Ever since the bear market started, cryptocurrencies, in general, have had their values significantly lowered and continuing struggle to regain their former glory.
For example, the last few months have seen the price of Bitcoin staying pretty dormant and fluttering up and down by very ignorable margins.
However, the sector is currently awash with excitement as Bitcoin, on Monday, successfully rose above the $4000 mark and some even expect it to rise even higher.
Even though it’s the recent peak of $4050 is still a long way behind its all-time high price of $19,783.06, stakeholders are generally hopeful that things would eventually improve significantly.
Possible Rise in Bitcoin Price
Cryptocurrency analyst, trader, and organizer of the upcoming Understanding Bitcoin Conference – Tone Vays – has expressed optimism about the future of Bitcoin. According to Vays, if Bitcoin continues to rise steadily enough that it crosses the $4200 mark, it could mark the beginning of substantial improvements for the crypto.
I believe that the more times you hit a level of resistance, like in this case $4,200, the more likely it is to break and go to the upside. It’s just like how the more times we were hitting $6,000 all through out 2018, the more likely we were to eventually break below that level.”
Could Bitcoin reach $6000 Soon?
Vays has expressed his opinion that the bear market that has continued to shake the sector isn’t over yet. So, even though he says that prices lower than $3000 is not an impossibility, he thinks Bitcoin could still potentially rise as high as $5000 and even higher.
‘I do think we can break out on the price and go as high as $5000, possibly even as high as $6000, but I still think we will see lower lows sub $3000 prices sometime this year,’
Furthermore, he asserted that if the crypto does not rise higher than $10,000 then there will be more times when it will fall significantly low.
The Future of Bitcoin as a Substitute for Gold
For a while now, many Bitcoin advocates have expressed predictions that see the crypto replacing gold. The recent increase in price has once again brought this conversation to the fore.
One of such advocates is Brendan Blumer, a blockchain entrepreneur who tweeted his opinion that Bitcoin, at some point over the next 20-40 years, will replace gold.
As much as supporters hope that this will happen, only time will definitely tell.