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The bitcoin price has fallen by roughly $100, but this isnât necessarily something to fear or a sign of another impending bear run. The currency has spiked by approximately $1,200 since mid-week, jumping from $6,900 to $8,100 in just under 48 hours, and a small drop in the records isnât something to get oneâs hat in a twist.
At press time, most analysts are unanimous in their thoughts that bitcoin and its crypto-cousins are in line for some âmonster gainsâ in the coming weeks. Perhaps the biggest enthusiasm comes from tech billionaire Tim Draper, who recently stated that he believes bitcoin could reach a quarter of a million dollars by the year 2022.
âIâm thinking $250,000 a bitcoin by 2022,â he recently exclaimed to an enthusiastic crowd outside Draper University in California. âBelieve it, itâs going to happen. You heard it here first. Theyâre going to think youâre crazy, but believe it. Itâs happening. Itâs going to be awesome.â
Rodrigo Marques â CEO of cryptocurrency investment platform Atlas Quantum â is also convinced bitcoin is about to strike very bullish territory. He suggests that the last few months of low prices have somehow been âpreparationâ for bitcoin and related altcoins to come back stronger.
Speaking with The Independent, Marques confidently stated:
âBitcoin deflationary characteristics are an indication that in the long run, the market is bullish. We believe the price could be set to go up and has the potential to reach December 2017 levels again.â
Others are even more excited, claiming bitcoin wonât require excessive periods of time to reach allotted goals. As the CEO of fintech firm Smart Valor, Olga Feldmeier suggests that bitcoin could reach last yearâs highs within the next eight months, and believes that one bitcoin could be worth as much as $100,000 by the year 2020.
One reason for the sudden price surge is that bitcoin trading may have greatly increased on April 12 and 13. One source suggests the âbiggest hour of trading in bitcoinâs entire historyâ took place, with nearly $300 million moving through exchange platforms in less than one hour. Thatâs a total of roughly 38,500 coins.
Head of fintech startup Revolut Ed Cooper explains, âIn this scenario, traders with short positions started to lose money and liquidate their positions by buying bitcoin. This caused the price to rise further, and as more people started to notice the rise, they bought in for a quick gain. This continues the cycle.â
He further states that enthusiasts and traders shouldnât get too amped up just yet, and that even though bitcoin may be moving in a positive direction for the time being, investors should think beyond the âshort term.â
âWeâd need to see a sustained rise over a number of weeks to signal the end of the bear market,â he mentions. âWeâre definitely not there yet.â
Bitcoin was not alone in its newfound bull behavior. The currency was joined by fellow altcoins ether and XRP, which experienced impressive gains of roughly 13 percent each in just a matter of hours. Bitcoin cash is trading at nearly $750 at press time, while litecoin has expanded by just over $3.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.