On Friday evening, the bitcoin market unexpectedly saw an increase in the volume of trading on the stock market, and the price quickly recovered from the price level of $ 5.800.
On Thursday, the BTC fell below $ 5.800, after which many expected further price cuts. One of the CNBC leaders Africa Crypto Trader made a prediction about the price of bitcoin (BTC) for the next few weeks, its prediction was disappointing – $ 5,350. However, the recent positive wave helped bitcoin outperform $ 6.400 per currency, while remaining in an undervalued position.
Despite the fact that the price has pleasantly surprised many, traders and investors immediately wondered why this happened. Looking at recent news, we can say that there doesn’t seem to be a single catalyst for this price jump. Some have linked the price increase to futures contracts, whose term has expired today.
Arthur Hayes, CEO BitMEX, the popular cryptocurrency exchange, is still very optimistic about his pricing ideas, which he did earlier this year. Recall that a few months ago, Hayes said that Bitcoin will reach 50 000 USD. More recently, the Wharton graduate has appeared on CNBC in the Fast Money program. On air, Hayes noted that the BTC can still reach historic highs, despite the recent downward trend. The CEO of BitMEX stated:
“… by the end of the year the price of BTC will reach $ 20,000 or even $ 50,000.”
However, given the predictions of other visions among the leaders of the cryptocurrency industry, Hayes is one of the most optimistic. Tom Lee, co-founder of FundStrat, said earlier that Bitcoin will reach a price of $ 25,000 at the end of the year, which is half of the prediction of the general manager BitMEX.
Based on this prediction if the price of bitcoins will increase in value in the coming weeks it is possible to say with certainty that the cryptocurrencies altcoin will follow the trend. An altcoin that at the moment seems to be undervalued is Ripple (XRP), today’s price of $ 0.47 seems really very low for this cryptocurrency promoted by the Ripple company, investors who have a long-term vision expect that the price of ripple it reaches from 1 to 3 dollars, probably when the current downward trend of the cryptocurrency markets will end it will be possible to see a considerable increase in the price of Ripple, also based on all the partnerships that the company has established with the most important companies in the world and those that will go to sign in the next period.