Recent fluctuations of bitcoin in the cryptocurrency market again made the whole crypto community think: has the bottom market reached, will there still be bitcoin growth or everything is in the past?
Most analysts do not give unequivocally positive or negative feedback. Therefore, the market sagging looks quite strange in June, despite the fact that many enthusiasts predict a new wave of popularity of cryptocurrency.
"Crypto is unpredictable. There are massive spikes and drops. $4500 could be the bottom, but there is nothing preventing $2500 from being the bottom. Likewise, as crypto becomes more mainstream the price tends to rise. Even if the price drops to $1000 there's nothing preventing another surge to $14,000."- said the founder of the London Fintech Week, Luis Carranza.
Some analysts believe that if the crypto-currencies are tightly regulated, then a bullish trend is most likely.
Central Bankers have been quiet during the cryptocurrency bull-run, and have been doing their due diligence with research and white papers carried out by regulators and experts in the field and the market is anticipating an optimistic view from Central Banks. Regulating cryptocurrency would ease investors’ concerns. - Said Gavin Pannu, a market analyst and trade instructor at the London Trade Academy (LAT).
Let's not forget the words of the famous Tim Draper, who believes that bitcoin will reach $ 100,000 dollars by 2022. In 2014, he already predicted growth to $ 10,000 and it turned out to be true. Would we believe him now? He argues that for this point of view there are reasons that are much deeper than a mere fluctuation of the market.
"First of all, Bitcoin does not obey the whims of certain governments and local legislation. It is now above all this. The supply is constant, and the price depends solely on demand. In addition, by using Bitcoin, you can refrain from using traditional banking services and escape surveillance," he said in a recent interview with Bloomberg.
Thomas Lee of Fundstrat Global Advisors is absolutely confident in the imminent "rocket" take-off of the market. He declared:"The growth of Bitcoin is 1.7 times higher than the duration of the decline, which means that 85 days are needed to restore the previous highs. This is July 2018."
The bitcoin rate and market conditions were strongly influenced by many naghevy and toxic articles that earned clicks on the popular topic of cryptocurrency. Many of them stated that bitcoin could depreciate at any time, while others scared the global regulators.
Despite the polar opinions of analysts and experts, it is impossible to disagree with many of the theses. For example, an expert involved in the implementation of financial instruments in the cryptoindustry, Kristjan Dekleva suggested that the cryptomarket will not soon die out and will not hesitate.
"It should take at least 10 years before the world's first cryptocurrency reaches a relative equilibrium," he said.
And this means that it is possible and necessary to earn money on crypto-currencies. Right now we have the opportunity to join the first ranks of those who will master this market for many more years! Your well-being is in your hands. Learn, trade and grow rich on LocalTrade!
P.S. Separately it is necessary to say about mining. According to statistics, BTC lost 75% in price, and hashing capacity increased and amounted to a record 300%. At present, the total capacity of the hash is over 43 million TH/s, which is almost 3 times more than in early 2018. The growth trend of mining was noticed in the last 2 months, for $ 9 to $ 6 thousand per 1 BTC, in spite of this production was increased at least 2 times.
This means that despite the fall of bitcoin, the popularity of mining is only increasing. And this is with the increasing value of this type of earnings. For some groups of miners, the breakeven point is about $ 4,400, and this is significantly below the bottom point, which is predicted by the vast majority of experts. Conclusion: the emerging difficulties still do not discourage enthusiasts from engaging in this innovative business.
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