The cryptocurrency sector’s version of Comic-Con, the third annual Blockchain Week, kicks off in Manhattan on Friday. This is big news for enthusiasts who want to chat all things crypto, but some experts also believe it could be grounds for a Bitcoin price surge.
The world’s most popular cryptocurrency sank below the $10,000 mark early in March and hasn’t been able to mount a comeback since. As of 2:50 p.m. Eastern, the token is valued at $8,601 down from a high of $9,022 it saw earlier on Friday, according to CoinMarketCap. But Robert Sluymer, the managing director and technical strategist at investment research firm Fundstrat Global Advisors, told CNBC that Bitcoin’s price has spiked every year following Blockchain Week, which could give it the boost it needs to reach highs of $10,000.
“The regulatory risk, the fundamental risk around what’s happening with cryptos, has hit a bottom and now we’re in a state of general recovery,” he said. “[It] continues higher from here.”
Bitcoin Price Predictions: What Is Blockchain Week?
Blockchain week was started in 2015 and has since brought together the industry’s biggest players to discuss the future of the decentralized technology. This is the first time it will be hosted in New York City and it is expected to attract about 8,000 attendees, many of which have influence in the cryptocurrency world.
Twitter CEO Jack Dorsey, who was quoted saying Bitcoin will overthrow the dollar, is expected to make an appearance. Aside from discussion, there is a hackathon and blockchain job fair scheduled.
Sluymer explained that Bitcoin saw a sizable boost in value directly after this event. In 2015 it saw 23 percent growth and the following year it inched up 10 percent.
“Not a huge amount considering how volatile cryptos are,” he said regarding the 2015 valuation. “But then it moved up around year-end for about another 100 percent move.”
Bitcoin Price Predictions: What Comes After Blockchain Week?
Bitcoin has been on a bit of a slump recently. But other experts are predicting an enormous rally within the next two years. But as the market has settled below five digits, it seems increasingly unlikely that it will see price spikes like those in late 2017. National governments and financial institutions have taken steps to try and make cryptocurrencies less volatile through regulations, which could make for more stable prices.
This year’s Blockchain Week might not cause bitcoin prices to surge to the heights of $19,000, but it could serve as a stepping stone to get past the $10,000 mark that has been seen to be evermore allusive.