Why Bitcoin can only go up from here
The Bitcoin Prize beat a new ATH this year at $ 5,600. The next stop seems to be $ 6,000. HODLers are daring to dream … But let's keep a little perspective. All major coins are still a ( very ) long way from their all-time heights. However, it can be significant in itself. After all, the backlash can only be higher.
There is only one way to go from here
Do you want the good news or the bad news first? Let's start with the bad.
Despite breaking through a key resistance level and forming its first golden cross since the 201[ads1]5 bottom, Bitcoin (BTC) is still down a massive 72 percent from its all-time high in December 2017. [19659004] Ether (ETH ) is off with a full 88 percent, and Ripple even worse at 90 percent. Let's not get started on Bitcoin Cash … They rebounded pretty hard back in November last year and reached down 92 percent from historic heights.
Other altars also struggle, namely:
- XRP: – 90%
- EOS: – 76%
- LTC: – 78%
- ADA: – 93%
- XLM: – 87% TRX: – 89% XMR: – 87% DASH: – 91% MIOTA: – 94%
- NEO: – 94%
- OMG: – 92% [19659017] So what's the good news then? Why are merchants and HODLers worldwide so excited? Well, market analyst Rhythm Trader rightly observes … with statistics like this, we can just go up from here.
Bitcoin is better placed for a quick than in 2017
Apart from the bad encouragement that things can only get better, there are many other reasons why it looks rosy on BTC. Unlike the last epic bull, the price of bitcoin is running steadily since 2017.
There are now far better basics in terms of rising transactions, usage and hash prices. Several scams and sh ** coins have been flushed out, there are several fiat ramps, evidence of use in use, and much more as well.
This time, Bitcoin scaling, has got great institutional support and already proven that $ 20,000 is a realistic goal.
At the same time, we must all remember that almost 80 percent of a total of 21 million bitcoin has already been mined. Halving, which will reduce sales pressure on the market, is now less than 400 days away.
Industry Insiders Calling Parabolic Growth
We've all heard John McAfee's predictions – and what to do if he's wrong. But there are many other key protagonists who are similar (if not more) bullish to Bitcoin.
Yesterday, Anthony Pompliano from Morgan Creek Digital made a staggering claim. That Bitcoin could become a $ 5 trillion asset by 2024. This is based on the rationale that Bitcoin remains the only sub trillion dollar asset that can increase by as much as 50 times over a five-year period.
So yes, is the fact that Bitcoin still has a long way to go to recover its previous levels before bursting through them. But with tailwinds strongly blowing, it can only go up from here.
Will Bitcoin continue its appearance? Share your thoughts in the comments below!
Pictures via Shutterstock