Bitcoin price might have taken a fall, but if we take a look at the long-term price analysis, things aren’t that drastic or unique. The market is just alright as even tweeted by John McAfee.
Bitcoin price mania
Bitcoin has tumbled down severely, in early January’s $17,296, it stumbled to $6114 in early February. At the beginning of March, it maintained above the $11,000 limit before plunging down to $7,4800. Again in April, BTC price fall down to $6,760 before it stayed well-above $9,000 mark till the early May.
However, since then it went through a constant downward movement and reached $6,700. In the last 24-hours, there has been a severe dip from $7,450 yesterday to today’s $6,800.
However, if we take a look at the last few hours, after the slide to almost $6,700, BTC price went up and down and have taken a slight upward shift.
The price took a hit amidst the news of a South Korean exchange hack. Looking at the past hacks, in August 2016, the crypto exchange Bitfinex was hacked and 120,000 BTC were stolen valued at $72 million. This led the Bitcoin (BTC) price to drop down by 20 percent but soon it recovered the losses.
Also in January, this year itself Coincheck was hacked in what was one of the biggest hacks. This has the crypto market take a tumble down the price line which was realized back shortly.
Also, the crypto influencer, John McAfee tweeted:
Long-term Bitcoin scenario
Over the years, the graph of Bitcoin price goes through almost the similar trends as also pointed out by Binance CEO, Changpeng Zhao on Twitter.
Many people seems to think BTC price was flat before this year, as they appear to be on the graph. To the old timers, it’s the same pattern every year. Just the units on the left is different. pic.twitter.com/mwu8U3jn0J
— CZ (@cz_binance) June 10, 2018
When it comes to bearish pressures in the crypto market, especially the extended ones, they tend to reflect the previous trends which follow somewhat similar bearish pressures.
Last year as well, before Bitcoin hit its all-time high, it was at $2,900, exactly a year back on June 11.
As for if Bitcoin will hit the same heights can’t be said with certainty. However, experts have predicted several price limits. One of them being BTC closing the $15,000 limit before the year ends.
If we talk about the positive news, this year saw many of them. For instance, the regulators like SEC and CFTC’s interest in cryptocurrency has taken a shift towards understanding it and then working on regulations for their growth. Institutional investors have also started making entry into this space. However, both of these factors aren’t going to affect the crypto market in the short term.
Another major facet is the awareness and adoption of cryptocurrencies. Awareness and interest have risen many folds as evident from this instance that according to the recent study, the people who own crypto in Ireland has risen to 300 percent in the last four years.
As for the adoption, bitcoin among other cryptocurrencies are increasingly making their presence and being accepted by local as well as well-known brands.
Coming back to the Bitcoin price, it took a significant time to reach where it is. In the long run, we would be seeing numerous developments that will drive its growth. In the short term, things are not looking positive, but in the long term, bitcoin will be just fine.
What are your views on the current red crypto market? Share your thoughts with us!
I am Sandeep crypto enthusiast. I am an associate content producer for the Cryptocurrency News & ICO section of Coingape.