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Back to the future in bitcoin: experts believe that the 2017 market is being repeated

AtlantisFX | Back to the future in bitcoin: experts believe that the 2017 market is being repeated Prediction fulfilled with growth. The cryptocurrency market has once again surpassed expectations this June, thanks to the 50% growth in bitcoin that has raised the bar for experts and analysts. The current rally evokes that of 2017, with one caveat: the goal of the increases is now $ 40,000, twice the December milestone two years ago.

It is the analyst of Fundstrat Global Advisors, Tom Lee. Other experts dare to talk about $ 100,000 for each bitcoin for the next year. "Technical analysis suggests that the boom will be the last one," says Naeem Aslam, an analyst at ThinkMarkets. "The range could be between 60,000 and 100,000 dollars," he says.

On the other hand, a third group does not abandon the caution and adventure that on this occasion, the 20,000 dollars will cost a little more. Juan Enrique Cadiñanos, director of analysis at Admiral Markets, believes that the bitcoin price will continue to rise, although it will not exceed its maximum at least in the short term. In December of 2017, it only took 17 days to reach the historic milestone after transferring the $ 10,000.

After recovery from the 2018 lows in the $ 3,300 and a long consolidation between $ 4,000 and $ 6,000, the creation of Satoshi Nakamoto pulverized this psychological mark on June 22. Leaving aside moderate failures, the current rise suggests that "we face the fourth price parable, "says Gary McFarlane of Interactive Investor. This idea "postulates growth well beyond the highs of the end of 2017," he adds. "The 'momentum' is beginning to resemble the then," says the analyst.

However, although the sentiment in the current market is similar, it is indisputable that it has significant differences with that of a year and a half ago. Cadiñanos argues that the most valuable cryptographic currencies are experiencing a boom after having "reinvented", so "is no longer an asset as speculative as before."

In addition, according to McFarlane, the current promotion is the responsibility of "institutional investors". A notable divergence with the previous one, which was fed based on money that is not usually in financial markets.


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