Despite the fall of the cryptocurrency market, bitcoin enthusiasts do not lose hope that the rate of the cryptocurrency will continue to grow in the future and will exceed its previous records.

Bill Barhydt, CEO and founder of Abra, cryptocurrency-supporting investment application, believes that in the near term the price of bitcoin may continue to fall, but in the long term the first cryptocurrency will exceed the $50,000 mark.

“We got way ahead of ourselves in December in terms of crypto pricing,” Barhydt tells Inverse. “Long term I see Bitcoin at over $50,000 but it’s not realistic to expect it to happen overnight.”

Unlike other leaders of the cryptocurrency industry, Barhydt did not name specific dates when it is worth waiting for the growth of bitcoin price.

But there are also pessimistic forecasts. The Japanese analyst calls not to wait for the sharp increase in the bitcoin price. Last year's record of bitcoin price was caused by the bubble and rush that surrounded the whole cryptocurrency market, and the appearance of bitcoin futures led to the short-market, which continue to put bitcoin on decline, said Yukio Noguchi, a Japanese economist.

Spencer Bogart, partner at venture company Blockchain Capital, also predicted a further decline of bitcoin price. According to him, the cryptocurrency is in a downward trend.

"If we go back to the summer of 2017, when crypto prices were booming, there was about a 100, 200, maybe 300 new crypto hedge funds that were formed. […] They’re saying, ‘hey, I want to redeem out of that fund. That means forced selling on behalf of all of these new crypto funds that have popped up. I think that could take prices artificially lower."