New Price Data Suggests Bitcoin Has Hit Bottom

According to Forbes, professions in the tech and crypto industries say Bitcoin (BTC) “could be about to turn a corner”. The latest data suggests Bitcoin may have bottomed.

The price of Bitcoin, which peaked at nearly $20,000 per coin in December 2017, has fallen about 80 percent and is now hovering below $4,000.

For now, Bitcoin price may have hit bottom and the so-called crypto winter may be coming to an end. The 50-week moving average fell below its 100-week moving average for the first time since April 2015, according to CoinDesk technical data, indicating that the bear market may have ended and a new bull market could begin this year.

For the past few weeks, Bitcoin bulls have been taking effect and making bold predictions about how high the Bitcoin price will eventually rise.

Last week, Jesse Lund, IBM's vice President of blockchain and digital currencies, said he expected each Bitcoin to be worth more than $5,000 by the end of the year and eventually more than $1 million.

"I think Bitcoin could be at $5,000 by the end of the year, but I see more upward space," Lund said.

In addition, Blockchain Capital partner Spencer Bogart told Bloomberg he thinks it's “a good time to buy” Bitcoin, but he was reluctant to call it an absolute bottom.

Over the past 12 months, the cryptocurrency market has lost roughly $400 billion in value as banks shelved many plans involving Bitcoin and cryptocurrencies.

Many investors and traders are eagerly waiting for products like the Bakkt Bitcoin platform and exchange traded funds (ETFs) to boost the price of cryptocurrencies. Currently, the Bakkt Bitcoin platform plans to begin offering Bitcoin futures trading in the first quarter of this year and open up Bitcoin and cryptocurrencies to the broader retail market.

Image: pexels.com

Author: Max Li

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