Bitcoin Could Reach $35,000 by the End of the Year as Bear Market is ‘Largely Over’

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by Bhushan Akolkar · 3 min read
Bitcoin Could Reach $35,000 by the End of the Year as Bear Market is ‘Largely Over’
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Owing to a lot of favorable events lined-up in the crypto markets, they are poised to make a comeback in the Q2 of 2018.

Over the past one week, major cryptocurrencies like Bitcoin, Ethereum, Ripple and other have been seen consolidating around there current levels which has caused many analysts and crypto professionals to believe that the further downfall could be limited and if possible the crypto markets can also see a northward movement in short time.

On Monday, managing director of the Crypto Asset Management – Timothy Enneking said that bearish phase in the cryptocurrency market seems to be “largely over.” Founded last year, the Crypto Assets Management underseas digital currency assets worth $20 million at the moment. since the high of the crypto markets in January 2018, the crypto index – CAMCrypto30 – has fallen by a whopping 69 percent.

Enneking says that there are four major reasons responsible for the downfall. He wrote: “Asset consolidation, regulatory concerns, massive liquidation by the Mt. Gox trustee and startups’ selling crypto assets to pay salaries and expenses are all factors in the market’s overall decline.” He further added: “Consolidation after the amazing 2017 increase” drew back some of the funds invested in cryptocurrencies.”

He also said that there is no doubt to the fact that the major correction and the drop in the investor participation due to the mounting regulatory pressure from all across the globe. currently, there are dozens of investigations made in the crypto markets and its related activities that has largely caused investors to stay away. Enneking notes that the steep fall in the Bitcoin price and the “BTC dominance” coincides with the decline in the relationship between Bitcoin and other digital currencies.

Moreover, after this huge fall, prominent financial institutions have started looking inwards towards the crypto markets. Hedge Fund Titan and billionaire investor George Soros is like to enter the digital currency space as the Soros Management Fund has received an internal approval, told a person familiar with the matter.

On the other hand, Venrock – the venture capital arm of the prestigious Rockefeller Foundation – is also looking to enter in the cryptocurrency space and is said to have already signed a deal with the Brooklyn-based cryptocurrency investment fund called Coinfund. This two news coming over the last weekend helped to bring some optimism among the investors.

Moreover, if we check the history of crypto markets, the Q2 has always had a bullish sentiment over the Q1, with several things being in the pipeline like Bitcoin ETFs, which if made to go live, with give a further boost to the market. On the other hand, we have seen global crypto exchanges making some of the very important announcements for their future plans ahead. Crypto giant Coinbase is launching the Coinbase Index Fund which will give investor more access to digital assets.

Recently, the exchange also announced its plans of launching a venture-fund called Coinbase Ventures to help early-stage startups and companies working in the digital currency and blockchain space. It has also further announced to streamline its operations by getting registered with the SEC as a brokerage firm.

Also, Japan’s big-shot in the financial service sector – the Monex Group announced the acquisition of the Coincheck exchange with further plans of a complete overhaul in its management and further expansion.

Also, the scalability issues which has become a major barrier for the crypto market are likely to get a big boost in the Q2 of 2018 with more matured solutions in the line-up. In the coming months, many of the Testnets are waiting to be deployed on the Mainnet. Hardcore solutions like the Lightning Network are being worked out aggressively which too is expected to free-up a lot of space in the Bitcoin blockchain network.

Altcoin News, Bitcoin News, Cryptocurrency News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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