Bitcoin price swings are back, and so are the uncertainties of volatility. Price fluctuations are running in over $1,000 a day, which could cause serious troubles. However, market experts are pretty sure for a big bull in the late half of this year.
Especially the last 8-10 days have been a bit too much adventurous, to say the least. For instance, on June 26, the Bitcoin price jumped sharply from $11,778 to $13,796 and then fell back to $11,755. At the time of writing this article, BTC prices are floating around $10,880.
Increasing fluctuations hurt a lot!
In December 2017, Bitcoin reached its all-time high of $20,000 but subsequently, the market crashed and remained bearish throughout 2018. In fact, most cryptocurrencies lost over 90% of their price value from December 2017 to December last year. This was the worst period for the crypto space since inception and created a big question on the future of Bitcoin.
But the prices started to improve in February this year, and ever since Bitcoin has been on a growing spree. Many experts have predicted that Bitcoin will soon surpass the all-time high, and will reach $100,000 mark by the end of 2019. However, prices have dropped severely in one day, and again, the horror of 2018 starts to haunt us.
Should we wait for a $100,000 hit?
Well, this might be a reality, but not immediately in 2019. Though the rise since February has been exponential, thinking about anything beyond $30,000 would be being unrealistic. In fact, experts at Trade99 have predicted that Bitcoin will cross $20,000 by the end of the year, which is perfectly realistic.
If you’re a believer in crypto, you won’t be affected much by the price fluctuations, for two main reasons. One, you have been in the market for long enough to understand that it is extremely cyclical in nature, and such fluctuations don’t affect the long-term performance. Two, you’re not a bounty hunter, who is in for some fast money-making tricks in growing markets. Usually, those in for a quick bang want volatility, and price fluctuations, so if it goes the other way, they almost cry.
Several factors make the predictions by Trade99 more realistic and achievable than the $100,000 mark. Firstly, it is highly anticipated that steady growth from here on could be the way to go. Secondly, if Bitcoin is at $10-11K, reaching $100,000 by the year end means a ten-fold price rise in just six months, too optimistic! Thirdly, reaching $20,000 could be possible also because it has reached there previously, and crossing a mark crossed earlier is always a big possibility.
So, relax, the market is just acting like always, and it will soon be swinging upwards again. But have realistic optimism, not some “make me rich tomorrow.”