Bitcoin will be simply played by bears in market with price range of $7k to 8.5k until bulls doesn't enter in the market.Many analysts stated bitcoin price when it was surging like a rocket but this fuel isn't enough to stop downward inclination and rebounding to the previous level of $20k
Based on previous years records and based on network trends, I am guesstimating within 8 months. Here are a few qualitative reasons:
The last major crash was 2014 and took 2+ years to recover. The network of users were much smaller than and they didn't get half as much press as in 2017 & 2018. News travels much faster these days.
Also there are many more people to enquire information on.
Ease of buying into bitcoin is much easier now than ever.
Many countries didn't have exchanges back in 2014. Now there are many local and global exchanges and the buy-in requirements / barriers to entry are much lower than ever.
The relative stability. The last time there was a major crash, the value dropped from USD1000+ to a few hundred.
Now, very few people expect it to go below USD7k if at all. The longer it stays above USD7k the greater the trust people will get in it.
At one point, the general public will feel more confidence to get in again.
The technological improvements. With the introduction of technologies related to higher security (Segwit) and performance / lower fees (Lightning Network LN) the bitcoin of today is far superior to that of 2014.
As the adoption of LN grows and improves technologically, it is very likely that merchants will start to get into bitcoin over the counter.
We are talking about 1 second transaction times with fees close to 0.
I believe it will in next year
Bitcoin will be simply played by bears in market with price range of $7k to 8.5k until bulls doesn't enter in the market.Many analysts stated bitcoin price when it was surging like a rocket but this fuel isn't enough to stop downward inclination and rebounding to the previous level of $20k
Based on previous years records and based on network trends, I am guesstimating within 8 months. Here are a few qualitative reasons:
Also there are many more people to enquire information on.
Many countries didn't have exchanges back in 2014. Now there are many local and global exchanges and the buy-in requirements / barriers to entry are much lower than ever.
Now, very few people expect it to go below USD7k if at all. The longer it stays above USD7k the greater the trust people will get in it.
At one point, the general public will feel more confidence to get in again.
As the adoption of LN grows and improves technologically, it is very likely that merchants will start to get into bitcoin over the counter.
We are talking about 1 second transaction times with fees close to 0.