Panxora CEO: Bitcoin Could Reach $6K in 2019 [Interview]

Further, with changes in the fiat stock markets and legacy banking institutions, much fear and uncertainty have entered the market for investors and users alike. With all this doubt, it can be hard to know who to turn to for market advice. BeInCrypto sat down with Gavin Smith, CEO at Panxora (crypto to fiat trading platform) to get his take on where the market has been and where it is going. BIC: How does the shift in the current fiat markets (like Apple’s recent decline) affect the crypto market? GS: The broader macro-economic backdrop is certainly a concern for crypto. We are entering a period of massive global tightening in credit conditions. In addition to raising interest rates, the central banks have either started or are starting to reverse the QE bond purchase programs that followed the 2008 financial crisis. This will drain liquidity from the global system, including the crypto markets.   BIC: How do you see the sentiment shifting in the crypto market? GS: Since the crash, sentiment has definitely become more negative. The number of people expecting cryptocurrencies to go up in value is at an extreme low.   When it comes to Bitcoin (BTC), many forecasters are predicting further declines, with some even targeting the $1,300 region (where bitcoin peaked at the previous bull market top in 2013). Institutions are also pulling back from the market and the general enthusiasm for investing in the cryptocurrency market has considerably diminished. However, this is not necessarily a negative thing if you look at the long-term development of cryptocurrency. Now that the opportunists who saw cryptocurrency simply as an investment prospect are exiting the space, serious businesses have some breathing room to focus on development in a more constructive way.   BIC: From a technical perspective, where do you see BTC moving in 2019? GS: Looking at the technicals, a rally in Bitcoin at least for the next six to twelve months looks likely. A key level will be $4,300 — if Bitcoin breaks above this, we could see a move to at least $6,000. This move could be exactly what the market needs to break out of its current funk and see further constructive moves. [bctt tweet=”A key level will be $4300; if Bitcoin breaks above this, we could see a move to at least $6000.” username=”beincrypto”] BIC: Among altcoins, do you see any that have the potential to rival BTC for market dominance, and why? GS: Rather than another cryptocurrency replacing BTC as the leading cryptocurrency, there will more likely be a sharp differentiation between the leading coins in each of the use spaces (BTC/ETH/XRP etc.), and the smaller, less-established tokens. These smaller tokens will find it harder to gain acceptance in a more risk-averse market environment that we are likely to see following the bear market.   BIC: Do you see greater institutional involvement in cryptocurrencies moving forward? GS: We are seeing a lot of interest, even after the current slide, for specialists to manage cryptocurrency portfolios for high net worth individuals and institutions. This is likely to continue as cryptocurrencies become accepted as a small part of every investment portfolio. Do you think Smith is right about his perspective on the state of cryptocurrency, and Bitcoin in particular? Let us know in the comments below! 

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