The markets once again experienced a very short bull period. The most recent one lasted 8 days after Bitcoin stopped its increase under $4,100 for the third time in the last 4 months. Technical analysists have remarked that bearish sentiments have infiltrated the market as there has been no confirmation of a bottom so far.
The lasts prediction to confirm these reports is Justin Sun, the CEO and founder of TRON. At the Binance Charity event for ALS association, Justin Sun predicted that Bitcoin will have a trading price situated between $3,000 – $5,000 for the entire year of 2019.
Justin Sun made this forecast based on the fact that he believes that the cryptocurrency markets have bottomed out. But the breakthrough ideas have not appeared on the market yet, which would explain why the increase in price occurred.
“I think it is already the bottom, and the bear market is over. From now on for three to five years, it is now an absolute low. For this year, I think Bitcoin will fluctuate between $3,000 and $5,000. The opportunities for market breakthroughs this year include the explosion of the DApp ecosystem, the large-scale application of the lightning network, and the three major opportunities for BitTorrent’s 100 million users to enter the cryptocurrency market.“-said the creator of TRX.
Bitcoin has a current trading price of $3,880.49 USD with a 0.74% increase in the last 24 hours. There are still many speculations made by traders which say that the cryptocurrency markets have not yet reached their bottom. Because of this, many of them are of the belief that we will see the markets bottom out sometime later this year.