Yes, its shocking but the analysts say that Bitcoin will first go downwards before it gets to the level of achieving $20,000. The bitcoin will hit around $2,000 then it might get raised up. In the past week, there was about 15% movement from the lows in the cryptocurrency market.
The bitcoin has been going through a bad phase but last week it saw an upward movement, despite that Clem Chambers, the CEO of ADVFN which is a Financial data provider says that Bitcoin will move downwards really soon and might stay there for some time.
He stated in an Interview, “It will probably hit $2,000 before it hits $20,000.” He gives this opinion regarding the value of Bitcoins. Further, he also says that the value of Bitcoins might touch $100,000.
Clem Chambers believes that there is a shortage of fiat currencies. He feels that there is no actual money that is being generated. This will turn the Value of Bitcoin to reach the greatest heights. Another reason for this increased value is the latest Distributed Ledger technology that Bitcoin is associated with. He says that Bitcoins are made for the upcoming DLT and it will definitely rise in the coming time.
Arthur Hayes, the CEO of BitMEX exchange has also given his opinion on this. He says that the value of Bitcoins will come down to the minimum at around $3,000 and at the end of the year, it will rise up to $20,000 and to $50,000 as well. Read the full article here
The Bitcoin will need to retest its levels of resistance with a high volume so that it could secure a price reversal. Few analysts, traders, clients etc. might see the degradation of the bitcoin value but the few CEOs like Clem Chambers believe that Bitcoins will rise and the raise will be a surprising one in the long-term.