While blockchain startups work on solutions that could change the world in the war future, thousands of people just want to know if they should buy some and how rich a bitcoin could make them.
Finder.com put together a panel of 10 fintech experts to discuss just how high the price of cryptocurrencies might climb and whether or not average folks should be investing their hard earned money in digital assets.
Half of the panelists say that now is the time for regular people to buy bitcoin. And 4 of the panelists think Bitcoin will exceed its all-time high price of around USD$20,000 during this bull run.
While the overall sentiment is that the crypto market will continue to climb in the short term, the experts warn of what could come afterward. Half of the panelists think this bull run will be followed a crash similar to the one the cryptocurrency market suffered in December of 2017.
The average of the Finder report panelists’ predictions has Bitcoin at $7,543 on June 1, 2019. In the longer term, by December 31, 2019, the panelists collectively predict a rise in Bitcoin’s price with the average coming out to $9,659.
Many of the panelists seem to agree that crypto adoption is moving forward. One panelist noted the growing participation in the sector.
“The fundamentals of Bitcoin improved significantly during the bear market, despite negative sentiment suppressing the price. The utility and adoption of Bitcoin has increased during this period. And now that sentiment has returned, so does its medium to long outlook.”
But there is a lingering fear that May’s pump will be followed by a subsequent downturn.
Another panelist thinks Bitcoin will settle down in the short term. She said, “while, eventually, I do see it rising past $10K for a long-term gain, it shouldn’t be anytime soon — if it does, it is unlikely to hold on to that level for long. Let the market rest a bit after the rally.”
As for when to buy the surging digital asset?
Timing out the perfect trade is hard to achieve, the experts say it is better to enter the market in increments.
“Timing the market isn’t the goal. It’s prudent to buy now, buy if it goes down and buy if it goes up. A consistent strategy over time is the best way to gain exposure without trying to pick bottoms or tops.”
Bitcoin has been on a rollercoaster ride for much of its existence. Even while the digital asset world is trending up, the volatility can be dangerous to even experience traders and investors.
With all kinds of factors and growing-political actions that could affect the price of Bitcoin and other cryptocurrencies, a planned out course of action, with clear goals will be your safest way forward in the space.