In today’s Bitcoin in Brief we mention some optimistic mid to long term predictions for crypto markets. And while decentralized currencies are hurting in a bearish month, the prospects for state-issued virtual money look even dimmer. Another senior Swiss central banker has noted the diminishing enthusiasm of governments to mint digital coins. Venezuela gives an example – Caracas has recently fired the nation’s crypto superintendent, reportedly for failing to raise billions through Maduro’s favorite El Petro.
Also read: Bitcoin in Brief: Plagiary, Numerology, and Nano Does a No-No
Bottom Line: Bitcoin Will Recover
It takes a lot of optimism to make bullish predictions at a moment like this, but if it’s a relatively long term prognosis for growth, preceded by a short term one for further drop, then it does sound like a safe bet. Todd Gordon, founder of Tradinganalysis.com, is one of those analysts who believe the bottom line is that Bitcoin will eventually recover, by early 2019 to be precise.
“I did expect Bitcoin to drop, I thought for a long time we’re going to drop below $5,000,” Gordon told CNBC. He actually expects BTC prices to decrease a little more than that but he is also positive that the market will turn somewhere in the $3,000 to $4,000 range. “I think by the time this contest is over in February, we’ll be well back above $10,000 and in a pretty good shape,” he added.
According to Todd Gordon, the correction we have seen from $19,000 down, in terms of percentage drop, is “inconsequential,” and “very much expected,” compared to the gains since 2015, when Bitcoin took about a 78 percent hit in the aftermath of the Mt. Gox hack. “Right now we are about two
