Bitcoin Prediction: BTC Could Hit $16k This Year
This year, BTC recorded its best start to the year since 2012. Optimism is back to the crypto market following a crash after the 2017 high.
Back in December 2017, BTC hit an all-time high of almost $20k, but it fell just a bit over $3,000 in December 2018.
A lot of experts saw that as the bottom of the crypto. The coin continued to climb in 2019.
CNBC debates the recent BTC surge
The recent surge is debated by CNBC, and they write the following:
“The Iran uncertainty combined with the positive launch of CME Bitcoin Options were strong catalysts driving an eruption in bitcoin and even adding heat to the struggling top 100 altcoins,” Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups told CNBC.
Chu was talking about the current geopolitical tensions between Iran and the US and the exchange-traded BTC options which launched not too long ago on the Chicago Mercantile Exchange.
These are a way for institutional investors to get invested in BTC which is seen as positive for the price of the coin.
Institutional volume increases
“While sentiment still drives waves of volatility, we are seeing increasing institutional volume anchoring the market,” Chu added.
CNBC continues and mentions the halving which is scheduled for May. The process has been said to affect the coin in a positive way, according to more analysts.
We recommend that you check out the complete CNBC article for more details.
At the moment of writing this article, BTC is trading in the green and the most important coin in the market is priced at $8,890.99.
Despite the latest rally, some analysts said that BTC could be facing a downside risk.
But, otheer than this, the optimistic predictions about the price keep coming to the crypto space.
2020 is expected to be a great year for crypto in terms of prices but also developments and achievements.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.