Searching for Maximum Profit: When will Bitcoin be Huge Again?
Oct 23, 2019 at 12:02 //
News
Bitcoin has a long term reputation as the top cryptocurrency. While being the most popular, expensive and volatile coins, Bitcoin remains alive and kicking despite the dramatic price rise and falls.
One of the biggest gains that Bitcoin price showed in its history was the level of $19,000 per BTC in 2017. Today, cryptocurrency traders and Blockchain tech experts debate whether and when will we see next unstoppable rise in Bitcoin price.
It’s All About Trust and Faith
The Bitcoin price depends on the trust of its users even more than any other payment method. Even short pinions of famous bankers and business people influenced the price of BTC several times in its past.
In 2017, Jamie Dimon, CEO of JPMorgan Chase called Bitcoin a “fraud”. His short comment raised massive debates on the world cryptocurrency market and Bitcoin price reacted immediately with a dramatic fall. Even though later he convinced that he is not that interested in the subject and regretted that characterization of the cryptocurrency.
Positive quotations may have similar, however, much less impact. John McAfee, a famous software and antivirus developer, stated in an interview that he’s expecting Bitcoin tp reach the price of $1 million. He first mentioned it back in 2017 and he still believes in it.
He noted:
“I’m just a very conservative man. I said one and I’m sticking to one.”
On December 2018, Bobby Lee, a co-founder of China’s largest crypto exchange BTCC, stated that he’e expecting Bitcoin to rice until late 2020. He predicted the price of Bitcoin to reach $333,000 by December 2021.
If any of these predictions come true, some Bitcoin traders can expect to get the maximum profit in cryptocurrency history.
All Time Maximum so Far
Bitcoin reached its historical maximum back in December 2017. On December 19, several cryptocurrency exchanges registered the price of $19,000 USD per 1 BTC.
Today Bitcoin price is slightly above the level of $8,300. As reported before, the equilibrium status does not last for long as the sellers overwhelm the buyers and the market falls to another low above $8,000 price level.
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OhNoCryptocurrency via https://ift.tt/2PblI7a @coinidol.com By Guest Author, @Khareem Sudlow
