After a sharp fall in Bitcoin price last week, the prices seem to pick up this week. The digital currency saw a spike in the price by $400 within an hour. With sudden interest in bitcoins by the investors, the prices are expected to skyrocket.
The rise in bitcoin value
The bitcoin value has shown a positive trend which has pushed the BTC back into the market. Around 9 am the value noted as $6.728.31 which was up by 1.27%. Apart from Bitcoin currencies like Ripple, Litecoin, and Ethereum have shown a bullish trend too.
Ethereum saw an uptick of 1.54% to trade at $277.92. In the case of Ripple, the value has risen to $0.329328 after growth of 1.86%. Concerning the case of Litecoin, the value was reported as $57.58. The growth percent is reportedly a 1.59%.
While the trend seems to be a green flag for the cryptocurrencies, the experts seem to claim that the rise in the bitcoin value could be a slight high before a heavy fall. This is in respect to the Security and Exchange commission’s decision to approve a bitcoin exchange-traded fund, which is awaited to be made soon.
There is a prediction from Anthony Pompliano, who is the founder and partner of Morgan Creek Digital Assets which assumes that the bitcoin value might fall to a low of $3000. If this happens, then it will be one of the biggest turnarounds from any bullish position.
Predictions for Bitcoin
Fundstrat’s bitcoin analyst Mr. Tom Lee has come up with a prediction connecting the market and the emerging markets. This has led to a belief that the bitcoin might face an explosive climax towards the end of this year.
This Head of Research at Fundstrat Global Advisors thinks that bitcoin price may surge even more. He believes that a rise can be expected and the price may reach even $25000 at the end of this year.
The above-mentioned prediction is made based on the relation between the price of BTC and BlackRock’s iShares MSCI Emerging Markets exchange-traded fund which is involved in the tracking of large and midsized companies based out of the emerging markets.
It is believed that both these markets seem to be running in parallel. Right from the peaks experienced in the prices to the downfall faced by them, both the mentioned markets seem to follow a similar trend.
The rise in the bitcoin price witnessed now is actually a two week high. Though the prices seemed to have got relaxed and settled after the rise, this trend is reconsidered as a recovery for the cryptocurrencies. As of now Bitcoin is down 66% considering its record price of $20000 last December.