When Bitcoin hit 20k last year, there were so many people mortgaging their homes and taking out loans to buy BTC. But now, when the price of BTC is at the lowest it has ever been in a long time, nobody is buying. Know this – this might very well be the last chance you have to get in on the Bitcoin bandwagon.
2018 has not been great for BTC so far. It is facing multi bear market since last three months resulting in it recently going below 6600$ for the second time this year. Then again, it bounced back from 6600$ and its probably heading towards 7800$. Technical analysis is too confusing at this stage for BTC, and it all comes down to fundamentals, which will decide the trend for BTC.
Why Bitcoin tanked so badly?
It usually boils down to negative sentiments from the market which affects BTC price movement. Some sentiments that sent BTC plummeting in the past include Mt. Gox. Chairperson selling BTC and Google, Facebook and Twitter banning crypto-based ads.
Bear is over, Bull market is waiting for Trigger
This tweet from Technology influencer Armin Van Bitcoin best summarises this market,
Market being oversold this much, anything could set the trigger.
– China unbans #bitcoin
– SEC approves ETFs
– CEO of a big company buys in
The reversal will come in massive bursts that will leave the majority of speculators sitting in fiat waiting for a dip. 🚀 #crypto
— Armin van Bitcoin ⚡ (@ArminVanBitcoin) March 31, 2018
While the China lifting the crypto ban might take some time to come through, ETF is definitely a possibility and mass adoption is definitely going to bring a few big names into the fray. All the more reason to get in now and buckle up.
Bitcoin is a better product now
While bitcoin is dropping down in value, it has improved a lot as a product in last few months. Few important developments are happening on BTC right now are –
- Lightning Network
- Micro- Transactions
- Mobile lightning wallets
It’s good to buy in and wait for price reversal
Considering all positive facts about bitcoin, it is probably a good time to buy back into Bitcoin. If even a few of these positive sentiments come through, the price of Bitcoin might never come down this low again.
Going by conservative estimates, I am confident about seeing bitcoin at 30,000$ price level before the end of the year. Media FUD has in a way cleared the market of weaker hands who got into this to get rich quick. Positive sentiments are coming up on the horizon and hopefully, we should be back in the bullish territory before long.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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