2019 might be the year that Bitcoins raise again, this according to one bitcoin bull. Since hitting its high all-time peak of $20, 000 per bitcoin in 2017, the digital currency has been experiencing downfall of the market prices to prices even less than $4000. In 2019 the cryptocurrency has experienced a slight increase in the price value and also maintaining its $4,000 market value. According to CME bitcoins, the bitcoin curve has been rising to 6% this year but it has also fallen tremendously since its peak in 2017.
Tom Lee, Fundstrat Global Advisors strategist believes 2019 will be the year that Bitcoin prices will resurrect due to many macroeconomics trends. He also noted that bitcoins prices were becoming stable.
“The real story is the fundamental one, that bitcoin’s becoming quite useful,” he said. “We’ve seen the launch of digital currencies by not only J.P. Morgan and Mizuho Bank, but also Facebook and some social media companies gearing up. And, of course, in places like Venezuela, where bitcoin’s become very large and widely used, turmoil is causing adoption growth. So I think these are really set up for a strong … year. ”
Lee noted that with an increase of bitcoins awareness around the world may play a part in reviving the cryptocurrency prices. Currently, the digital currency is able to hold 200-week moving average and if this continues then what will stop bitcoins from achieving its peak prices.
Lee said: “I think the outside window is five or six months before bitcoin starts to look technically like its back in a bull market.”