Is Bitcoin dead in 2019?
On the moment of writing of this article, Bitcoin price is reaching lowest levels since 2017. Many people keep asking themselves "is Bitcoin dead". Is it so?
First of all, it has to be stressed, that each asset you can trade - no matter if we are speaking of best cryptocurrencies, the stock market or even cereals is subject to market cycles. To make a long story short, a market cycle consists of a period where the price goes up (bull market) then goes down (bear market). This movement is subject to many factors, but as speaking of cryptocurrencies the most important one is regarding to feelings.
Yes, feelings. Cryptocurrencies as relatively new invention are very vulnerable to them. The two sides of the whole spectrum of feelings when speaking of market-oriented assets are fear and greed factors (yet there is a number of feelings in between, including eg. uncertainty). So far, the Bitcoin price was subject to four major cycles:
- 2011-2012, where the price dropped by 93% from peak to bottom
- 2012-2013, where the price dropped by 80% from peak to bottom
- 2013-2014, where the price dropped by 86% from peak to bottom
- 2015-now, where the price dropped by ~84% from peak to bottom
What is worthy of noting, each cycle, in general, is longer than the previous one. As well the uptrends are in general longer than downtrends. The 2015-2017 uptrend lasted for 150 weeks, while current downtrend so far lasts for less than 60 weeks.
How low can Bitcoin price drop?
If the price of BTC will behave the same as in the past, we can observe the price of BTC to drop to ~$2800 (86% drop, just as in the third cycle) or, as biggest pessimists claim - ~$1400 (93% drop, just as in 2012).
But it does not mean that Bitcoin is dead!
When to invest in Bitcoin?
In all the sorts of trading, reaching the bottom price by some asset is actually a big "Buy" signal for many of traders, looking for best cryptocurrencies for sale. Each time so far, the new trend had started when bargain-hunters had spotted the opportunity to buy Bitcoin cheap. First very few of them, then more...and the new uptrend starts, with less experienced people to join the hype train called "greed".
This is why investors before purchase check do not just the Bitcoin online price live, but as well track the trading volume. This is because when the trends change, the trading volume goes up.
To sum up, Bitcoin was "more dead" than now already several times, each one ending in more than 2000% Return of Investment rate from the bottom up to the peak. And such situation to repeat yet another time is what many of customers of Linkkoin online cryptocurrency exchange count for.