The Bitcoin price has been going up and down in the past month, unable to break the $9K barrier. The leading cryptocurrency in the world regularly tackles supports around the $9.5K or even the $10K mark, but it didn’t last for long. Last week, experts predicted that the price would go down due to Bitcoin being in overbought territory and they were right. Technical indicators showed an upcoming price drop, with Bitcoin currently trading for $8.8K. It’s more fuel added to the fire with many suggesting that the groundbreaking cryptocurrency is heading for its death.
However, some experts predicted that a Bitcoin explosion is soon to follow, mentioning prices in the range of $1,000,000 in about a year. Some have even gone the distance to suggest that Bitcoin could overtake gold by 2028, which is a pretty bold claim.
Further Price Drops on the Cards
Jim Wyckoff, market analyst at Kitco, says that it’s not a surprise to see the cryptocurrency heading south in a bearish market. Bears have been holding the market for quite a while and currently hold a short-term technical advantage over bulls leading to the price drop. This means that a sideways market and prices lower than the October highs are to be expected.
Just two days ago (November 11), Bitcoin shot its way up to $9K and raised the brows of many. However, it eventually turned out to be a fakeout and the price slid down instantly. All shorts have since been closed out so it’s tough to be in a seller’s position right now. If Wyckoff’s analysis turns out to be true, and the man has a knack of predicting the right things, expect further price declines very soon.
Of course, this isn’t the news Bitcoin holders have been planning to hear. Everyone’s waiting for that decisive surge and a repeat of the 2017 breakout. Although many have cooled down their interest in such a thing, there are still experts who believe Bitcoin is heading for the $1,000,000 mark.
Bitcoin to Hit $1 Million and Overtake Gold?
Bitcoin veteran Bobby Lee, whose passion is to make the cryptocurrency the new global currency, recently voiced his thoughts that the leading cryptocurrency will hit $1,000,000 sooner than anyone thinks. Lee, who recently returned to the market after a year-long absence and selling one of China’s top exchanges, has just released a new crypto hardware wallet called Ballet.
Lee’s love for Bitcoin has made him somewhat of a self-proclaimed expert and he has the attention of many crypto owners. He recently tweeted that Bitcoin was supposed to be super-valuable over time, not in the short term. He believes it’s more scarce than gold and suggests that the cryptocurrency will eventually overtake the world’s most valuable currency.
Those are pretty bold claims to make, but other BTC experts and owners are excited about the idea. Should Lee’s projections for the future become a reality, we might start swapping golden bars for Bitcoins sooner than you think,.