The bitcoin and cryptocurrency market at large has been in a turmoil of recent. With bitcoin on a freefall since it attained its highest point of about $13K towards the end of June 2019, it doesn’t seem like there’ll be a positive turnaround anytime soon.
However, a famous crypto trader and analyst, Crypto Rand, thinks of the situation in a different light. In his opinion, current events are a repetition of what happened mid-2017, and by the end of the year, bitcoin traded at its highest point ever.
As Crypto Rand pointed out, in the first half of the year and the early part of the second, people feared that bitcoin would continue to drop in value.
Further reiterating on events back then, he pointed out that the Chinese government clamping down on bitcoin-related businesses was the core discussion at the time. He also claimed that the media proclaimed bitcoin’s death.
However, these events, instead of bringing down the leading cryptocurrency by market cap, made it stronger, pushing it to great heights.
Bitcoin made some small movements to the upside early June 2017, a slight pullback, and then a roller coaster ride up to about $20K mark by mid-December of the same year. Fast forward to 2019; Crypto Rand believes the same events could re-occur despite the limited time remaining to end the year.
Crypto Rand won’t be the only one positive on bitcoin’s ability to make a sudden turnaround; author William Mougayar during the year predicted $25,000 for bitcoin before the end of 2019.
At the time of his prognostication, bitcoin was trading above the $10K price mark; however, the crypto asset has lost about $3,000 at its current price of $7,110.04 from the time of his forecast.
At this point, a lot of people have come to see these predictions as mere wishful thinking, and only a major intervention could help push up the price of bitcoin as prices continue to fall across the board.