Will Bitcoin follow the 2017 trend and shoot up or will it unexpectedly crash before this year ends? Here’s a simple analysis of the bitcoin growth predictions.
Why Does Bitcoin’s Price Fluctuate So Much?
It’s no surprise that Bitcoin prices have more highs and lows than the scariest roller coaster ride in the world.
If something is rare, it automatically increases the value of the object. Having said that, the ‘but’ factor here is the necessity of said object.
So in the simplest sense, the more the people want it, the higher the price rises. The lesser the people want it, the lower the price drops. See? Easy!
Can You Control How The Value Works By Trading Bitcoin?
The answer is complicated, as it all depends on what proportion of the 21 million bitcoins you hold, or how many bitcoin holders can you influence to sell or hold their bitcoins.
For example, if you hold 10.5 million of the 21 million bitcoins, you holding onto your bitcoins would drive the price up when it is in demand.
Similarly, if you sell the Bitcoin when it is in demand, you could create a very huge price drop, because essentially you’re reducing the demand for it.
Ultimately, the more you contribute either directly or indirectly to the demand will help positively control the price, a.k.a increases the price and vice versa.
Will The Price Of Bitcoin Go Up?
Currently, as of the 27th, the bitcoin price has dropped to $59,000, which is $5000 less than its all-time peak of close to $67000.
This, as we have discussed above, could be because it hit a record price and people sold their bitcoins which led to the demand for the currency dropping.
Will the price go up though, you ask. Experts say it will. The trend of bitcoin has always been to crash after reaching a record peak value.
A panel of 50 bitcoin and cryptocurrency experts state that the value of bitcoin is bound to rise over time.
They expect the value of bitcoin to reach a peak of $80000 by December, before dropping again.
They claim that the value of bitcoin will easily reach over $250000 by the year 2025 and quite possibly be worth $5 million per coin by 2030.
These calculations are made by studying previous trends of the coin and analysing the demand-supply chain of the coin in the market.
The key controller factor here though, that favours the coin positively, would be that there are a limited number of Bitcoins in existence.
In conclusion, you can expect an increase in the price of Bitcoin, depending on the demand. As of today, although the price has dropped, the value hasn’t fallen too low.
Many Bitcoin traders took to Twitter to call this drop in price a mini-flash sale. So this might just be your chance to invest, to become a millionaire soon.