The cryptocurrency market has come surging back over the past week, moving up 15% from its lows, but analysts and CEOs expect for Bitcoin to move downwards before returning to all-time highs. The cryptocurrency community breathed a sigh of relief this week, as Bitcoin quickly rebounded off yearly lows, finding stability 15% above the $5,750 low.
Despite this bullish price movement, with Bitcoin seemingly breaking out of its bearish trend, the CEO of ADVFN expects Bitcoin to continue lower. Clem Chambers, CEO of the financial data provider, spoke to Express U.K. elaborating on his opinion on the direction of the cryptocurrency market.
When questioned about the $20,000 price level by an Express U.K. reporter at the CryptoCompare MJAC Blockchain Summit, Chambers noted: “It will probably hit $2,000 before it hits $20,000.” Chambers further added that Bitcoin “is quite likely’ to eventually hit the $100,000 price level.
Chambers holds this bullish sentiment for Bitcoin due to his belief that blockchain and DLT technologies will become world-changing technologies, similarly to how the internet revolutionized the past two decades. The CEO of ADVFN stated: “The blockchain will be the way of the future which will be like the internet was to the generation before.
Bitcoin will probably be part of that future in the long term.” Chambers gave further reasoning to his price prediction, as he talked about a shortage of fiat currencies, adding: There’s a shortage of actual money in the world. That’s what people, I don’t think, have worked out. Read more from altcointoday.com…
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