Whereas the start of last year brought bad news for the world’s most dominant cryptocurrency amidst a global crypto hype, the beginning of 2019 heralds new hope for Bitcoin and other alternative coins. During the first weekend of this year, the coin jumped upwards to $4,000 in USD value supported by a stronger trading interest, marking a new psychological level that could attract more buyers to the scene.
Still, that’s not to say that Bitcoin will likely near its peak value of $20,000 which it hit amidst the hype back in December 2017. According to senior analyst at Investing, Clement Thibault, who spoke to Express UK, “there’s little chance” that any coin will once again reach its all-time peak this year.
Thibault believes that the “bubble” of 2017 that pushed the price to such heights has already been burst and that it would be “unreasonable” to expect such a massive increase once again in a short amount of time. Yet, he says that the present developments in the cryptocurrency sector could cause Bitcoin to thrive once more and reach a new all-time high. This peak, according to the analyst, will likely happen in two or three years from now.
Further Price Increases Expected?
The start of 2019 brought a new uptick for Bitcoin as the cryptocurrency moved away from its weekly low of $3,789.84 on Friday afternoon to a new peak of $4,108.30 on Tuesday. The price push was mirrored by an increase in 24-hour trading volume which peaked to $5.5 billion during the first uptick. As of now, the volume is once again high, at $5.4 billion, signaling there may be a new price correction coming soon. As for the market cap, it is also better than last week, currently sitting at $70.8 billion.
As indicated by our technical analysis, the market is quite bullish, with 9 out of 12 technical indicators and 10 of 12 moving averages being in the green zone, sending a “buy” signal. The SMA 100 is also over the SMA 200, indicating less resistance to the upside. With Bitcoin heading towards the $4,200 resistance zone, we are expecting a break of this level should the market stay bullish, which in turn could lead to the formation of a new support level.
Winklevoss Twins to Still Pursue Bitcoin ETF
Despite suffering a few bad months in 2018, Bitcoin kicked off this January on a bullish note, attracting old and new investors alike to the trading market. Naturally, such a strong start has driven some of the coin’s fiercest supporters to once again turn to the public and make bold bets on Bitcoin’s potential over the long-term, hoping to inspire more enthusiasm and attract new traders.
One of Bitcoin’s biggest supporters and owners of the Bitcoin exchange Gemini, the Winklevoss Twins of Facebook, recently held a Reddit AMA (Ask Me Anything) where they shared their current views on crypto and BTC. Speaking to Reddit users, Cameron Winklevoss expressed his belief that Bitcoin will remain the dominant cryptocurrency and the long-term winner of the sector as it’s a better gold than gold. Both brothers also believe that over the long term the market capitalization of Bitcoin will surpass $7 trillion – the current market cap of gold.
Another interesting update they revealed is that they are still committed to launching a Bitcoin exchange-traded fund (ETF). The notion of a Bitcoin ETF was one of the reasons that drew new investors to the crypto sector in 2017 and the realization of such a product would likely drive the price upwards significantly in the future.