If you want to quantify the statement “how much a year changes”, look no further than the cryptocurrency market and its numbers compared from this time last year to now. In the most extravagant fashion, the space announced itself into the finance world at the midst and end of 2017, when Bitcoin romped up to the $20,000 mark and effectively seemed bound to stay there. There onward, it has been a rather turbulent ride, with each passing month providing with a new low.
With the latest trends dropping down to a meager $3,000 and its thereabouts, it is not more than a suggestion that the market is still immature and it will only see sustainable growth after it has spent being around a while. This also enhances evidence that the peaks from last year was merely a mirage. This opinion was further validated by coin expert Mati Greenspan, who was speaking to Block Publisher over the current prospects of the market. He stated:
What we’re seeing now is simply a retracement of the bull market in 2017 that is still trying to find a floor.
Economic Consultant at GoodCoin, Mati has been a finance analyst and strategic adviser who boasts a strong portfolio. While he refrained from giving away financial advice and prediction that could be of use to traders, he did admit that even the current low numbers from the market represents a strong area of support.
He responded to our query as to how low the current decline will take us, as:
How low it will it go is anybody’s guess. What I can say is that we’re currently in a strong area of support between $3,000 and $3,500 per Bitcoin.
Though Greenspan sounded thoroughly positive about the prospects of the space in the long-term, even the most staunch supporters have been made to eat their words and bullish predictions amid the current clutter in the market. Quite famously, Thomas Lee had predicted a $20,000 plus value for Bitcoin by the end of 2018, which is only foreseeable if a buccaneering market transition takes place.