Bulls are charging at full speed that has the Bitcoin price crossing the $6,700 mark with a $5.45 billion daily trading volume. Meanwhile, experts share their price forecast for Bitcoin price.
Bitcoin crosses $6,700 mark, $8k is the new level
Bitcoin is painting a bullish picture right now. As a matter of fact, the entire crypto market is in the green even at a far more rapid pace than Bitcoin. At the time of writing, Bitcoin has been trading at $6,730 with over 4% profit. Today’s trading range has been between $6,473 and $6,745.
The point worth noting here is apart from Bitcoin price, the daily trading volume has taken a good surge as well. From $3.26 billion on September 16 to $5.45 billion at the moment.
The world’s leading cryptocurrency has been through significant ups and downs this month. As for this year, the ride has been constantly on the downwards with a few upward trends in between.
According to Forbes report, there are two prices that need to be followed closely. According to the average of Hayes’ and Wheatley’s models, $5,613.89 is the way to go that is “beginning to converge closer to Bitcoin’s actual price.” As for Market Model, that combines Hayes’ and Wheatley’s models, $8,931.47 is the number.
Experts call out a massive price forecast
To start with, this interesting and bullish Tweet from Binance CEO, Changpeng Zhao:
— CZ Binance (@cz_binance) September 21, 2018
Former macro hedge fund manager and founder of crypto asset management firm Galaxy Digital, Mike Novogratz yesterday shared that crypto prices have reached the bottom and now Bitcoin is due for a renaissance.
In “All Markets Summit” of Yahoo Finance in New York, Novogratz stated due to the reason that the market has reached “seller fatigue”, the prices will go on an upward swing while being quoted as saying:
“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value. I think institutions are moving towards investing. It’s shocking how much has happened.”
Now, Bitcoin bull, Tim Draper reasserted his $25,000 by 2022 while sharing the impact of blockchain technology on the economy to be “something that’s bigger than the internet ever was.”
He also stated, “In fact, I am more confident in my Bitcoin than I am in the U.S. dollars in Wells Fargo” while further adding:
“What’s great is that when you buy some Bitcoin or you move something on a block, it is secure and you know that all those people and all those computers are making sure that that block was moved properly. There are plenty of hacks around the crypto-world but the Bitcoin blockchain has never been hacked and you know — knock on wood — we don’t think it ever will be.”
Meanwhile, other experts like Founder and Chairman LDJ Capital, David Drake expects Bitcoin to trade around $9k as he illustrates,
“When all the whales and big buyers of Bitcoin have acquired the Bitcoin at the price that they want, the price that they depressed it to be, then we are going to see a rush to the value because the supply of Bitcoin is going to dry up. That will happen in the next few months and that will bring a rally on the price of Bitcoin, which will be over $10,000.00 for the price of Bitcoin.”
But, not everyone is bullish
Clement Thibault, the Senior Analyst at Investing.com, is not positive of Bitcoin to be able to hold $6k level:
“Quite honestly, I’ve never witnessed an asset holding a hard floor for months on end of trading like Bitcoin has done. Bitcoin hasn’t dipped under $6K for a significant amount of time in a way that really strikes me as borderline unnatural. We’ve seen it happen once again, not even 24 hours ago. It’s hard not to think that it will blow up at some point.”
The President and CEO Global Blockchain Technologies Corp, Shidan Gouran is placing it at $5,800 as he emphasizes, “It has become clear that Bitcoin’s “iron” price is no lower than $6,000 USD, mostly because that’s the approximate cost of mining a single Bitcoin.”
At the moment, the crypto market is being charged by bulls which are giving more bullish sentiments.