Bitcoin price: cryptocurrency ‘bull run’ predicted
Experts say current market stability is sign of upcoming price surge
The values of bitcoin and other digital coins looks set to return to and possibly even exceed the all-time highs recorded in January, according to cryptocurrency experts.
Changpeng Zhao, chief executive of cryptocurrency trading platform Binance, told US broadcaster CNBC that he expects bitcoin to enter another “bull run” like that which saw the value of the virtual token peaking at $20,000 (£15,500) in January.
Zhao added that while “it’s really hard to predict” what will trigger the next price surge, “it will happen sooner or later”.
Cryptocurrency prices are currently very stable, which has led to less trading. Zhao says that as a result, Binance’s trading volume is down by around 90% since the market’s peak at the start of the year. However, he insists the market is still healthier than it was several years ago, and the conditions are right for another upswing.
Victor Dergunov, founder of financial research firm Albright Investment Group, is also optimistic about the chances of a fresh surge in bitcoin prices.
“This is not the first time bitcoin has seen calm waters. We’ve seen similar periods of modest volatility, and humble price swings,” Dergunov writes in a blogpost for investor news site Seeking Alpha. “Everyone seemingly loses interest, volume dries up, news flow quiets down, and then, when you least expect it, the next bitcoin bull market begins.”
The latest predictions come weeks after cryptocurrency expert Nigel Green, head of British consultancy firm deVere Group, said he expected bitcoin prices to increase by up to 5,000% in the next decade, as more people adopt the digital currency over conventional money.
Bitcoin’s current value sits at around $6,000 (£4,650), down $14,000 (£10,850) from the January high.