Still Very Much Possible that Bitcoin Bull Run Will Continue in 2018
Bitcoin did not have a good start in 2018. Looking at the long-term picture, things may change in the coming months. It is easy to overlook the positive developments and simply focus on the speculative character.
The Bitcoin Prize is Just Part of the Story
As usual, when discussing Bitcoin, price is the focus. That’s just normal, because it’s the benchmark for the world’s leading cryptocurrency. Nevertheless, the price reflects only a small part of the development of the Bitcoin ecosystem.
Since the BTC price lost so much in value in 2018, the situation looks a bit catastrophic at the moment. Compared to January 2018, the value has fallen by almost 50 percent. For short-term investors and speculators, it is the worst outcome. While others fear and try to get out of the market as quickly as possible by engaging in panic selling, others like the CEO of Binance see it as calm and explain that this correction occurs almost every year.
In addition, several experts shared interesting BTC price forecasts. Some assume Bitcoin will reach the $ 25,000 mark this year or at least $ 15,000. Of course, this looks a bit bleak in the current market, but the past has shown that rapid price increases within ten days are possible.
Looking Ahead with Positive News
Bitcoin will receive some technical updates in the coming months. Transaction fees are already declining and future scaling solutions will help to improve things accordingly. When the Bitcoin Lightning Network actually gains momentum, is not yet clear.
Added to this is the growing regulatory focus on cryptocurrencies. While BTC has historically been perceived as a necessary evil, authorities and institutions are focusing on approaches to providing and regulating crypto service. The entire cryptocurrency space is gaining legitimacy, which will in the long run attract investors and other institutions. For weeks, there is already headlines that one Wall Street giant after another will venture into the Bitcoin room and open its own crypto exchange or BTC Trading Desk.
Tim Draper responded appropriately to the question of how he behaves in the current market situation:
“I have no interest in selling my Bitcoins. In what would I sell it anyway? Switching from crypto to fiat is like swapping mussels for gold. It returns to the past. I think I’ll use, spend, invest or simply keep it for the long term.“