Bitcoin Will Stabilize, Hit $50K by 2019: Neu-Ner

in #bitcoin7 years ago

Bitcoin, the world's largest cryptocurrency by market capitalization, is hovering just above the $7,000 mark per coin as the digital currency market suffers one of its most widely covered and harshest sell-offs in recent history. In December, the bitcoin frenzy hit its peak with the cryptocurrency flying to record highs near the $20,000 mark. While investors may be extremely unsettled as bitcoin trades at less than half of its value of a month ago, one early crypto investor suggests that volatility is normal and that the market will stabilize this year after bitcoin regains its value. (See also: Crypto, Cannabis, FOMO Drive New Investor Inflow.)

"We've seen it go down 50% at a time. It's quite a resilient currency/commodity/asset that just keeps going up afterwards," said Ran Neu-Ner, host of CNBC's "Cryptotrader." "I think 2018 is the year where the mechanisms to allow retail consumers to get into cryptocurrencies start to open themselves up … The price will become more stable.”

Last week, Neu-Nur predicted bitcoin bottoming around $7,500, indicating that he couldn't see it going much under that due the big uptake in crypto trading, particularly highlighting "a lot of retail money that has gone into bitcoin." A day after his interview on CNBC, the investor "pinned a tweet" forecasting bitcoin to finish this year at $50,000.

As More Get Into Bitcoin, Volatility Will Decline

Neu-Nur made his bull case based on the idea that in 2018, "the mechanisms to allow retail consumers to get into cryptocurrencies start to open up." For example, he noted that Robinhood, a popular online brokerage used primarily by Millennials, started offering free bitcoin trading last week. As it becomes easier for the retail investor to start trading bitcoin, Neu-Nur expects the price of the digital currency to stabilize. He attributes bitcoin's large price swings to a market with "not enough buyers and not enough sellers."

The investor also recommended buying ethereum, indicating that "the smartest people in the world are developing on ethereum." While bitcoin has two use cases at max, either serving as a currency or a store of value, Neur-Nur said that ethereum is attractive as a platform for multiple uses, from hedging to betting and sports.

He sees bitcoin as more of a store of value than a currency, indicating that none of the blockchains are ready for the scale of real-world currency transactions. (See also: Over 1M Join Waitlist for Robinhood Crypto Trading.)

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrency.

Taken from www.investopedia.com

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We haven't seen a correction like this since the MT GOX crash, so while I agree and personally think that it will rise again, comparing this to the other corrections is a bit misleading, this is more than a correction ... this time it crashed

It probably will rise! we just need some patience ... good days are on their way!