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Bitcoin Inches Higher Amid Bullish Calls From Analyst

© Reuters.
© Reuters.

Investing.com – Bitcoin remained in correction territory despite paring most of its losses Wednesday, but this has done little to knock bullish calls from analysts.

rose 2.18% to $7,798 after hitting a session low of $7,594. The popular crypto entered into a market correction following a 14% plunge from its peak of $9,100 last week.

Still, some crypto analysts are wary of calling time on the popular crypto’s impressive rally, which saw it rack up a fourth-straight monthly gain last week.

“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020,” prominent bitcoin analyst Oliver Isaacs told The Independent.

“There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the U.S. and China has led to the sudden interest in bitcoin as a hedge on investments.”

In a sign that the recent slump in Bitcoin may be petering out, its market cap, often used to gauge demand, steadied at $139 billion, unchanged from a day earlier.

Other cryptos traded mixed; fell 1.63% to $0.39970, fell just 0.35% to $246.68 and added 2.43% to $102.99.

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Source: investing.com
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