Bitcoin has some of the most enthusiastic bulls in the coin market. These have made predictions that, for many, could be said to border the ridiculous, taking into account the uncertainty of the market of the coins. One of such “bulls” is Tom Lee, the Fundstrat analyst who has predicted that the Bitcoin will close 2018 valued at more than $20,000, a figure the coin nearly rose to at its peak in December 2017.
Lee believes that Bitcoin still maintains its prized place as the most reliable investment in cryptocurrencies. The analyst said:
“Bitcoin’s dominance has been creeping up. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%. So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”
Bitcoin recently plunged to just under $6000 considered to be its support in view of a bearing pressure that has intermittently borne down on the coin. Although it is presently trading at $6,435, the brief moment below the support is an indication that the coin may be poised to face more bearish pressure. It also points to the suspicion that reprieve may not yet be in sight for the coin market.
The present situation in the coin market has led some analysts to conclude that the premier coin may be “permanently impaired” citing the struggles the coin has had in maintaining values greater than $8500 long enough to restore confidence of investors.
As has always been the case, the effect of the market performance of Bitcoin is traditionally felt among the altcoins. However, for the past few months the effect seems to have been borne mosty by some of the top coins such as Ethereum which on August 14th plunged to $255.
The cumulative effect was that the market capitalization fell by $13.2 billion, a value last seen 9 months ago.
Interestingly, the bulls do not seem to be letting off despite the vicissitude of the market. Tim draper, another “bull” maintained that his prediction for a massive bull-run for Bitcoin has always been set for 2022. In his words:
“The long term trend is way up, but I expect many short-term swings in the market along the way. Fundamentally, the world needs Bitcoin, and that demand will only increase in the coming years as Bitcoin finds more and more uses and applications.”
Draper had in March said that Bitcoin will be valued at $250,000 by 2022. Many crypto enthusiasts take him seriously due to his 2014 prediction that the coin will hit the $10,000 mark in 3 years. Bitcoin made the mark in 2017 as he predicted and went on to an all-time-high of $19,783 by December of that year.
Another “bull” Roger Ver was dismissive over concerns about falling Bitcoin prices, he said, “I’m not sure what crash you are talking about. BTC is up 58% for the last year, and 1048% for the last two years. That feels like the opposite of a crash to me.”
Just as the duo implied, Bitcoin in comparison with other cryptocurrencies seems barely affected by the negative trend as the coin has continued to dominate the market. In fact, its market share has continued to rise, taking advantage of the crash of altcoins to dominate 53.2 percent of the cryptocurrency market.