Bitcoin Crosses $10k; Is it Moving Towards the Predicted $42k Mark?

The Price of Bitcoin has risen beyond the 10k USD mark within the last 24 hours. Gaining more than 500 USD in the process, the highly controversial cryptocurrency and crypto market pace-setter now stand at slightly below the 10,500 USD level.

Prior to this rather sudden price surge, many speculations had been put forward by countless industry experts, all of which were bullish on bitcoin. Now, it seems that the price of bitcoin is being watched more closely and understood by analysts and this is reflecting in the correctness of their never-ceasing analysis on the price of bitcoin.

Recently, in May, Delphi Digital released a report in which it followed a claim from Pantera CEO Dan Morehead that there were chances that Bitcoin might reach $42,000 by the end of 2019. This was a prediction which showed a reflection of a set of both analytical and historical data.

Following this highly impactful communication, bitcoin had surged more than 200% to touch a new all-time-high in almost 8 months at around 9,500 USD. The result kept seeing bitcoin modulating between a few hundreds of this region until further surge saw the price moving ahead towards 14k USD.

The momentum couldn’t keep up for too long owing to the woeful performance of Libra at the U.S. Senate which must have discouraged investors. As soon as everyone realized the heavens were not going to fall, the ball was set rolling again as the price kept moving around 10k USD corner; sometimes moving slightly higher and going lower at the other times.

Generally speaking, mid-term speculations have placed the price of bitcoin within the 40k to 50k USD region. Major catalysts, according to Delphi Digital are monetary easing and the potential for an economic downturn in the near future. Apart from this, the bitcoin blockchain expects a mining reward halving by May 2020 and going by historical data, the event has always fuelled an aggressive price surge.

Also, earlier in the week, Mati Greenspan, a senior analyst at eToro related historical data in which the most recent FED cut would most likely cause investors to spend more money on buying cryptocurrencies, particularly bitcoins. A recent analysis on CNBC also predicted that Bitcoin might reach $55,000 by the end of 2019.

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