A lot of individuals who are holding on to their cryptocurrencies may have entered the market late in 2017 when Bitcoin was already on a bull-run towards near $20,000. By 2018, a bearish market made Bitcoin lose a significant amount of its value even dropping to around $5,700 in June.
However, today, Bitcoin has crossed $7,000 level yet again. Bitcoin has jumped by $300. Other top altcoins also experienced growth between 4.5% to 20%.
It could be attributed to people’s anticipation over the possible Bitcoin ETF. Recently, the US Securities and Exchange Commission denied Bitcoin ETF applications and decided to review them afterward.
Several Days of Recovery
Bitcoin had several days of recovery floating around $6,500 to $6,700 for the past days. This was due to the toughened anti-crypto measures by China, not to mention the decision by the SEC to reject Bitcoin ETF applications. The reason was price manipulation.
Experts Remain Optimistic
Many are trying to stay optimistic regarding the current situation of the crypto market. Despite the fact that Bitcoin is still around $12,000 to go to match its all-time high, there are experts who aren’t even worried. Brian Kelly has cited the statistics from CME exchange that Bitcoin futures market could be the reason that the crypto market is already maturing. He also said that there is a strong chance that a Bitcoin ETF is finally be an approved Bitcoin ETF. And potentially, not only is this going to increase the number of interested individuals, this can even boost the interest of institutional investors to enter the crypto market.
Many are still hopeful that the Bitcoin ETF is going to come sooner. In fact, many investors are pinning their hopes on the Bitcoin ETF application submitted by VanEck and SolidX.
You also have the likes of Tom Lee who still thinks that reaching $20,000 before the year ends is still possible. A few days ago, Tom Lee explained that there are a number of factors that affect the Bitcoin chart such as hedge funds and wealth effect. He said that “Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying Bitcoin”.
But of course, there will be the critics who still think that Bitcoin is a scam. Former penny-stock broker Jordan Belfort, the former convict who found fame in the movie Wolf of Wall Street, mentioned on CNBC that “I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed”.
And to be fair, Belfort isn’t the only one who is skeptical regarding the cryptocurrency and the market as a whole. You have Bill Gates, Ray Dalio, and Jamie Dimon. Earlier this year, Warren Buffet even called Bitcoin “rat poison”. And also, Former PayPal CEO Bill Harris thinks that Bitcoin is the “greatest scam in history”.
Do you think that Bitcoin still has a chance to finish strong by the end of the year? Given the price swings in cryptocurrency, anything can still happen at this point.
