AdobeStock 207715089 - An Unpredictable and Volatile Cryptocurrency Market Complicates Analysts’ Tasks

An Unpredictable and Volatile Cryptocurrency Market Complicates Analysts’ Tasks

The cryptocurrency market is clearly volatile and unpredictable. And this can be seen in the changing forecasts made by crypto experts and analysts. There are some figures that believe that Bitcoin would reach new highs in the next months or years. However, other individuals such as Mike Novogratz do not believe that Bitcoin will trade higher than $9,000 before the year-end.

Mike Novogratz’s Conservative Predictions

The billionaire investor, Mike Novogratz, said that it will be difficult for Bitcoin to reach $9k this year. He made these comments during a conference known as Economist Finance Disrupted at the beginning of the month.

These comments made by Novogratz are very different to the ones made by Changpeng Zhao, Binance CEO. Zhao explained that the crypto market could grow by a thousand times.

Novogratz explains that the market will not grow because there is an increased selling pressure. Projects that launched Initial Coin Offerings (ICOs) are now selling their assets to continue with their operations. This, of course, helps prices to fall.

Mike Novogratz is one of the most important figures in the crypto space. It has been very bullish about virtual currencies and has several times defended the space against attacks from JP Morgan’s CEO Jamie Dimon. Back in 2017, Novogratz called Dimon a ‘rent-taker.’

In September 2017, Novogratz said:

“I normally agree with Jamie Dimon but he’s dead wrong on BTC. Blockchain has gone from experiment to implementation. It’s a revolution.”

At the same time, Novogratz previously said that the crypto market could reach $5 trillion dollars in 2022.

In September of this year, Novogratz said that the market had reached its bottom. Since Bitcoin’s all-time high in December 2017, it has lost around 65% of its value. At the moment, Bitcoin is being traded around $6,585 dollars, according to CoinMarketCap. At the same time, it has a market capitalization of $113.9 billion dollars.

It is always good to remember that John McAfee has predicted that Bitcoin would reach $1 million dollars before 2021.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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