The Bitcoin Price Rollercoaster
When it comes to Crypto, Bitcoin is at the forefront of almost every major news and more so than average, the talk is regarding its price. Now I know people love to discuss how something that was worth close to nothing shot up to reach its high of around $20,000 in December 2017 but those days are now gone. Whether, it can reach those standards again is a hugely contested debate with some even suggesting that it will break the $100,000-mark one day. Where as that statement seems farfetched for now, the current price of Bitcoin is not something to laugh at. Sitting at $9,090 at the time of writing. BTC has had a tough time in the last couple of weeks with its price not able to take off as many predicted. There were experts getting the attention of the community by stating updates such as “Last time BTC got a trend like this, it shot up” or “Bitcoin is ready for a Bullish run” seem to have dwindled out as the top crypto has failed to live up to those expectations. This blog aims to dissect what has happened to the first ever cryptocurrency and its price as of late.
At a time where Bitcoin fell from its perch in the $9,200’s range falling to a weekly low of $8,914 just last week, it felt as if this was the start of a major bearish run for BTC. This drop came after weeks of sitting idle with minor up and downs in its graph so no one could have predicted such a huge loss in value. Even though it has someone recovered now, people are skeptical if it will ever reach its previous value. Experts and traders have yet to call it quits though and there are a lot of Crypto enthusiasts who still believe in its capability. One expert has claimed that its price will leapfrog to over $60,000 by 2023. Apparently, Bitcoin is replicating Apple’s stock value back in 2008 before the 520% increase the next year. In any case, almost all the community wants BTC to increase and this new found resistance near $9,100 is the first milestone it must break.
With a negative 0.34% daily change rate in BTC and long term graph slowly inclining in a downwards slope, it is looking dire for the crypto’s price but if it manages to break the resistance of $9,180 soon, we can hope for a fresh start taking it all the way up to the $9,500 mark. In the adverse case, if it fails here currently, we might see the Crypto leader fall even further in to the $8,000s. While this might be a good opportunity for those who are waiting for the optimal chance to buy BTC for future investments, its certainly a bad scenario for Hodler’s who are seeing a very scary downwards trend.
What do you think will happen to BTC? Will it fall even further or is it time for a comeback? What price will Bitcoin reach at the end of 2020. As always, leave your thoughts in the comments or share with us your opinions to get featured on our platform.