In the days before Americans gathered to celebrate Thanksgiving, cryptocurrency markets suffered their worst setbacks since investors started treating Bitcoin as a digital asset for financial speculation. Even as families gathered around the Thanksgiving dinner table, BTC/USD touched $4,500 and even dipped below this level despite having approached $4,600 earlier in the day, but this did not stop analysts from issuing sunny forecasts for the digital currency.
Market Trends of Bitcoin
Sonny Singh, an executive at financial technology firm BitPay, appeared on Bloomberg to be interviewed about what seems to be a market crash situation not only for Bitcoin but also for other major cryptocurrencies. Singh explained that BTC insiders and seasoned investors are seeing a market bottom instead of a market crash, and he ventured to issue a forecast of $15,000 to $20,000 in 2019; the rationale behind this price target was that financial services giant Fidelity is still on track to offer digital currency trading next year, and there is also the pending launch of Bakkt, a Bitcoin futures trading platform operated by the parent company of the New York Stock Exchange.
Investors Keep Their Eye on Cryptocurrency Exchanges
Even more hopeful predictions are being issued by individuals such as Adam Back, one of the founders of Blockstream, a financial tech startup that develops blockchain applications. On his Twitter feed, Back posted an update calling for $250K BTC/USD in a few years; this projection is partly based on the market capitalization of Bitcoin compared to gold, which has a market cap of about $8 trillion. Now that BTC has been battered, its market cap is only about $80 billion; however, reaching a tenth of gold’s market cap is something that Bitcoin has accomplished in less than 10 years.