Cryptocurrencies did well in July and Bitcoin managed to change its declining price direction. However, while the crypto’s price does appear to be recovering, it’s not likely to pass $10k this year.
Bitcoin Price Recovery
July brought a solid month of growth for cryptocurrency prices on the whole. This included Bitcoin, which had been experiencing a trend of declining prices over the two months that led to July.
In June, Bitcoin’s price hit a low point of about $5,755, then rose and hung around the $8,200 mark in July. This is a far cry from the price of nearly $20,000 the cryptocurrency had reached in December 2017. That said, since July, the price has gone back to sliding, currently sitting in around the $6,400 mark.
Still Nowhere Near $10,000
While the price has seen some recovery, according to a Forbes report, it still doesn’t have the chance to rise back to the $10,000 mark it saw under three months ago. The volatility of this cryptocurrency’s price means that nothing is guaranteed. It has made a habit of surprising even the most accurate, skilled and experienced analysts.
However, as much as a continued recovery is still predicted, the report suggests that it won’t see the type of price growth needed to return to $10,000 this year. At the same time, the report also doesn’t predict that the prices will return to the low point that was seen in June.
Analysts have been reducing their forecasts for Bitcoin, including its price, as well as the number of unique users and transaction volumes, according to the report. By the end of the year, while the price of the cryptocurrency may continue to head upward, it is exceptionally unlikely that it will see gains even remotely close to the end of last year. It could come near the $10,000 mark, but many predictors suggest it won’t quite make it.
There are many suggestions regarding the drivers of the current Bitcoin price trend. The report identified a number of different developments throughout the global cryptocurrency industry that affect the prices of crypto coins. Several of these factors had a negative impact on crypto prospects. Leading among them have been restrictions banks have placed on the purchase of cryptocurrency when using credit cards. Financial regulators have also made calls across the world encouraging caution in these trades and transactions.