The cryptocurrency market has been bearish for most of 2018, and the leading cryptocurrency, Bitcoin, is also taking the lead in the fall out of glory. On Friday, Bitcoin traded as low as $5,883.36 on Kraken which indicates that the cryptocurrency lost over 70% of its all-time high of almost $20,000 last December.
Will the Price of Bitcoin Hit $25,000 by the End of This Year?
Many proponents of cryptocurrencies have given their price predictions for Bitcoin this year. One of the most popular Forecast was that of Fundstrat Global’s Tom Lee who said that the digital asset will sell as high as $25,000 by the end of 2018. Another one was the prediction by Llew Claasen who said that Bitcoin will sell as high as $40,000 by the end of the year.
Bitcoin (BTC) Price Today / USD
While these predictions would have appeared realistic earlier in the year, the current market trend have made them questionable. People are beginning to wonder if the price of Bitcoin will ever trade above $10,000 again.
A technical analyst at Forex, Fawad Razaqzada, said that the charts are too bearish for such predictions to be viable. In his words:
“My analysis are based on technicals, and right now, the price charts are very bearish. From the look of things, there are no indicators that the price of Bitcoin will get to those predicted levels.”
A technical strategist at Fundstrat Global, Robert Sluymer, agreed with what Fawad Razaqzada said:
“There is what is happening, and what may happen and I believe that if you look at the technical analysis, and stay truthful about what is happening currently, then you’ll agree that a downturn is in place. From where I stand, the price of Bitcoin needs to show some sign of an upcoming bullish call.”
To get to the $25,000 level, Bitcoin will have to surge by 330% and to get to the $40,000 level it will have to surge by $590%. Is it possible? Can Bitcoin surge that high by the end of the year.