Published
5 years ago on
November 01, 2018
“I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then from 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.â€Hayes is one of the many crypto experts who has predicted pessimistic outlooks for Bitcoin and other virtual assets. Earlier he believes that Bitcoin would drop to $3,000 - $5,000 before a favourable regulatory decision would make the prices skyrocket. Even though the predictions are a tad gloomy, he believes that the SEC’s decision to approve the Bitcoin ETF would trigger a sharp rally up to $50,000 before the end of the year.
“The market is blowing off some steam right now. I think the market is probably going through some healthy consolidation, but I do believe the long-term trend will be greater adoption of bitcoin and similar technologies.â€Mike Novogratz is a well-known optimist on Bitcoin and he has revised his bullish outlook in October saying that the coin would have a tough time getting back to the $9,000 mark by the end of the year. Previously, Novogratz even predicted the crypto to reach $40,000. At the current time of writing, Bitcoin is in the green with a price of $6,390 which it has been hovering around for a while now. As said by FXStreet, “a sustainable move higher will allow the coin to develop a more extended recovery towards the short-term target at $6,360, created by SMA50 (4-hour) and the lower border of the previous consolidation channel.†What are your thoughts? How long do you think the bear market will last? Let us know what you think down below!
