Throughout the notable periods of Bitcoin price fluctuations, stakeholders had failed in one thing. They have been unable to predict the price trend using conventional parameters. CNBC carried out a recent study that had asset managers and equity strategists as respondents. The goal of the study was to find out the prevalent view amongst the respondent class.
In providing answers to the research question, 44% of the respondents opined that the price of Bitcoin will go beneath $30,000 this year. However, some were hopeful as regards the price. Twenty-five percent of the participants opined that the price would go high and get fixed at $45,000 while another twenty-five percent said the coin will get to $55,000. The remaining six percent believed that the coin in the similitude of its April this year’s price climax of $65,000 will get to $60,000.
Authorities in the industry asserted that the use of a cryptocurrency is a direct measurement of its value. Bitcoin however has maintained its status as a good store of value. Notwithstanding the continuous propaganda regarding the price mutability of Bitcoin and altcoins, there has been increase in its adoption around the world. Nonetheless,the study respondents do not represent the entire cryptocurrency ecosystem, hence people are advised to make decisions on investments using other parameters of measurement.
Bitcoin price crash to $29,00 has made investors lose credence in the coin. At the same time, experienced cryptocurrency traders believe that the bullish market will soon come. Since the Bitcoin price bounced back to $32,000, there is renewed hope amongst traders that it would soon climb up again. Some authorities in the industry forecast that with the growing apathy towards fiat money across the globe, it may just be the time for crypto to enjoy the spotlight.
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