Bitcoin prices surged 35% in April and are flirting with the psychologically important $10,000 level, an impressive rebound from a decline that saw the king of cryptocurrencies slump more than 60% from its December peak around $20,000.
Some cryptocurrency market observers believe bitcoin will eventually reclaim its record highs and that the alt-coin’s recent bear market was normal.
“Mati Greenspan, a senior analyst at eToro and a well-known bitcoin expert, told the Express in an interview that the correction of bitcoin from the $20,000 mark was expected, and he sees the bitcoin price surpassing its all-time high in the future with absolute certainty,” reports CCN.
Some bitcoin bulls believe the cryptocurrency can return to $20,000 or even move to $25,000 as soon as later this year.
Looking Ahead for Bitcoin Rally
“Several analysts over the past few months have stated that the correction of bitcoin from $20,000 to $6,000 is reminiscent of its slump in 2014, during a period in which bitcoin failed to recover for over 12 months following an initial 80 percent decline in value caused by the now-defunct cryptocurrency exchange Mt. Gox,” according to CCN.
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Some cryptocurrency market observers believe that if bitcoin can make it back to $10,000, rallies fromt there could be significant. Recently, the Bitcoin Dominance Index has been rising, confirming the dominant perch of the cryptocurrency. After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin.
“Greenspan, billionaire investor Mike Novogratz, and cryptocurrency investment firm Pantera Capital CEO Dan Morehead, along with many other major cryptocurrency investors have noted that the bitcoin price is likely to surpass its all-time high in 2018,” reports CCN. “Given its growth rate over the past month and its swift recovery, it will be possible for bitcoin to reach the $20,000 mark if it can sustain its trading and transaction volume.”
At mid-day Friday, Bitcoin was flirting with $9,700 with a market capitalization of nearly $165 billion.
For more information on the cryptocurrency market, visit our Bitcoin category.