So much for bitcoin’s sudden rise to $10,800 last week. The coin was doing so well following a low period of trading in the $9,000 range and now things have returned to “normal” somewhat. While the currency isn’t in the $9,000 range again or lower, it is trading at around $10,180. This is significantly less than where it was, and bitcoin has once again let down all who were expecting a sudden bull run in the coming days.
Bitcoin Is Falling Once Again
It’s getting annoying to see bitcoin fall so hard as of late. While it’s always obnoxious to see the coin fall, this time around feels extra hurtful considering how many analysts have been saying that the coin is going to be firing on all cylinders by the end of the year. Many have predicted that the coin will reach $20,000 again come December 2019, just like it did two years ago, and considering that it was trading at nearly $14,000 just two months ago, we all seemed to believe it.
These last several weeks have been a relatively wobbly period of growth for bitcoin. While it has gone up here and there, it has gone down several times as well. It’s almost, in a way, more annoying to see bitcoin incur virtually no change than it is to see it fall in drastic fashion. Stagnation is never an answer, and it’s not something that will ever incur the joys or the interest of enthusiasts.
Having said all this, we do still have roughly four months in the year left before 2019 exits and 2020 – the year of the U.S. presidential election – makes its way into our midst.
Maybe We’ll See History Repeat Itself
While it’s impossible to say for sure, one could argue that 2020 will be the year in which bitcoin really starts to accelerate to the top. Think about this for a moment… In 2016, when Donald Trump was elected to the White House, bitcoin, which had had a relatively “okay” year up to that point, suddenly shot up beyond the $1,000 mark. This was the first time in nearly three years that the coin had garnered such stamina, and many were confident the election had something to do with that. A change in presidents to stimulate economic expansion…
The following year, bitcoin began its meteoric rise to $20,000, reaching this pinnacle by the time the holiday season rolled out. Perhaps we’re about to see history repeat itself; in 2020, maybe we’ll begin to see bitcoin really make headway in the financial space like it did in 2016, whereas in 2021, we’ll witness a solid bull run that takes bitcoin to new heights. In 2017, it was $20,000. Perhaps 2021 will offer a doubling of that price, and we can all take our cryptocurrency units to the bank.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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