Bitcoin (BTC): What Can Bring Back Glory Days?
The cryptocurrency market has always been unpredictable. The price movement has elicited a lot of reactions from ardent digital currency enthusiast and minnows alike.
Bitcoin (BTC) the largest digital coin I all parameters has been the focus. The advertisement ban and government restrictions are some of the reasons that the coin has been able to shed over 64% in terms of price.
The question is; will Bitcoin be able to redeem itself from the lows? Well, this could be achieved earlier than anticipated. With the last quarter slump still biting hard after most coins shedding last year’s gains, Bitcoin seems to have discovered a formula to hit the 20K mark before the end of the year. A brief look at the market price might not give the right picture.
Bitcoin (BTC) in the Charts
The Bitcoin (BTC) price has remained unsettled for quite some time and is currently trading at $6873 losing ground in the dollar by 1.68%. This was less anticipated and a resistance of $7,000 is what observers saw as the launching and recovery point. This price scenario spreads across the market and an indication that BTC tends to dictate the state of the market.
Bitcoin market penetration is undoubtedly the best and to push the coin back to the glory days will take a while and some efforts. The investors are eager to see the price climb to over $10,000 for the coin to remain relevant against the upcoming Altcoins. The rate at which the market eroded the gains cannot be equated by the recovery journey.
With investors holding or offloading, it will still remain hard for the coin to convince more adorers to turn into adopters. There is still space for the market to get saturated with digital coins and most enthusiasts are waiting for the wounded giant to heal and reclaim its position in the market.
Cryptocurrency market analysts and experts have some good news for the Bitcoin investor. According to Fundstrat Global Advisor analyst Thomas Lee; the rate at which Bitcoin busted above the $10,000 was not expected and it is likely to repeat itself with some permanence above the mark guaranteed.
Duration of ten days is time enough for a digital coin to double its price. Hitting $20,000 for BTC is not a myth. In case you are wondering how here are some news events that might turn around the coin before the end of 2018.
Bitcoin to launch its own ETFs
This is a major move that will help Bitcoin clean its house and meet the consumer demands. Many companies are supporting the ETF implementation and will see the giant blockchain comply with state regulations. This will put the system at per with the OTC marketplace. The matter has already been forwarded to SEC. going by Winklevoss Twins’ advice having a regulatory body will enhance security and reduce hacks and trade manipulations.
Introduction of the new feature will entice the consumer and loosen up to pump more into the coin and increase volumes. Once the ETFs implementation is clearly outlined and a rollout announced, the prospect of the coin price surge will be noticed.
Regulation Standoff Ease
With the issue of regulations still biting hard, the proposal to have a self-regulating body in the market is the way forward for the coin. The government hand in the regulation saga has sent ripples across the entire cryptocurrency market. Regulation and advertisement news affected the market early in February but with CME and Cboe ware quick to start planning for new Bitcoin features which are a plus to its recovery.
Bitcoin (BTC) Transaction Fee News
The cost of mining on the Bitcoin platform has had negative effects on the transaction fee. The consumer is paying more to sustain the miner and this is about to change. Consumers are waiting on the sidelines to get fair transaction fees and increased transaction speeds.
With the anticipated changes in smart contracts in the Ethereum blockchain, spillover effects will excite the market and Bitcoin might benefit in increased trade in exchanges where the two coins are paired.
With this news in the offing, more traction is anticipated and this could move Bitcoin (BTC) to the next level. The investor activity has an upper hand on how these events will translate to price growth. The pace at which the blockchain implements these will determine how they will get back to their glory days.