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What are your opinions on the increase of Bitcoin's price?

What are your opinions on the increase of Bitcoin's price?

With how notoriously volatile the cryptocurrency market is, it is difficult to pinpoint price swings to a specific incident. Yet, many people in the crypto world love to speculate on just how high the prices of their favorite coins may rise. It’s time for the cryptizens to celebrate as the value of Bitcoin could be seen increasing and this time it’s not going to stop. Bitcoin has gathered a lot of attention over the past decade, regardless of the constant declarations of its death. Despite all the ups and downs, Bitcoin’s future has remained bright. It is important to understand that Bitcoin is a new technology and new technologies can take decades to reach critical mass. Yet, much like the internet, no one wants to miss out on the “next big thing” and Bitcoin is the biggest thing yet.

It’s clear that at present the blockchain technology is still far away from the purpose of its maximum development and now I believe that the cryptocurrency market will be evolving not because of hype but owing to creating new value.

Created by Satoshi Nakamoto, a pseudonym, in 2009 have been through good and bad times facing unsure rise and fall. Despite the unpredictable nature of bitcoin, believers still say the best is yet to come. The price of bitcoin was trading between $930 and $978 but 2017 saw the price of Bitcoin climb from below $1,000 to nearly $20,000. That year saw unprecedented interest coming from places particularly in the finance industry that some may not have imagined possible a few months ago. However the fluctuation didn’t stop and by the beginning of February 2018, the value of BTC had dropped below $7,000.

Bitcoin’s 10-year history is full of overwhelming peaks and troughs but what is clear is that its limited supply will make its price increase. Those who hold exclusive coins may enjoy an enormous profit in the upcoming years. After Bitcoin showed an enormous rise on April 2, 2019, when the value got over $5,000, many experts and cryptoanalysts started speculating as to what the reason for the price increase could be, but mainly arriving at a mutual opinion, which is it “could be anyone’s guess”.

According to the opinions of some experts, the value of the bitcoin will now move higher over the next few weeks and months, making steady gains for investors. This sudden and mysterious movement had a knock-on effect on other major cryptocurrencies with Ethereum, ripple, and Litecoin all experiencing gains of around 10 percent. The important chart that needs to be considered as the primary reason for this intensive move in the price is the weekly chart which shows the six consecutive weeks of gains for bitcoin price. This clearly states how much Bitcoin price has moved from its average. Other analysts have suggested that as investors changing pounds to bitcoin ahead of Brexit, which is scheduled to happen in mid-April could have been a possible reason, while others attributed the surge to algorithmic trading.

Overall, experts agree that the cryptocurrency market at the moment is largely driven by emotions. It’s getting more and more evident that this Bitcoin hype is just a first step for the cryptocurrency mass adaptation. Still, some experts trust that within the next couple of days Bitcoin may break through the $5,200 mark. And, in my opinion, what we have now is a silence before the storm. So be ready to use all the opportunities coming on the way.

04 Apr 2019
The views and opinions expressed in blogs are those of the authors and are not the official policy or position of ICObench. Any content provided by our bloggers or experts is of their opinion and they are fully responsible for it. ICObench is not legally responsible for the blog's content.

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