After so many days of trading in red, a little green light is just what Bitcoin needed to relieve tension.
The falling price of Bitcoin has seen a brief respite over the last 24 hours, with the leading cryptocurrency skyrocketing in value by more than 5%. The buyers are trying to prevent the currency from declining further as they begin the long journey to the $6,000 price point.
The uptick in cryptocurrency market comes after Bitcoin suffered one of the worst bear runs in history. The top cryptocurrency lost almost 80% of its value when it dipped close to the $3000 mark from its all-time high of nearly $20,000 in early 2018. This is the lowest point it had gotten to since May 2017.
Besides Bitcoin, other major digital coins including Ethereum (ETH) and Ripple (XRP) have also experienced milder gains over the last hours.
The slight Bitcoin price recovery comes after experts recently shared their price prediction for Bitcoin in 2019.
Bitcoin price prediction 2019
Coming back from his $50,000 prediction in 2018, Anthony Pompliano, founder and partner of Morgan Creek Digital Assets, said that Bitcoin is unlikely to hit another record high until December 2022 or January 2023, which is significantly longer than what many experts presently anticipate. However, he said that the cryptocurrency’s negative price movement is likely to stop by the third quarter of this year.
During an interview with Bloomberg, Sonny Sigh, the chief commercial officer of global crypto payment processor BitPay, believes that Bitcoin will hit the $20,000 mark this year.
On the pessimistic end of the spectrum, former Bitcoin Cash developer Calvin Ayre, fears that Bitcoin will plunge to zero in 2019, he told the Daily Express in an interview. His argument against the flagship cryptocurrency is that scaling issues are dogging Bitcoin.
At press time, Bitcoin (BTC) is trading at $4024.74 and has a market cap of $70 billion, according to data from CoinMarketCap.