Bitcoin is slowly picking up the pace and is recovering from a steep downfall that started at the beginning of 2018. One of the most popular cryptocurrencies, Bitcoin, is currently trading at $8,730, falling a few dollars below the day’s all-time high value of $8,785.
According to Naeem Aslam, Chief Market Analyst at Think Markets UK, the Bitcoin price will soon cross the $10,000 mark; he says it could happen within the next two weeks. If Bitcoin successfully jumps past the $10,000, it will recover half of its losses from its all-time high trading value.
He adds that it would be “a real embarrassing moment for those who said that the currency will never recover from its losses.”
According to Neil Wilson, Chief Market Analyst for Markets.com, this surge in the value will lead to more traders investing money in the cryptocurrency and “once this market builds up a head of steam, it’s hard to stop.”
This sudden surge in Bitcoin’s value is speculated on ongoing factors like the brewing trade war between the US and China and growing mainstream interests from companies like Facebook, which is expected to launch its own digital coin soon.
Bitcoin reached $20,000 in December 2017 when it became one of the hottest topics amongst investors and portfolio managers. By February 2018, the cryptocurrency had dropped by more than $7,000 and by December, it was trading for as low as $3,250.
Do you think this recovery is temporary and Bitcoin will never rise to its highest ever level? Tell us in the comments below.