When the year started, almost everyone in the cryptocurrency industry was ecstatic. Bitcoin was on a bullish run, other established cryptocurrencies were doing very well in their own right, and new tokens were making their way to the market. The cryptocurrency market was incredible.
All in all, it seemed that the only way the cryptocurrency industry could go was upwards, one had to look no further than the kind of progress that it had made in the last two months of 2017.
However, the cryptocurrency community started feeling a few jolts in the structure of those dreams when Bitcoin and other cryptocurrencies’ value began to drop following the precarious rumors of a ban from South Korea– which proved to be ineffectual at the end with the country only implementing regulations in its territory.
But those rumors and other factors did leave lasting damage by the looks of it, as only this week, the overall value for Bitcoin dropped to its lowest, below $6,000, since November 2017.
This has caused current and potential investors alike to feel apprehensive. The Bitcoin that they had thought and heard predictions of hitting $100,000 by the end of the year is now not even at the 10 percent of that value, and needless to say, it does not look good for anyone who had high hopes from it.
However, a few experts suggest that not all hope is lost.
According to them, Bitcoin still has the potential to hit at least $50,000 shortly, and the overall cryptocurrency market might go on to hit an unparalleled value of $1 trillion.
And how exactly can this feat be achieved?
Corresponding with CNBC, the experts suggested that various factors would contribute to the next phase of success for cryptocurrencies, including Bitcoin.
According to Thomas Glucksmann, a high official from popular cryptocurrency exchange Gatecoin, new technology updates, the potential for significant future investment, and cryptocurrency institutions operating under regulations and adding credibility to their trade will all contribute towards these predictions coming true.
The technology updates allude towards major improvements in the form of Ethereum’s sharding, Bitcoin’s Lightning Network, and upcoming features of interconnected blockchain networks such as Aion; while the future investments could come from cryptocurrency based financial products.
Glucksmann stated that considering these factors, “there is no reason why we couldn’t see bitcoin pushing $50,000 by December.”
Another expert, Jamie Burke, who is the CEO of a blockchain-centered venture capital company called Outlier Ventures, mentioned that the market is bound to go up, which could start as soon as this month. He further stated that while the rise and pace will be reminiscent of last year’s progress, this one could be more permanent than seasonal.
“We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals.”
While the cryptocurrency community hopes that this is true, no immediate significant rise is being noticed after the end of the first week of February.
That being said, the improvements in some avenues have been noticeable. The recent statement from the Chairman of Commodity Futures Trading Commission (CFTC) which spoke positively of cryptocurrency helped the community obtain some credibility, and that could work towards increasing the overall value of the market in the future.
It would also be prudent to note that these are not the only experts who are predicting a bullish run for Bitcoin and an overall increase in market value for all cryptocurrencies as a result.
As mentioned above, Kay Van-Petersen, the same individual who had suggested Bitcoin’s unprecedented rise to the top in 2016 when nobody could have thought of it, had stated a few weeks ago that Bitcoin could easily hit $100,000 by the end of this year. It remains to be seen where we could go from here.