Crypto Market Capitalization Surges to Yearly Highs, Will 2019 Follow the 2017 Path?

Could this be the Best Time to Enter the Cryptocurrency Market?

The mood of the cryptocurrency space has been lifted by the recent gains made in the cryptocurrency markets. Pundits and social media figures have been proclaiming the bear market is funnily over and that a lot of money is about to flow into the blockchain industry.

Crypto Market Capitalization Surges to Yearly Highs, Will 2019 Follow the 2017 Path?

CNBC’s Brian Kelly confidently stated that institutional adoption will push Bitcoin past the all-time high mark of $20k and beyond over the next two years.

“Without question this next cycle. You’re talking probably a two-year cycle. The cycle for bitcoin is usually about a year before to a year after. So over this two-year period, you will likely get this big upswing, particularly if the institutions come in, and I think we surpass all-time highs.”

Famed trader Peter Brandt also tweeted that he foresees a “parabolic” jump coming for bitcoin in the near future. Brandt correctly predicted last crypto rise and fall. Now he thinks a 6 digit figure for Bitcoin could be coming within the next few years.

Mati Greenspan, the senior market analyst at brokerage eToro also contributed some bullish comments to the conversation.

“After the false breakout earlier this week, cryptos took a step down,” Greenspan wrote in a message to investors. “The fact that we failed to go further up speaks volumes about the current appetite, but it doesn’t necessarily mean it will go lower, as many bears have indicated. In fact, in my view, the most likely scenario is that we now create a new range, or even, hopefully, a sustained stabilization.” Greenspan concluded that “the market is clearly still excited.”

Greenspan also recently placed the resistance level at $5,350. He said if the market’s momentum can take the price of Bitcoin passed this new resistance, a further pump all ensue. While there are still some bearish sentiments in the space, it seems many experts think $3000 was the bottom.

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