With Bitcoin back up over $6000, some traders are looking back at recent lows nearer to $3000 earlier this month – in a descending spike March 12, BTC reached about $3800 or roughly 2/3 of its current price.
Now, some say the worst is behind us.
“It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated, but right now, I’m under the assumption that the low is in,” said former Wall street trader and vice president of JP Morgan Chase Tone Vays recently, according to reporting by William Suberg at Cointelegraph today.
Citing the BitMex debacle, in which a short outage coincided with the BTC lows previously mentioned, Vays suggests that the market has been somewhat inoculated against further Bitcoin lows, explaining why, although he predicted values as low as $2,800 prior to March 12, he has changed that outlook.
“Because I think this incident, this event earlier this month was close enough $2,800 that I’m no longer expecting $2,800,” Vays reportedly said.
Vays is not alone: Coinswitch “realistic” predictions for BTC price by Anisa Batabyal look to well-known players like Fundstrat’s Tom Lee to explore the likelihood of BTC prices at a benchmark like $40,000 within a few years. Clearly, BTC has had potential to go above $10,000 already, and many BTC bulls expect 2020 to outperform 2019 by a wide margin. Then there are enthusiasts like eccentric cybersec magnate John McAfee, also noted in Batabyal’s piece, who expect values more like $1,000,000.
“Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above,” Batabyal writes. “There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts. Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position. Bitcoin might reach the $23,500 mark supposedly by the end of 2020 as the year holds good prospect and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2020.”
Let’s see where the year takes us.