Following Bitcoin’s all-time-high in December 2017, the crypto markets have since abysmally collapsed, as the long-standing bearish trend persists for more than a year now, consequently leading to an over 70 percent crypto market decline. Yet despite the crypto markets’ massive crash last year, with the leading digital asset now trading at just roughly $3,427.23, some pundits argued that Bitcoin is resilient enough to withstand the prevailing crypto winter, possibly even reaching new highs this year.
As Digital Capital Management CEO Ben Ritchie and Finder.com.au co-founder Fred Schebesta posited, Bitcoin and its key counterparts could potentially fare better this year, with Ritchie predicting a $9,500 year-end price hike for Bitcoin, while Schebesta believes it could spike back to its $7,000 mark.
According to Ritchie, while the crypto markets could see a slow yet stable increase, market players need to keep a close watch “whether we’ll see de-coupling of the cryptocurrencies, as to date they have trended in a relatively similar fashion.” Furthermore, investors also need to pay attention to how the traditional finance sector could potentially impact the crypto markets.
As Ritchie surmised:
“Will bitcoin climb if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market.”
To this day, Bitcoin still remains as the dominant digital asset in the crypto sphere, generating the most attention in the digital currency ecosystem, trailed closely by Ethereum, and Ripple. In a recently published study, results indicate that over 1 million Australians are considering entering the crypto markets.
As Schebesta claimed, millennials appear to be more open to adopting Bitcoin as an ideal form of investment, with most considering entering the crypto markets, adding that:
“They have grown up with digital technology, so it’s little wonder they want to get involved in cryptocurrency. They are looking at investing very differently to their parents.”
Schebesta went on emphasizing that the lack of sufficient knowledge of the industry was among the main reasons that hinder investors from maximizing the benefits that Bitcoin could present.
According to the survey, roughly 11 percent of the total number of respondents find crypto trading challenging, while the majority of adult respondents remain skeptical when it comes to investing in the nascent technology, with only 1 percent of those belonging to the Baby Boomer generation expressing a marked interest in entering the crypto sphere.