Bitcoin is currently trading at $3,618 with 24-hours loss of 0.16 percent. Meanwhile, the flagship cryptocurrency is managing the daily trading volume of $6 billion. In the past 7 days, the Bitcoin price has been trading between the range of $3,690 and $3,610.
Bitcoin price 7-days chart, Source: Coinmarketcap
In the short-term, some Bitcoin analysts and traders have been expecting an upward trend while the long-term view remains unchanged though the numbers to peak vary.
According to Crypt analyst Willy Woo, Bitcoin can see the bottom at below $2k which many experts are expecting to occur in the first quarter of this year. Woo shared a series of charts covering various Bitcoin valuation metrics.
With Bitcoin hitting its bottom at some point below $2k, it could be the time for people to start investing in and accumulate Bitcoin as Woo further notes,
“RV says it’s an exciting time for long term investors looking to enter… on average investors are underwater, and we can see BTC is not underwater very often. Note RV is inaccurate in the early years due to missing pre-Gox price data, this will be fixed in the next update.”
Though the dark days are ahead in the short term, Willy Woo also shared about the next top which he says at a minimum could be $90k but not before he cautions that it’s “very experimental.”
The history might not repeat but it rhymes and with Bitcoin halving coming in 2020 experts are nothing but sure that another all-time high is coming, but not sooner than 2022. Recently, market analyst, Josh Rager had also shared,
“This “could be” the last time the general population can afford to buy an entire BTC. After 2021 – Bitcoin could move to a market price where most will only buy fractions. Global income per household is debatable, regardless, BTC speculative value could be out of reach for most.”
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.