After a long interval Bitcoin has shown a slight upward trend by $600 in 5 hours. On Friday this cryptocurrency has shown some positive signs where investors saw a quick bounce from $5800 to $6400. This has brought a sigh of relief amongst those millions of investors around the globe. This unanticipated surge in the exchange value of this cryptocurrency has again opened gates of hope.
Bitcoin was hit with a downward trend in this days. Following the trend, bitcoin fell under $5800 on Thursday where the sources expected a further decline in the exchange value. Ran Neu Ner the host of CNBC Africa ‘Crypto Trader’ show called for $5350 within the upcoming weeks.
It is obvious that many of the investors are questioning about how does this happen? And what exactly was the catalyst which brought this unexpected surge? The answers to this questions cannot be accurately predicted. So, from the overall analysis and news sources, it can be pointed out that there does not seem to be a single catalyst for this price jump. Where some hook up the positive trend with a future contract that expired today, on the other hand, others link it to the culmination of this week bullish news.
Arthur Hayes who is CEO of BitMEX still believes that Bitcoin can hit $50,000 EOY price prediction. He expressed his positive views about this cryptocurrency in a statement earlier this year. He recently made an appearance in CNBC ‘Fast Money’. He stated, “Well, I think that something that goes up to $20,000 in one year can have a correction down to around $6,000.”
Where the market stays irrational with the minimum scope of accuracy in prediction last week turned out to be a boon for the Bitcoin investors. Circle, Blockchain or Andreessen Horowitz brought positive institutional investment news. With all this, the cryptocurrency community still heads toward uncertain future of Bitcoins.