The current market price for one Bitcoin isn’t looking that good after the cryptocurrency failed to stabilize at the $10,000 mark that it hit in the recent weeks. Most of the investors are left wondering what might come out next.
However, it seems like most of the experts aren’t concerned about what is happening right now, but have their eyes fixed on the future. After giving encouraging signals that the leading cryptocurrency market could have successfully recovered from the significant dip throughout January, Bitcoin prices failed to stabilize and the last days of January were not good for most of the investors.
According to Thomas Lee, a financial expert and co-founder of Fundstrat Global, Bitcoin is set to reach new heights in July 2018. The last record high for the coin was registered in December 2017 when the price of one coin almost hit the $20,000 mark. This was followed by a series of price drops, and since then, Bitcoin has been struggling to recover fully.
Thomas Lee has predicted that record peaks will be hit in July for all the leading coins. Lee could be right since there is still much of a climbing momentum left in all of the major coins. However, in markets that are rocked with high volatility sometimes concluding things logically may never work out.
New Records
A few weeks ago, the cryptocurrency traded under $6,000, which was the lowest market price in more than three months. Experts say that the dip came as a result of the market being involved in critical corrective measures after the cryptocurrency hit its all-time high in December. Most of the other cryptocurrencies are also struggling to recover from the February correction.
Today, the cryptocurrency world is becoming more unpredictable than ever. At one time, things may seem like they’re getting on track and the next day you’ll wake up to the news of token prices retracing backward. The global-scale market declined by at least $80 million in the last deep-dive period.
Although it’s still unclear how the cryptocurrency market will evolve in 2018, Lee believes that Bitcoin and Ethereum are better placed to reach new heights. The financial expert believes that it will take approximately eighty five days for the bitcoin value to recover and start moving upwards. This analysis means that investors should expect big things to happen in late May and early June. Lee is quick to point out the fact that reaching new unsurpassed high may take a little longer which makes July a fair target.
Other Experts Weigh In
Other cryptocurrency experts have also been giving their views about Bitcoin and the other cryptocurrencies and how they can grow in 2018. Mike Novogratz has also stated that Bitcoin may hit the $40,000 mark in 2018, although he doesn’t provide the time projection when this is expected to happen. Novogratz made these comments in November last year when Bitcoin failed to reach its all-time high.
Ran Neu Ner, the founder of OnChain Capital has also weighed in on the matter. Ner believes that the cryptocurrency will hit the $20,000 mark very fast in 2018, and that the crypto can grow exponentially fast over the coming few weeks. However, he says it may take some time before it hits another record high.
The Recommended Strategy
Thomas Lee says that the recommended strategy, for now, is to hold and wait. He warns that those traders who lack patience may not gain when the market begins to stabilize. Most traders are after quick returns regardless of which crypto coin they have.
This isn’t viable where leading coins are involved. If you just started trading and you’re holding one of the leading coins in the market, then rolling back and doing a little bit of research will show you how the prices evolve in the recent years which could give you a strong reason to hold on and wait.
The original price of Bitcoin increased in value by more than 1,300% last year when it almost hit the $20,000 mark before it went down by at least 70% in the following weeks. So, the trick is purchasing the coins when the price is slow and selling when the rate is high.
For now, all you can do is trade safely as you wait for the market to stabilize.
Regards,
Ethan Warrick
Editor
Wealth Authority
