Bitcoin is back to the higher side of $10,000, which has collapsed the economic arguments against crypto. Those who took no time to criticize the market as soon as the prices came downwards of the $10K mark, will have got an indirect reply from Binance chief Changpeng Zhao. CZ tweeted on Friday that those who sold Bitcoin below $10,000 should slap themselves.
if you sold $BTC under $10,000.
— CZ Binance (@cz_binance) August 1, 2019
After the downfall of the market throughout 2018, Bitcoin began recovering from February this year, prices doubling in the following three months. However, the prices slipped from the three-month high of $14,000 to around $9,500, which caused a few people to panic as they started to sell t17heir Bitcoin holdings. Many critics took jibes on the crypto market, some calling it a scam.
Bitcoin has become one of the most preferred assets for investors across the globe. However, constant fluctuations have kept neutral investors away. Nonetheless, the industry experts like Blockstack chief Muneeb Ali and computer scientist John McAfee have claimed that people must ignore these short-term fluctuations.
Most have predicted that BTC prices will cross the all-time high of $20,000 and could also touch $40,000. In fact, there are analysts who have a claim that Bitcoin will cross the million-dollar mark in the next few years. Though that seems too optimistic, there’s a general consensus on positive growth for the next few years. CZ himself has been an advocate of strong Bitcoin growth, as his own crypto-blockchain company is expanding its foothold in the crypto space.
But the experts being too optimistic? Should the investors ignore these fluctuations? Well, broadly, yes. Of late, Bitcoin experts have always claimed exponential and, at times, unbelievably growth figures, which are seldom realized. For instance, there are a few prominent analysts, Naeem Aslam predicted the highs to $12,000, but his predictions that the Bitcoin could touch $100,000 by the end on 2019 doesn’t seem to be reliable at the moment.
However, there’s a pattern of market growth which, at the moment, seems to be holding its ground. The boom of 2017 led to Bitcoin rise, but the downfall that followed caused a market reality check. There’s a faction of experts that Bitcoin will stabilize at around between $10,000 – $14,000 mark soon, which is the most believable analysis, and the next boom could be a bit farther than others are predicting.
At times, it becomes highly important to remember that Bitcoin wasn’t intended to be an investment asset, but an alternative to the “elite-controlled” traditional monetary system, that is can definitely be.