Bitcoin’s price has continuously been the subject of numerous predictions. Some proponents expect new all-time highs within the next few months, while others take the opposite stand, foreseeing the cryptocurrency’s demise. Naturally, a lot of the predictions seem quite far-fetched, but some well-known and reputed analysts think that Bitcoin might go to $5,000 before 2020.
Bitcoin’s Price On A Bearish Trajectory
For starters, a leading cryptocurrency market analyst, Credible Crypto, recently shared his views on what is to come for Bitcoin in the next few months. According to him, the bears are still in charge, and the price will continue decreasing even more.
Been enjoying some me time this weekend so haven’t made my next video update yet, but in the meantime, this is generally what I am expecting at this time to complete our correction. $BTC pic.twitter.com/6L8wt63W4D
— Credible Crypto (@CredibleCrypto) November 24, 2019
For his prediction to come true, Bitcoin would have to increase to about $8,000 and then pull back to $5,000. In his opinion, this might happen because of the current descending channel and we could even see it before the end of 2019.
Another prominent analyst, The Moon Carl, says that $7,500 is an important level to watch and if Bitcoin continues to trade below that level, the price could drop even further. He also thinks that Bitcoin might go down to $5,000 or $5,500 before it gets the chance to surge higher.
Bitcoin’s Recent Price Movements
It’s perhaps safe to say that Bitcoin, as well as the entire cryptocurrency market, has seen better days. In the past seven days alone, BTC dropped from a weekly high of $8,700 to around $6,800. The price has since recovered a bit and it currently trades at around $7,250. The total market cap lost about $40 billion and now stands at $200 billion.
Apart from technicals, there might be some fundamental explanation of the recent plunge, including negative news. The founder and CEO of Binance, Changpeng Zhao, recently said that the fake news concerning the exchange’s purported Shanghai office could be part of the reason for Bitcoin’s decline.
It seems, though, that the more likely fundamental reason for the drop is China’s negative attitude towards cryptocurrencies. The country continues to run the “Blockchain not Bitcoin” narrative. The People’s Bank of China released an update which reveals further regulations and restrictions on cryptocurrency trading, emphasizing on the fact that it remains illegal.
In any case, the volatility in the cryptocurrency market is still strong and it will be interesting to see if Bitcoin would indeed drop to $5,000 in the next few months.