Bitcoin’s stunning spring continues: It soared past $9,300 Monday, reaching its highest level in 13 months.
The cryptocurrency has risen 148% in 2019.
Many investors are betting on more growth ahead. As JPMorgan (JPM), Fidelity and the New York Stock Exchange get into the cryptocurrency business, investors have grown to trust bitcoin more as an asset for growth in their portfolios, says Kirill Bensonoff, CEO of OpenLTV, a platform which offers cryptocurrency and fiat loans for real estate debt.
But as the price continues to rise, “we may see more corrections ahead,” Bensonoff said.
Some bitcoin watchers anticipate the price could exceed $13,500 this year — eventually hitting an all-time high of $30,000 this year, bets Jehan Chu, co-founder and managing partner at Kenetic, a blockchain platform.
Chu owns bitcoin and has repeatedly told media he anticipates bitcoin will rise to $30,000 in between steep rises and valleys. He said that low supply and increased demand, plus potential investment from established companies like Google and Apple, will fuel a price upswing.
But others remain skeptical bitcoin’s growth will last, especially after its stunning rise to just under $20,000 and its subsequent plummet.
“Technically, we’re actually still in a bear market unless we see prices soar well above $11,000,” said Lars Seier Christensen, chairman of Concordium, a business blockchain network, “With this highly volatile and thin [volume] market, it doesn’t take much to push the price up or down by a thousand dollars.”
Facebook (FB) has been rumored to be preparing to announce its own cryptocurrency, which is helping drive bitcoin’s price higher, Bensonoff and Christensen say.
Christensen said that his “trading instinct” tells him to short bitcoin if it rises above $10,000 instead of going all in. He has sold off bitcoin in the past, and currently doesn’t own any bitcoin, although he invests into cryptocurrency funds that include various coins and blockchain projects related to the space.
“I don’t thin