Bitcoin has recovered from the recent price dip, thanks to the Consensus conference held this month. Within 24 hours of the conference, the value of Bitcoin rose by 5 percent.
CoinDesk’s fourth annual Consensus conference was held in New York this May. In the past three years after this blockchain technology conference, a surge in price was noticed as well. The repetition aided analysts to predict the rise earlier this week.
Tom Lee, head of research at Fundstrat Global Advisors said –
“We expect the Consensus rally to be even larger than past years. In general, we see 2018 being a strong year, but we see the larger and more established blockchains growing in dominance in 2018.”
Lee believes that Bitcoin has already hit its lowest price point for the year; the value can only go up from here.
“Bottom line: We expect Bitcoin and cryptocurrencies to behave similarly to prior years and rally during consensus.”
Furthermore, the surge is reflected in other cryptocurrency values as well; Ethereum, Bitcoin Cash and Ripple have all increased in value since the summit.
Experts in the field vary in their opinion of Bitcoin’s fate. Vitalik Buterin, Ethereum founder predicts that Bitcoin will soon reach near-zero in value. Michael Jackson, Bitcoin expert, expects the price to reach last year’s high soon.
This week, Bitcoin approached $10,000 again and a speculator on Twitter calculates the growth as 0.5 per cent since 2009. If we apply this percentage to the current value, a Bitcoin could be worth around $5.6 million in 2021!
Due to Bitcoin’s rapid fall from the all-time-high of $20,000 in 2017, many believed that Bitcoin was facing a wipe-out. However, the value of the currency has increased recently and now, Bitcoin is in an unusually steady state. Could the very first cryptocurrency be finally stabilizing? Only time will tell.