Bitcoin May Not Make a Comeback This Year, Chinese Analysts Claim

Francisco Memoria

Various analysts in China reportedly believe that bitcoin, the number one cryptocurrency, may not make a ‘big comeback’ this year. After enduring a year-long bearish trend that saw its price dip from a near $20,000 all-time high to a $3,200 low, it may not yet be ready to recover.

Per local news outlet Beijing News, analysts in China are cautious when it comes to the cryptocurrency’s future in the short-term, as they argue the market won’t likely see large returns this year.

Sun Hang, a senior analyst at Token Club, claimed that in the short run we may see the market move upward due to an “imbalance” between supply and demand. Even if the price does rise, Hang added, it’ll likely only happen in the second half of this year.

As for whether investors should put their money in bitcoin this year, Hang revealed it depends on the investors. If they’re looking to hold for “3 to 5 years”, he said, it “makes sense to buy [the] dip in 2019.”

 If they’re looking to invest for a shorter amount of time, he added, they should be careful as “bitcoin is unlikely to outperform other investment targets due to the limitations of blockchain technology over the next 12 months.” As to whether bitcoin was close to bottoming out, he noted it wasn’t clear.

Per 8BTC, another analyst named Huang Liang took a different approach. He was quoted as saying:

At both macroeconomic (tight liquidity within the crypto market) and microeconomic level (slower-than-anticipated blockchain adoption), 2019 will not be a year for bitcoin’s strong corrective rally.

The analyst added that BTC’s price may still drop further this year. Another analyst, Xiao Lei, revealed he sees this year as one in which cryptocurrencies look for a “survival value,” and not one in which cryptoasset prices repeat 2017’s rally, although it’ll be better than last year’s bear market.

Per his words, in 2019 we can expect volatility in the market, with heavy correction included. Lei was quoted as saying:

The best investment strategy is to keep calm, pour a relatively small amount of money into the market and accept the volatility.

At press time, bitcoin is trading at $3,900 after rising 1.7% in the last 24-hour period. The MVIS CryptoCompare Digital Assets 100 Index, a market cap-weighted index that tracks the price of the top 100 cryptos, shows BTC is outperforming most top altcoins, as the index is up 1.1% in said period.

Other top altcoins, however, are performing much better. Ether, the second-largest crypto by market cap, is up 5.7% to $159.2, while Tron’s TRX has surged 10% over BitTorrent’s BTT token, while litecoin is up 13% as it’s trading at $36.

UK's Biggest Travel Company Starts Accepting Bitcoin, Bitcoin Cash Payments

Corporate Traveller, the United Kingdom’s biggest travel company, has recently started accepting bitcoin (BTC) and bitcoin cash (BCH) payments, in a move that could be followed by the Flight Centre Group, one of the world’s biggest travel firms, embracing crypto payments.

According to Australian news outlet Micky, Corporate Traveller’s move to accept both bitcoin and bitcoin cash was announced yesterday, and came due to increasing demand from its clients. The firm, with 20 locations across the UK, is the country’s largest business travel services provider.

Speaking to the news outlet, Corporate Traveller’s UK general manager Andy Hegley stated:

We identified an increasing demand from our clients for the option to pay in Bitcoin for business travel bookings made by our travel consultants.

The company is accepting cryptocurrency payments through a partnership with BitPay, which processes them for it and converts the funds to GBP it then receives within two business days. According to Hegley, BitPay was chosen as it manages the entire process, so Corporate Traveller only handles GBP.

He added the blockchain industry is “growing exponentially” and, as such, the company is “excited to be able to” gives its clients bitcoin and bitcoin cash payment options. Per Micky, the UK firm's move could be part of increasing cryptocurrency adoption, with Flight Centre looking to accept BTC and BCH as well.

An unnamed source reportedly told the news outlet the company’s executives are taking note of “increasing demand from clients for cryptocurrency payments,” and as such is “exploring options to accept bitcoin at its 1,239” retail travel agencies throughout the world.

An employee at an Australian Flight Centre travel was quoted as saying:

All the time people ask if we accept Bitcoin… Mainly international students and tourist already here trying to book more flights.

The travel agency employee reportedly added the company’s management is aware of the demand, and will “probably see how it goes at corporate Traveller, before they let customers pay with bitcoin.”

The tourism sector is notably leading in cryptocurrency adoption. Travala, a blockchain-based bookings website, recently $2.6 million through an initial coin offering (ICO) last year, and currently has bookings at over 500,000 hotels throughout the world.

In an exclusive interview with CryptoGlobe Jeff Klee, the CEO of travel booking firm CheapAir, revealed that accepting bitcoin was one of the “best decisions” he’s ever made.