Bitcoin price fluctuations are estimated to continue in the remainder of 2019. Even so, hopes for bitcoin prices to touch the level of US $ 20,000 still remain.
As an illustration, before bitcoin prices had penetrated US $ 12,000 last June, but at the end of August prices tend to fall to around US $ 9,000.
Fortunately, in early September, the price of bitcoin rose again and managed to break through US $ 10,000.
CryptoWatch co-founder Christopher Tahir revealed, currently bitcoin is in a price movement that tends to be narrow in the range of US $ 9,000 - US $ 12,000.
"In my opinion, bitcoin will still tend to continue its movement within that range before showing a more significant movement," he told Kontan.co.id, Friday (6/9).
Reflecting the current conditions, the price of bitcoin is estimated to be still likely to weaken before continuing further increases. The weakening range has the potential to reach US $ 7,500 to US $ 8,000.
Even so, if the price of bitcoin is able to penetrate the range of US $ 9,000-US $ 12,000, Christopher sees an opportunity for further price increases. In fact, it is not impossible that the level of US $ 20,000 will be achieved this year.
"We see that BTC is building a strong foundation in terms of dealing with volatility, so that in the future BTC volatility will tend to decrease, but it is still considered a fairly volatile asset ," he said.
Meanwhile, the halving day effect is considered not to fade. However, investors also need to remember that the increase in BTC this year had reached 300%, so that conditions are very reasonable if market participants take profit to later buy when prices are low.
The strong sentiment that is seen as going to be the driving force of bitcoin prices going forward, as well as triggering the increase in BTC, namely, macroeconomic factors. Where, the heating up of issues and the perception that there will be a continuation of the crisis in the near future, has the opportunity to push prices back up.
That way, for the long term up to five years, Christopher saw the opportunity for BTC to rise to around US $ 80,000.
As for this year, the price increase will be in the range of US $ 20,000, triggered by the large amount of economic data in global markets such as Europe, America and Asia, which missed the consensus forecast of global economists.
"In my opinion, this will be the initial fuel of the increase towards US $ 20,000. Coupled with the expectation of a default in Argentina because there are government bonds due 2019-2020," he said.
For investors, the co-founder of CryptoWatch recommends buying bitcoin by installments when the price is between US $ 7,500 - US $ 10,000.
Quoting Bloomberg, bitcoin price movements on Friday (6/9) at 16:16 West Indonesia Time were at the level of US $ 10,875, up 2.3% for the September 2019 contract. While in the week, the price of bitcoin was recorded to rise by 11.26%.
