It’s been a depressing couple of months for the cryptocurrency scene, as anyone following the market will readily attest to. In this week alone Bitcoin (BTC) has seen its value drop below $7000 per coin since before its incredible rise in November of last year.
However, there may be a light at the end of the tunnel. Several experts in the field have been predicting a short turnaround and another bull run in the price of digital currencies that will match, and ultimately exceed the highs we saw in late 2017.
CNBC were told within this last week that Bitcoin would be likely to peak again by the end of the year, potentially hitting a high of $50,000 per coin (for comparison, the highest it attained in the 2017 surge was just shy of $20,000 per coin). Even more exciting, those same experts predicted an overall market cap for the sector as high as $1 trillion, suggesting that it won’t be Bitcoin alone benefiting from this change in altcoin’s fortunes.
One expert was Jamie Burke, the CEO of Outlier Ventures. He believes that the altcoin sector will go on a bull run after February, predicting that the forecast $1 trillion cap will mark the settling down of the sector as a whole, as the market starts to focus on fundamentals.
Gatecoin’s head of APAC business, Thomas Glucksmann, agrees, stating that the predicted bull run will come about as a result of new regulations, and institutional capital being introduced to the market, as well as new paradigms in blockchain technology. Glucksmann has a track record in these sorts of predictions: back in April of last year, he noted the connection between the US SEC (Securities and Exchange Commission) review of Bitcoin proposals from the Winklevoss twins, and the then-record pricing of Bitcoin at $1,300.
Could a similar review, undertaken last week, between the SEC and the CFTC (Commodity Future Trading Commission) usher in a new spike in cryptocurrency’s perceived worth?
Ran Neuner of CNBC certainly thinks so, happily tweeting his unambiguous opinion that Bitcoin will hit the $50,000 mark by year’s end.