Main navigation

Bitcoin Price to Surge Past $20,000: Crypto Exchange OKEx Top Exec

News
Wed, 05/29/2019 - 11:17
article image
Yuri Molchan
OKEx head of operations Andy Cheung believes that Bitcoin rally can easily get over the 2017 ATH soon
Bitcoin Price to Surge Past $20,000: Crypto Exchange OKEx Top Exec
Cover image via U.Today
Read U.TODAY on
Google News
Contents

Andy Cheung, head of operations at OKEx, calls $20,000 a ‘conservative’ price forecast for Bitcoin price, believing that BTC has a potential to rise much higher. The reason that he cites is the flow of institutional investors and the approaching Bitcoin halving event.

Thus, he hinted that traders are unlikely to close their longs now that Bitcoin price has surged over 180 percent from a minimum of $3,120 in slightly more than five months.

Positive BTC market sentiment grows

On Monday, Bitcoin price almost managed to achieve a new high of $9,000. With that surge, the overall BTC growth this year totalled was higher than 140 percent. Nearly all of those (around 120 percent) were made within April and May.

These gains in percentage look pretty much as those back in 2017, when Bitcoin price just took ten days to hit $20,000 after reaching $8,300.

However, the causes that brought BTC price to its massive highs in 2017 are different from those that are pushing Bitcoin upwards now.

Back then, the ICO mania was blooming, so people were desperate to stock up on Bitcoin in order to buy tokens offered by emerging startups. When the majority of them closed down failing to deliver on their promises, investors started a major sell-off getting rid of BTC they had bought. This made Bitcoin collapse by nearly 80 percent of its value.

Diar agency reports that retail investors have been increasingly buying BTC and simply holding it in their wallets.

Related
EOS Maker Block.One Buys RAM for $25 Mln Ahead of Big Announcement

Bolder BTC outlooks

As is well known, John McAfee, a famous Bitcoin perma-bull, promises that Bitcoin will cost $1 mln in a couple of years.

The founder of the Xapo crypto startup, who has recently been appointed as a PayPay board member, also believes that Bitcoin could be worth $1 mln. Not so soon, though.

If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000).”

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.