With Bitcoin looking like it could dip under $6,000 there is growing concern and trepidation in the market. However, there are also some voices that are stating Bitcoin will soon stabilize and head towards as high as $50,000.
The latest fall for Bitcoin, which stems back to its all-time-high of near on $20,000 in December, has been widely covered in the media, and wildy predicted and speculated upon. Many, especially those who have been bearish on Bitcoin, have announced that the digital currency is dead.
However, among all the negative predictions around the cryptocurrency, there are bullish calls that are predicting a big bounce back for the volatile coin.
Resilient and potentially stable
Ran Neu-Ner, host of CNBC's "Cryptotrader” is one such voice that is looking at the cryptocurrency with more of a long-term view, predicting that 2018 will finish with Bitcoin at $50,000.
"We've seen it go down 50 percent at a time. It's quite a resilient currency, commodity, asset that just keeps going up afterwards," said Neu-Ner. "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.”
He added to this sentiment by pinning a tweet forecasting the year to end with Bitcoin at $50,000.
Time to invest
Neu-Ner is not the only person who has this $50,000 figure line up as Anthony Pompliano, a former product manager at Facebook and current managing partner at Full Tilt Capital, is also eyeing out the same prediction.
Pompliano said in January that Bitcoin can reach $50,000 and even with the continued fall in price, he is sticking by the prediction.
“If you ask most institutional investors, one of the most valuable aspects of Bitcoin is that every time something has occurred that should kill it, it does not die, and it comes back stronger,” Pompliano said.
Long line of obituaries
There have been more than a few occasions where Bitcoin has been declared dead in its brief history, however, as far as precedent goes, the digital coin has managed to bounce back each time there has been bad news leveled at it.
The last bad news on the final China ban has been heaped on other negative press, yet, there does not seem to be a final nail lurking just yet. These predictions of a rebound have been coming from those who are bullish, while the negative calls come from those who have always been bearish. Time will only tell which side is right.