocurrency markets are likely to extend the declining trend in fiscal 2019, according to prominent analysts. Vinny Lingham, the CEO of Civic, is among those analysts who expect a continuation of the bearish trend in the first half of 2019.
The market had already lost 80% of its value since the start of this year. Although some traders and investors strongly believe Bitcoin bottomed last month around the $3,500 level, others are continually predicting crypto markets to remain unstable in the following months.
Why Vinny Lingham Expects Bitcoin’s Price to Drop in 2017?
Vinny believes the Bitcoin price is likely to trade in the range of $3,000 to $5,000 over the next six months; he expects Bitcoin’s price to bottom around $3,000.
He says, “I do not think we break through the support level of $3,000 just yet. I think there is a lot of buying in the short-term around that mark. If we don’t get out of the crypto bear market cycle in the next three or six months, the $3,000 level could go.”
He is also of the opinion that the market needs stability and certainty to attract new investments. The crypto market volatility acceleration could negatively impact prices even if the market sees the strengthening infrastructure of crypto exchanges and other services related to crypto markets.
How Can Low Bitcoin’s Price Go?
Lingham predicts Bitcoin to fall around the $3,000 level, but a few other analysts see the bottom of a bearish trend around $2,000.
Michael Bucella, the former executive at Goldman Sachs’ Canada arm, believes that bearish trend is expected to prolong into the next couple of months. On the positive side, he sees strong future fundamental for cryptocurrency markets. He suggests that investors buy Bitcoin and other coins during the bearish trend.
He said, “The most successful investors are those who think in the long term and are patient. Thinking about the future … several investors are waiting for this last chance to enter the market and buy virtual currencies in bulk.”
Although Bitcoin continues to receive support around $4,000 over the last week with small sideways movements, the market could move in any direction depending on market reports. Regulators actions and new laws for crypto markets could also have a substantial impact on prices. For instance, world leaders at the G20 summit announced to create a corporate strategy and rules to handle cryptocurrency markets – which traders think would help in reducing the uncertainty around the emerging market.
What’s your opinion about the Bitcoin price movement in 2019? Express your view in the comment section below.