With a historic look at Bitcoin over the past nine years, we will see that this popular currency has undergone major reforms, all of which have prevented Bitcoin’s more than 80 percent improvement in value debate. The price correction this year made Bitcoin lose about 69 percent. While some other currencies, such as the Binance coin (BNB) and (EOS), have suffered a lower price than Bitcoin.Between August 2010, August 2011, January 2014, and January 2018, Bitcoin has experienced a seventy-eighty percent drop in value against the US dollar. So keep reading to understand why bitcoin price can rise in 2018?
According to coingraph, according to statistics provided by Chainalysis, Bitcoin has grown more mature over the past nine months. Despite falling bitcoin prices at this time, most investors remained loyal to their investment, and did not change their approach to Bitcoin.
The market seems to have regained momentum after new entrants arrived, with different attitudes and expectations. These people are the same part that kept their bitcoins from 2017. During the summer of this year, neither long-term investors nor ordinary buyers and sellers have sold and changed their behavior towards Bitcoin. This means that the market is moving. Whether good or bad, it represents a fundamental change.
Read more: Bitcoin 9 year evolution proccess
Bitcoin’s maturity can be seen from the stability of the currency since August 6th. Over the past two months, Bitcoin has remained at $ 6.33 to $ 6.8K, and rarely crossed the 6.8 boundary. On the other hand, currencies such as Ripple and Ethereum have been hit by high ups and downs.
Bitcoin has lost 9 percent of its currency market over a two-month period, while Ethereum and Reepel faced fiscal adjustments of fifty percent. Eventually, the XRP and ETH tokens, which were respectively the major currencies of Ethereum and Ripple, began the second half of September.
The rise of Bitcoin’s stability made it possible for the market to be less influenced by the hype and news surrounding it. In addition, the advent of various developments in digital currencies from large corporations and global technology giants such as Microsoft, Starbucks, and ICE, which made it more accessible and recognizable more bitcoin, did not cause the short-term price of this popular currency Fluctuate.
Various experts, including Eric Wurthis, CEO ShapeShift, Mike Nogratz, from major market players in the market, the legendary Ben Horwitz and Balige Srinivasan, chief technology officer of coinbase, believe that the digital currency market Will be revived in coming months.
The globalization of the digital indexes in 2018
During a conversation that was broadcasted on CNBC media as part of a program called “Crypto Trader”, Eric Voores announced that the bitcoin and other digital currencies are closing their mark.
Still, he said, despite a fall of 80 percent in value, Bitcoin’s downturn has not yet reached its end, but the market seems to have crossed the hardest part of the work.
I do not expect the market to collapse so soon, but on the other hand, I believe that the rate of market losses has fallen sharply. Generally, in these bubbles, after experiencing a few mounths of downtime, you need to experience stability. But I think we’ve been overwhelmingly lagging behind.
Voorish’s talk and analysis described the situation in the market very accurately. Since January, the market has come to its lowest value in recent years and has fallen to $ 190 billion, and then stood at $ 220 billion to $ 230 billion.
For example, on September 25th, the bitcoinck price ran around $ 420. On September 26th, this figure was about $ 540, which saw only 20% growth in one day. According to Voures, this is the best time to buy and invest in the digital currency market, as the current level of digital currencies around low prices is changing.
Read more: Bitcoin’s death: a nonsense word!
Other currencies including “Cadano”, “XRP” and “Stelar” were exactly the same. These currencies experienced a price instability with a ten to thirty percent increase over the short term. In the coming months, the Cripto market seems to be recovering, but some time we expect to see a sudden rise in prices.
Bitcoin’s evident trend: Instability at $6,000 to $8,000
The bitcoin trend, the most popular currency for these days in the Cripto market, can not be as simple as that. Since February of this year, Bitcoin has experienced a pattern in which it reaches its highest price a month and then just next month it sees its price at the lowest annual price. The gap between these two prices in the context of time can be seen in the chart below.
By the way, in early February, bitcoin hit $ 6,000 and the next month was $ 10,000. In April, Bitcoin reached the lowest price over the past year, regaining $ 6,000 to $ 9.4 $ 1,000 increase in price. But the gap between these two prices has dropped slightly. By the month of June, Bitcoin will be priced at $ 6,000, and next month it will reach $ 8,400.
In August, Bitcoin will once again fall to a limit of six thousand dollars, this time remaining intact for the next eight thousand dollars and in the same range of $ 7,000 to seven thousand and a half thousand dollars. Since Beat Coveen has arrived at $ 7,000, he once again sees the currency at $ 6,000.
Beat Kevin is clearly lowering its low price to six thousand five hundred dollars. It’s going to happen after it tries to bring itself up to ten, eight, six thousand dollars. Each time, the threshold of their resistance at the test site, increased its rebound to a lesser extent and did not allow this threshold to be tested at a higher level.
Mike Nogratz announced that sellers would no longer refuse to sell at low prices, so that market bears would not want to sell their digital currency. He pointed out that the drop in the price of bitcoin to its lowest level last year revealed a variety of technical issues.
Yesterday the market returned to its highest annual price and opened its way to a bubble or another price increase. Markets tend to change after a change. And this time, again, we are seeing the footprint of another bubble.
The arrival of investment companies and companies
The year 2017 was the year when the Cripto market reached its highest value of its history, eight hundred billion dollars, where many believed that investment companies would enter this field. Of course, the sharp rise in prices we faced last year was driven mainly by the arrival of small retail investors and the partial buying and selling of these currencies globally.
In countries such as South Korea and Japan, the demand and interest in buying digital currencies went so far as to prevent the exchange providers from having enough inventory to respond to this volume of demand, which led to different prices from other currency exchanges.
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When Bitcoin earned $ 20,000 and its highest price, the currency traded $ 24,000 in South Korea.
Kyle Somoni, a major partner at Multilay Quinn Capital, said the lack of appropriate structures prevented companies and organizations from investing in Bitcoin and digital currencies, due to the involvement of investment companies in the Bitcoin arena.