Following the cryptomarket’s best week of 2018 in terms of percentage gains, it seems that the mainstream media is starting to be bullish on cryptocurrencies once again. As of press time, Bitcoin is trading at the $8,000 level, consolidating its gains this past week, which is almost up 20%. In a TV report on CNBC’s Fast Money, investment strategists and market analysts pose positive views on cryptocurrencies owing to the huge recovery in price validated by the increase in total market capitalization and daily volume of trades.
Bullish Mainstream Media
According to market guru and founder of Mobius Capital Partners, Dr. Mark Mobius, “[Bitcoin] is an alternative payment system, which is very badly needed. People are turning to Bitcoin, or have, up to now, turned to Bitcoin in the hopes of having a currency that they can use without the surveillance of the US, of course, for illicit purposes and for good purposes. At the end of the day, there is definitely a desire for an alternative to the US Dollar.”
According to Silicon Valley legend, Tim Draper, Bitcoin could hit $250,000 by 2022. Noted crypto investors Tom Lee and Spencer Bogart both predict that Bitcoin could close 2018 at the $25,000 mark.
From Bears to Bulls
The bullish news from mainstream media is a good sign for the cryptomarket as a whole. After all the FUDs, negativities, and bearish sentiments that happened in the past four months of 2018, the positivity and bullish sentiments in the cryptomarket appears to be coming back.
The increased confidence in the market could spark the bullish momentum and propel Bitcoin prices and altcoin prices to new complete recovery, and eventually higher highs.
Looking back to 2017, the bullish sentiments from mainstream media were the main reason why Bitcoin price skyrocketed to its all-time high of $20,000. However, due to lack of market understanding from investors who only got into the cryptomarket because of the fear of missing out, the rise in Bitcoin prices became a bubble, which burst towards the open of 2018.
Hopefully, this positive sentiment on the mainstream media combined with the more proper understanding of cryptocurrencies for new investors could put Bitcoin prices back on track to price appreciation.