By
Chimamanda U. Martha
April 24th, 2024
Bitcoin price just crossed the $11,350 mark and dives into a new all-time-high in 2019. That way, Bitcoin still is the best performing asset in 2019 with +170% increase this year and +250% since it bottomed out.
Bitcoin managed to increase in price over the weekend, when just recently it crossed the $10,000 mark. It quickly rose to the levels of $11,000 but not long after, BTC experienced a little draw-back to the $10,000 milestone levels. Now we’re seeing that Bitcoin has yet again reached new price records in 2019, touching $11,350.
Bitcoin Price Surge Not Driven by Facebook’s Libra
Some say that this Bitcoin price surge is directly linked with Facebook’s Libra announcement last week. Facebook announced that they are about to launch their own cryptocurrency – Libra, sometime next year. But the fact that they are going to do it, managed to reach theoretically a large part of all Facebook users and more. The co-founder of Kenetic Capital, commented that the Libra announcement forces business owners to focus and research cryptocurrencies.
“The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously,” he said in an interview to CNBC.
On the other side, other experts rush to say that the Libra announcement has nothing to do with the Bitcoin price increase. The head of digital assets at Susquehanna, Bart Smith, believes that the recent Bitcoin price climb is related to the general public interest in the cryptocurrency:
“Most of the people that trade bitcoin for-profit trade on technicals and there was a lot of resistance area in the upper $9,000 that got broke and once that broke $9,000 a psychological barrier of $10,000 it shot up. […] Again, when the rallies in bitcoin happen during US business hours, it is almost always led by the futures.
The futures were trading at 100 over last week and when it got to $9,000 at the beginning of last week, there was a lot of discussion about miners taking profit above $9,000 to fund their operations. […] None of that had anything to do either with Libra. So, I think often times we see these headlines, we see the price of bitcoin move and we try to connect the dots where maybe they shouldn’t be connected.”
Bitcoin Price Could Hit $100,000 During Next Bull Run
A chief crypto market analyst from ThinkMarkets Naeem Aslam thinks that Bitcoin could reach from $60,000 to $100,000 in the next bull run. Interestingly enough, Aslam predicted a $10,000 BTC on June 17. Yet he said it’s going to happen in “a couple of weeks”, but as we know, Bitcoin just recently reached $10,000 on June 22.
He explains that the next price targets to look after are $20,000 and $50,000. Naeem Aslam also speaks about how Bitcoin is becoming an asset with which to avoid risk. He compares it with gold because Bitcoin also is usually referred to as the digital gold. Aslam thinks that this is caused by the lack of confidence in the traditional stock markets and the ongoing U.S. – China trade war.