Bitcoin prices have bounced back gaining over 25% in the last three days after reaching its lowest of $3122.34 on December 15, 2018. The increase in prices of Bitcoins is seen as a reflection of the strong sentiments of investors and the cryptocurrency user community attached to the top digital currency. Also, it gives some credibility to the predictions of several cryptocurrency and Bitcoin experts like John McAfee, founder of McAfee antivirus software and a strong supporter of Bitcoins, who are still holding to their claims of Bitcoins recovering towards the end of the year.
Towards the end of November this year, there was a significant crash in the prices of Bitcoins and other popular currencies including Ethereum which dropped below $90 and is still struggling to hit over $100. Ethereum dropped over 400%, and for some speculators and experts, they described this as the beginning of the fall of Ethereum blockchain.
Sharing his opinion about the current market situation and commenting on the very recent upward trend in the prices of Bitcoins, Mati Greenspan, a senior marketing analyst for the popular trading platform eToro said "We're nowhere near where we were a month ago, let alone a year ago, but we're way above anything that we could have imagined two years ago. Price can be a slippery indicator when trying to measure growth."
Is Bitcoin Hitting $20,000 by the end of 2018?
Given the current scenario, despite a significant rise in the prices of bitcoins in the last few days, $20,000 still seems an alien figure for Bitcoins this year. However, Bitcoin reaching $6000 mark, which is pretty much it's average 2018 price, cannot be denied. If the top currency gains and can retain the growth rate as it has shown in the past few days reaching $6000 is a possibility.
However, supporters of Bitcoins and cryptocurrency experts like Tom Lee, ex-chief JP Morgan still believe in their earlier predictions of Bitcoins reaching $25,000 mark in 2018. While that seems unlikely at the moment, one thing which is clear after the upward trend in prices of Bitcoins is that it is not going anywhere soon. Bitcoins have once again proved wrong the critics who jump on to the theories of bitcoin being a bubble every time there is a market crash.
While the future of Bitcoins concerning prices in comparison with the steep rise last year remains uncertain, the current hike in prices is a reliable indicator of the fact that the markets can recover significantly by the end of 2018.