Its price crossed $69.000 in 2021, and now it is back to $20.000. Experts believe that the price correction will continue, but it stands a chance of reviving value.
Bitcoin has seen its place as the leading coin of the global crypto market as its market dominance has remained more than 40%. It was the first coin that began the era of cryptocurrencies and was followed by names like Ethereum, Binance Coin, etc. It has seen several rallies since its advent and has fluctuated in value.
The recent changes have proved detrimental to its price as it saw a free-fall from its all-time high. These changes have disappointed some investors who were expecting it to rise further. While others have referred to it as the price correction, which was necessary because of the mad influx of funds. According to the latter group, it will bring sanity to the investors, and only those who understand the market will remain.
Here is a brief overview of the current situation of Bitcoin and whether it will be able to revive its value.
Bitcoin started with a value of less than a fraction of a penny, and then it saw its rise. For the first time, its price rose to $0.09 in 2010, and since then, it has continued staggering growth. It was initially developed as a hedge against inflation, to conduct transactions, and use for storage of value. These functions continued to enhance, and later it drew the attention of economists, financial experts, and corporate groups leading to its speedy rise.
It was in May 2017 when Bitcoin price rose to $20K, but then it fell to $10K in June 2019. The fluctuations continued and rose to $29K in December 2020. Later, the value continued to rise, and the result was the ATH in November 2021, when its price rose to $68,991. The following months proved the worst for Bitcoin as it saw a continuous decline, whereas its price has been lurching in the $20K range in July 2022.
There are various reasons for the fall of Bitcoin, including bearish global markets, an increase in US inflation rates, the Russia-Ukraine war, crypto hacks, scams, etc. These have resulted in decreased trust in the market because of increased losses.
There have been different views about the revival or further decline of Bitcoin. There are two groups; one is against investment in Bitcoin, while the other sees Bitcoin as the future of modern decentralized finance. They have debated the future of Bitcoin and tried to convince their followers.
Robert Kiyosaki, a renowned author, has continuously talked about the fall of Bitcoin to $1,100. He has predicted that the fall of Bitcoin will continue as there is no future for it. Dan Roseman from Coinality.com has criticized how Bitcoin works and sees its reliable future if the mining process is altered. It can save the losses borne due to volatility and will bring the market stability.
Ian Balina, founder and head of Token Metrics, says that Bitcoin can cross $100K and will even touch $150K. According to her, it is a new emerging asset going through a correction phase and will soon turn bullish. Though macroeconomic factors have also affected its price value, it will likely improve in the coming months.
Financial institutions like J. P. Morgan and Bloomberg predict its price will exceed $100K. So, the investors await the change in its value as it is currently lingering at lows.
Image by Sergei Tokmakov Terms.Law from Pixabay
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