World’s biggest cryptocurrency bitcoin is now slowly garnering more and more attention from across the financial market whether its price surge or plunge. Just at the start of April this year, the asset was seen floating in the lower $4,000s, and now a few months later, bitcoin is standing at around $11,665 while showing a significant -8.22% decrease in the past 24 hours alone. The crypto hit 13,800 barrier just 18 hours ago but plunges $2,000, speaks volume of its volatility
As a result of this price plunge, the entire crypto twitter community has come alive as various traders and analysts are sharing their thoughts regarding the future behavior of this digital asset. Although the crypto world is too uncertain and volatile to say anything for sure, its proponents are hoping for a prolonged bull-run with expectations also set for the crossing its current all-time high (ATH) price set back in 2017.
Here are some of the voices that are coming out of the crypto space:
I might have to quit @Twitter…
In April, at $4,200 we were idiots for putting Pension money into $BTC
Today, at $12,500 it’s a bad asset because it’s volatile 🤦🏻♂️
— Mark W. Yusko (@MarkYusko) June 26, 2019
And 1 hour later, $BTC with a 15% dump.
Here it is in 1 minute candles in case you missed it 🎬 pic.twitter.com/fgIbN2W2v4
— Luke Martin (@VentureCoinist) June 26, 2019
The significant gains achieved by bitcoin in the recent few days have built a strong aura of FOMO (fear of missing out) around it. FOMO essentially comes from the fear of missing out on a chance with something that carries significant and life-changing effects. The bull-run of bitcoin back in 2017 resulted in what they call “bitcoin millionaires”. These were mainly the people who were the early adopters of bitcoin when its price was extremely nominal or were those who stepped in timely and made huge investments thus siphoning off huge return on investment as bitcoin rose from a few thousand dollars in price to almost $20,000.
Now as another bull-run has set in, investors are now figuring out whether to invest in this asset or not and what would be the perfect buying window. The general public, who wants to make a quick buck in the minimum possible time interval, is also expected to get roped into the bitcoin world as its price spike gets more highlight making it a possible investment option.
As for the predictions, many are predicting different price ranges for the asset. There is no physical backing of bitcoin and its price is purely based on speculation, that is people believing bitcoin carries some value and will also be worth something in the future. This lacking is exactly what makes bitcoin prone to extreme fluctuations in both directions, up and down.
Predictions, however, are still floating around. While analysts are often looking at the past trends to develop expectations for the future, some are just throwing out numbers based on their staunch belief in the asset alone. While big financial gurus like Warren Buffet dismiss the asset completely, people like John McAfee are the staunch proponents of bitcoin and regard the asset’s value much higher than it currently is. While making a price prediction in the past, John McAfee said:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020.
So the FOMO around bitcoin has been built. The hype in the media about the asset’s price spike is on its way up. The recent announcement of Facebook’s cryptocurrency, Libra, has already infiltrated the idea of cryptos in the minds of ordinary people. Facebook has a user base of billions and this crypto launch is expected to increase the adoption of the crypto world overall as a more credible image of the blockchain technology is built by Facebook’s adoption of this tech.
Things are seemingly getting aligned for a prolonged bull-run. It will be interesting to see where does bitcoin go from here? Whether it will cross its ATH price or will it come down crashing once again, nothing can be said for sure. Anything can happen in the bitcoin world, ANYTHING!