Previous week many witnessed cryptocurrency falling below $8000, however this week fortunately the scenario has changed. According to the latest finance news, the price of bitcoin has risen by $500 over the last three days.
Following 5th May 2018, Bitcoin experienced a downward price trend, while everyone expected it to break above the $10,000 price point. The last time Bitcoin was above the $10,000 was in March this year.
However, traders stay unaffected in spite of this price drop and stay hopeful for a rise in price. Analysts claimed that the price of bitcoin would rally around the annual Consensus conference that took place in New York last week.
Positive news coming out of consensus typically saw a price boost in cryptocurrencies previously. However this year bitcoin ended up $800 down this week from its value in the beginning of the week.
Tom Lee, head of research at Fundstrat Global Advisors said the lack of price rally on a lack of regulatory clarity was responsible for this downfall. In spite of this he continues to remain optimistic about bitcoin’s outlook.
SEE ALSO: Is the Cryptocurrency bubble gradually bursting?
Mr Lee also said “Bottom line: While there was not a Consensus bump, our conviction on cryptocurrencies strengthened during the conference”. Cryptocurrency experts including Alistair Milne continue believing that bitcoin has the potential to reach between $35,000 and $60,000 by 2020.
Many traders, experts and analysts hope that the market can build and grow again from this point forward, and probably offer some of the stability that it has been lacking thus far in 2018.
Keep reading iTMunch for the latest tech news, updates and blogs
