Warnings about Bitcoin Being Lower a Year from NowJune 26, 2019
For over the past 15 months, this is the first time for Bitcoin to have touched $11,000. This recoupment is more than the parabolic increase of the price which recently captured the attention of mainstream media. The parabolic increase was the point of attention before the bubble burst.
George McDonaugh, chief executive and co-founder of KR1 Plc stated, “The bounce-back of Bitcoin has been fairly extraordinary.” He further stated, “Money didn’t leave the asset behind, it just sat on the sidelines waiting to get back in.”
The Bitcoin rally is continuing to move with a gathered pace.
The price of the Bitcoin went as high as $11,251.21 on Monday with a 13% gain ever since late Friday which is the highest levels ever since March 2018.
The onlookers were perplexed about the rise in the price of the Bitcoin and they were trying to identify a reason for the surge. There is a lot of complex conversations revolving around Bitcoin and this is one of the major reasons for the price surge. There were fewer concerns about fraud and there is a shift in the pattern of how people are talking about Bitcoin and the kind of projections about Bitcoin for the future are different now than ever before.
Matt Greenspan, stated, “The market has matured greatly since the last time Bitcoin crossed $10,000,” He further added, “This run is far more justified given the current level of adoption.”
When compared to the past year, there is a sign of improved mainstream interest in Bitcoin. With Facebook Inc. coming up with Libra,and working with broad groups of partners from Visa Inc., Uber Technologies Inc. and others to develop the management system for Libra has caught up with lot of attention and criticism from politicians, thereby increasing privacy and security discussions among regulators and governments.
The coming of the Libra “is validating the crypto space and sending all the major digital coins higher,” Edward Moya, of Oanda Corp in New York stated, “Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels.”
Whitney Tilson, founder of Empire Financial Research stated, “Bitcoin is “exhibit A” in the lexicon of “scams that enrich insiders at the expense of average folks.”
There are several others who are warning investors to be cautious as they feel that in a year from now it will be far lower. This they feel is yet another pump and dump scheme which is all going to affect the average folks.