Bitcoin Value almost reached $20,000 per coin at the end of 2017. After this massive surge in the value of Bitcoin, the price quickly fell, however. Just this week, we saw the price of the coin fall below $7,000. Even though the value of the most popular crypto coin in existence is falling, one expert is claiming that this may only be temporary. Several reports have now also suggested that the price of Bitcoin may soon start to climb once again as we enter the last two quarters of 2018.
Bitcoin’s Decline In Value May Only Be Temporary, According To Crypto Expert
Bitcoin is now considered an established digital currency, with millions of people owning some of this crypto coin. The value of the coin has taken a rollercoaster ride over the past year. A massive surge took Bitcoin Value from just over $5,000 per Bitcoin to close to $20,000 in December 2017.
This year, we have not seen such impressive results in the coin’s value. In fact, things haven’t been looking so bright for Bitcoin in the past few months.
On the 13th of July, the value of Bitcoin dropped to less than $6,250. Fortunately, the price went up again soon after. During the past week, the price started to decline again, however.
The negative trend in Bitcoin Value has made people skeptical about investing in the coin, but one expert believes that we should not distrust the coin just yet. In an interview, cryptocurrency expert Spencer Bogart mentioned that the alarming drops in Bitcoin’s price were expected. The decline in value did not only affect Bitcoin; other cryptocurrencies were affected as well.
Spencer mentioned that the fact that many of the hedge funds that were established last year are reaching their lock up, and that’s the reason causing the fall in cryptocurrency prices. Many of these hedge funds are selling their assets, and these selloffs are, in turn, causing alarming declines in Bitcoin value.
The fact that the prices are currently low does not necessarily mean they will stay low. Spencer advised that people might now be waiting to see how things play out, but the price of Bitcoin could rise unexpectedly. Thus, this means that the time to buy into this cryptocurrency is now.
Spencer Is Not The Only One With Hope For Bitcoin’s Future
Even though some people are now having second thoughts about investing in Bitcoin, many experts do believe that now is the right time to do just that. While the price is low, people can get in on this coin, and perhaps enjoy large profits in the months to come.
One report explains how the cryptocurrency market is expecting another bull run with Bitcoin this year, and many compare this bull run prediction to last year’s bull run.
Earlier this week, Intercontinental Exchange, the owner of the New York Stock Exchange, also officially announced its interest in Bitcoin. The company is launching an official Bitcoin exchange that will aim to create a new ecosystem that will make Bitcoin a regulated market. This move alone may cause the price of this coin to rise again soon, as many experts believe that the fact that Bitcoin is currently unregulated is one factor that is keeping the coin’s value down.
Even though the Bitcoin price has now hit below $7,000 several times in just a few weeks, experts believe that the decline in Bitcoin’s value may only be temporary. Several movements have been made recently in favor of Bitcoin and other cryptocurrencies, which may soon cause the coin to gain in value again.