Bitcoin will trade between $3,000 to $5,000 in 2019 – Justin Sun
Tron CEO Justin Sun, although known for promoting his company does not say much about Bitcoin. However, in a recent interview with Huoxing24, he mentioned that Bitcoin (BTC) will be trading within the price range of 3k to 5k for the rest of the year.
Sun also mentioned that the bear market is over which is a big relief for the industry. He, however, dismissed any hope of a huge price shoot for Bitcoin within the next few years until after at least three years.
An analyst ‘Chonis’ recently mentioned that Bitcoin may still drop to $3200 unless it establishes a strong footing. According to Chonis, the asset needs to maintain at least a $3,700 price or it will crash down towards $3,000 once again as it did in 2018. This seems to be in consonance with Sun’s projection and many others that have been made earlier this year.
Sun believes the year 2019 is a year of achievements for the cryptocurrency industry and especially for Bitcoin with the growing interest in Lightning Network.
He also believes cryptocurrencies will get closer to mainstream adoption with the growing interest in blockchain based dapps which require cryptocurrency tokens and many other areas of industry.
With the bullish trend experienced in the last few days though, many may have expected that Bitcoin would reach a significantly higher price but the recovery suddenly pulled back and now Bitcoin is trading at ~$3,800. While this is not bad compared to the earlier price, it is certainly not good enough as the industry has waited for long to see a recovery that is sustainable and progressive.
While Sun’s projection seems in line, the cryptocurrency community may be looking forward to something better as the year progresses. This is also entirely possible as the market is almost completely unpredictable and something better or even worse may happen.
With the increasing interest in Bitcoin indicated by data and the widening adoption of blockchain technology and cryptocurrency though, the future should hold something good for the industry.