While Bitcoin crashes, Andy Cheung, head of operations at the OKEx exchange predicts that Bitcoin will reach $ 20,000 next year. However, he is more optimistic about the development of Ethereum, which has its hard fork in January.
Predict a great year ahead for Bitcoin and Ethereum
Bitcoin is currently trading at around $ 3,400, down more than 82 percent from its all-time high (ATH) in December of last year. However, the Bitcoin bull, Andy Cheung, the head of operations in the second largest cryptographic exchange, OKEx is still extremely bullish on the main cryptocurrency.
Andy Cheung asked Twitter to share that the continued fall in Bitcoin prices is not a big deal as Bitcoin has gone even worse. According to the shared data shown below, Bitcoin lost about 95 percent of its value in 2011 and 85 percent between the 2013-2015 time period.
And this is making Cheung bullish on the price of Bitcoin like him writes,
"Look at the percentage increase over the years, over $ 20,000 already seems a conservative assumption for 2019."
Just recently, Bloomberg reported that its Galaxy Crypto Index is in oversold territory based on the GTI Global Strength Indicator. This indicator "measures the price strength by comparing individual up or down movements of subsequent closing values". Last time, this indicator was oversold towards the end of November when "it gathered around 20 percent". Although a long-term uptrend is unlikely to happen, a small rescue rally may be in order.
However, Cheung also claims to be more optimistic about Ethereum, which is currently trading at around $ 88, down more than 93 percent from its peak.
"But personally, I'm more optimistic in the development of ETH next year."
Next year, Ethereum has its hard fork at the end of January that could play in favor of the third largest cryptocurrency.
Recently, CFTC that regulates shared derivatives in a statement that is planning to get public feedback on Ether. The questions asked by the agency focus on the difference between functionality, compatibility, governance and basic technology of Ethereum and Bitcoin.
A few months ago, William Hinman, who runs SEC's corporate finance division, said he did not believe the token was a security in its current form. This, according to Chris Concannon, president of Cboe has marked the approval of a "key obstacle for Ether's future".
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.