While Bitcoin is crashing, Andy Cheung, head of operations at OKEx exchange predicts Bitcoin to hit higher than $20,000 next year. However, he is more bullish on Ethereum development which has its hard fork coming in January.
Predicting a Big Year Ahead for Bitcoin & Ethereum
Bitcoin is currently trading at about $3,400, down more than 82 percent from its all-time high (ATH) in December last year. However, Bitcoin bull, Andy Cheung, the head of operations at the second largest crypto exchange, OKEx is still extremely bullish on the leading cryptocurrency.
Andy Cheung took to Twitter to share that the ongoing Bitcoin price crash is no big deal as Bitcoin has gone through even worse. According to his shared data shown below Bitcoin lost about 95 percent of its value in 2011 and 85 percent between the 2013-2015 time period.
And this is making Cheung bullish on Bitcoin price as he writes,
“Look at the percentage increase over the years. Above $20,000 seems already a conservative guess for 2019.”
Just recently, Bloomberg reported that its Galaxy Crypto Index is in oversold territory based on GTI Global Strength Indicator. This indicator “measures the strength of the price by comparing individual upward or downward movements of successive closing values.” Last time, this indicator was oversold has been in late November when “it rallied about 20 percent.” Though a long term upward trend is unlikely to happen, a small relief rally could be in order.
However, Cheung further mentions that he is more bullish on Ethereum which is currently trading at about $88, down more than 93 percent from its peak.
“But personally, I am more optimistic at the development of ETH next year.”
Next year, Ethereum has its hard fork coming in late January that could play in favour of the third largest cryptocurrency.
Recently, CFTC that regulates derivatives shared in a statement that it is planning to seek public feedback on Ether. The questions asked by the agency revolves around the difference between the functionalities, compatibility, governance, and underlying technology of Ethereum and Bitcoin.
A few months back, William Hinman, who runs corporation finance division of SEC said that he didn’t believe token was a security in its current form. This, according to Chris Concannon, president of Cboe marked as a clearance to a “key stumbling block for Ether futures.”