Those who follow cryptocurrencies and Bitcoin have followed the recent uptick in the price of BTC/USD over the past few months.
The cryptocurrency was plagued by a bear run for a long time, but it seems like finally, the bull has imposed the upper hand. At the time of writing this post, Bitcoin was trading at $7,967.73 BTC/USD, with this month’s high being at $8204 BTC/USD.
Bitcoin price prediction for 2019
But in the short term, this has been a fall of the price. Bitcoin was trading around $8,400 BTC/USD a month ago, and experts and traders say that this small fall is to be expected. The reason behind it, they say, are short sellers who are moving to secure their profits. But this downward trend, they further explain, is just a small blip, and they expect Bitcoin to bounce back and rise up again, even to levels around $10,000 BTC/USD.
Unlike the levels that Bitcoin hit a year and a half ago, which was largely driven by hype, this rise of Bitcoin’s value is much more organic. There several factors this time driving up its price. One of the key ones is the launch of Square-Crypto, the digital currency project from Jack Dorsey, Twitter’s CEO. He recently said that this new project is not motivated by commercial gains, but instead is geared to improving and advancing the state of the cryptocurrency market today.
Square Crypto recently put a tweet out saying that they were close to hiring a few talented tech individuals for work on the Bitcoin ecosystem. The company is close to finalizing a designer and up to four developers for this team.
Another major factor behind the recent rise of Bitcoin is the trade war between the US and China. The investors in China are looking to park their funds and wait out the war, and for this, they’ve turned to Bitcoin. The same thing is happening in Iran, as tensions between the US and Iran rise.