Bitcoin (BTC) and the entire digital currency market has been trapped in a bear market that has lasted for more than 13 months. The bear market has succeeded in dragging down the value of almost all the top digital currencies in the market. However, it has not stopped some of the major cheerleaders and supporters of Bitcoin (BTC) from forecasting a return to the glorious days of 2017.
Bitcoin (BTC) has lost more than 80 percent of its value since it tested its all-time high at about $20k. This happened in 2017 when the digital currency soared from below $1k at the beginning of the year to its peak at the end of the year.
So far this year, Bitcoin (BTC) has been hovering around the $3,500 level. But now, crypto bulls such as Barry Silbert (Digital Currency Group and Grayscale Investments chief executive) and Mike Novogratz (the founder of Galaxy Digital Holdings) are predicting the next price bull run of Bitcoin (BTC) could just be around the corner.
Bitcoin (BTC) Has Won the Race to Be Digital Gold – Silbert
While speaking with CNBC, Silbert said: “As far as I am concerned, Bitcoin (BTC) has won the race to be digital gold. I am as bullish as I have ever been.” He further added that: “I am convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials – I am highly confident a lot of that will go into Bitcoin (BTC).”
On the other hand, Mike Novogratz – long-term Bitcoin (BTC) bull – recently predicted that institutional fund will start flowing into the digital currency space within the next year. He believes this will pioneer the next price rally of Bitcoin (BTC).
Novogratz predicted that the value of Bitcoin (BTC) will rise to $8k in the next one year. He added that a small amount of institutional fund is a lot of money in the digital currency space.
Bitcoin (BTC) Price Today – BTC / USD
Over the past 13 months, the digital currency bear market, which was tagged “crypto winter,” has wiped more than $400 billion off the market cap of the entire digital currency market. Nevertheless, these bullish predictions for Bitcoin (BTC) came after news that Bitcoin and Morgan Creek Digital landed what is claimed to be the first digital currency asset investment from a pension fund in the U.S.
Meanwhile, the fundamentals of Bitcoin (BTC) and digital currencies are on the rise – with the transaction fees of Bitcoin (BTC) hitting new lows as transactions on the Bitcoin network reached a 12-month high last month, according to a report by Diar – a digital currency and blockchain research firm.
Jack Dorsey – a Bitcoin (BTC) advocate and CEO of Twitter – has also said that his well-known Cash App will eventually add support of the closely-watched lightning network of Bitcoin (BTC). The Lightning Network is designed to make smaller BTC transactions cheaper and faster.
A lot of BTC traders and investors are also looking forward to things such as the much-awaited Bakkt BTC platform and an exchange-traded fund back by the U.S. to boost the value of Bitcoin (BTC). However, those expectations have been somehow dampened recently as the US SEC frets over the possibility of price manipulation.