Bitcoin has been stuck in a tight trading range for more than 2 weeks, unable to make any progress on the back of negative publicity and the threat by some governments to heavily regulate the crypto currency.
Some are even calling the currency a fraud and say once this situation is exposed, bitcoin could become worthless, leaving investors holding the bag and 100% out of pocket.
But even after all of these threats, Bitcoin has managed to find strong support between the $5,600 and $6,000 price mark which goes to show that not all investors believe that it is headed for a doomsday situation.
Daniel Worsley Chief Operating Officer of LocalCoinSwap is one of those names who believe the negativity surrounding bitcoin is overdone and it has withstood all the above.
He now believes it is possible that this tight trading range over the last couple of weeks is the calm before the storm and the currency may be gearing up for another massive bull run like we witnessed last year we means there could be some serious gains in store.
“There is no other network that has been as battle tested as the Bitcoin blockchain,” says Mr Worsley.
“It has resisted serious adversaries, and coordinated attacks designed to disrupt its functioning. It has survived all assaults. It wouldn't surprise me at all to see the price above $20,000 USD this year. He added.
Mr Worsley also noted that some good news will clearly offset the negativity and this should be the spark for the predicted bull run.
Especially given the amount of negative press which is now priced in, and investor expectation of another bull run, it will only take a couple of positive developments to set off the train.” He said.