Hedge Funds Predict Strong Finish for Bitcoin in 2019

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A fresh poll from US comparison website Finder has revealed that the majority of top executives from leading financial technology (fintech) firms and essentially hedge funds believe that Bitcoin price still has some distance to go in 2019, with some believing it will end the year as high as USD 9,650.

In the past two months alone, since the first day of April, Bitcoin price has climbed steadily from USD 4,000 to above USD 8,000, more than doubling in valuation. All this, the poll respondents noted, are happening alongside underperforming mainstream financial markets, as the world’s two biggest economies slug it out over economic issues like trade tariffs.

Celcius Network CEO Alex Mashinsky, sees a strong projection in the long term, believing that even the current arguments of Bitcoin’s vulnerability to manipulation will soon be a thing of the past when trading moves over to decentralized exchanges.

Almost half of the Finder survey respondents said that this had convinced mainstream investors to divert away from temporarily bearish equities to Bitcoin to manage risk. Crypto trading company Kronos’s founder Mark Pimentel, said they used Bitcoin as a safe harbor against mainstream markets, and had made gains out of the price swings:

“The cryptocurrency market is swayed by news and attention, so as Bitcoin begins to rise in price again, more traders enter the market. It is much more likely for these entrants to buy Bitcoin than sell. So this predictably creates price appreciation.”

 

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