- BTC/USD has the potential to hit levels as high as $60,000 to $400,000.
- The bull rallies in 2013 and 2017 were mainly propelled by retail investors.
According to Bloomberg author Aaron Brown, Bitcoin’s impending rally is more depended on the improving fundamentals as opposed to the common belief on FOMO. Brown argues that the inept trend of cryptocurrency busts might not change in the near future. Besides, if price performance respects the previous bull rallies, BTC/USD has potential to hit levels as high as $60,000 to $400,000 before the market experiences a sharp reversal.
Brown continues to say that the last couple of bull rallies, in 2013 and 2017 were mainly propelled by retail investors. In his perspective 2019 is different from the other years as the crypto market capitalization is $260 billion in comparison to $1 billion in 2013 and $3 billion in 2015.
The crypto market today has attracted more institutional clients and general investors. Moreover, over $30 billion of the funds from institutional investors has been channeled into building platforms.
In addition, regulations have been taking shape in different jurisdictions over the years. The sector is getting a clear picture when it comes to regulation a situation that is leading giant companies like Facebook, Goldman Sachs, Fidelity and JPMorgan Chase entering the industry. This means that Bitcoin price action could be more in 2019.
Brown was also keen on warning that the current positive landscape could lead to a bubble or crush. However, he reminded investors that as the market matures so is the potential for ‘predictable’ returns where corrections are 20% as opposed to 85% which has been the situation with Bitcoin past performance cycles.
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The bull rallies in 2013 and 2017 were mainly propelled by retail investors.