The cryptocurrency fanatics are fervently waiting for another upswing in the Bitcoin price who missed out the escalation in Bitcoin which the cryptocurrency space witnessed in December 2017.
The market fluctuations which has occurred in the cryptocurrency space is immensely and undoubtedly dependent on the news and FUDs in the market. Further, the future condition of the cryptocurrency market based on the financial forces of demand and supply.
Adding onto that if any speculation or prediction is done by any prominent figure in the financial industry then the cryptocurrency market seems to be moving along the direction itself.
There are many organizations and experts are in the cryptocurrency market analysis as evaluation of such a volatile market is very crucial from the investments point of view. They provide a simplified overview of the current market conditions. One such example just came down with an announcement of the Chief Commercial Officer of global crypto payment processor BitPay, Sonny Singh, said in an interview “Altcoins will never come back, while Bitcoin (BTC) going to rebound in 2019.”
“But next year you’ll see the talk of the big entrants become real, where you’ll see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF… So all that will become real, and you’ll see some adoption actually. And then […] the price [will bounce] back up again.”
The CCO of BitPay Sonny Singh does not see a revival coming to the altcoin or ICO market and became bearish as according to him the prices will continue to fall off and exhibit risky price volatility. The firms like Fidelity and BlackRock are not going to launch altcoin products, they’re going to launch Bitcoin products.
Sonny Singh said, “the upsurge is bound to happen in the year 2019 where the Bitcoin price might reach up to $10,000 levels. But he has mentioned that the cryptocurrency will fall down to $4,000 prior to it.”
“The cryptocurrency markets are demonstrating the verge of a new stage of progression, which certainly needs a defining moment, a big facilitator or a catalyst. The defining moment is expected to happen by big institutional investors, such as Goldman Sachs and BlackRock when they will become real in 2019.”
He further added.
Citing his reasoning behind the bullish market trend, Singh believes that it is due to the prospective Bitcoin Exchange- Traded Fund with its expected approval from United States Securities and Exchange Commission (S.E.C.) by next year which can be seen as a catalyst in terms of performing a speedy investment channel for Wall Street investors into crypto assets.
Talking strategically about BitPay, the firm’s CCO asserted that they have “never been more bullish” on Bitcoin, and stating the industry is going “full-speed ahead,” with a growing number of partnerships and new hires.