Will bitcoin price go up?
Past experience
It’s not the first time when the crypto market suffers a significant drop in bitcoin cost and crypto market experts already wondered, will we see bitcoin price up? Let’s look into the past and find out, when such correction of BTC rates already happened and how long it lasted.
In November 2013, when $200 were given for one BTC, bitcoin started to grow by leaps and bounds and by the end of the month broke the $1000 ceiling. Then correction followed and the price of cryptocurrency lowered to $522. After a little rise early in 2014, bitcoin price was falling again. Over the next period until the end of June 2016, BTC did not rise above $500 level. In 2016 bitcoin again skyrocketed and by January 2017 beat the $1000 mark.
Pic. 1 Changes in bitcoin cost through 2013-2016 yrs
Source: Coinmarketcap.com
In 2017 bitcoin showed an explosive growth and reached $20000, but then again correction followed. But we should notice that coin rates did not drop lower than $6000 yet. The majority of experts is sure that the correction shall not be lower than $5500.
Pic. 2 Changes in bitcoin cost in 2017
Source: coinmarketcap.com
When will bitcoin go up?
Bitnewstoday quotes the projections and prognoses of experts about when we will see the bitcoin price going up.
Thus, Alexander Lobanov, an executive partner and board member of USP Capital and Vanhealthing CryptoFund of Biotech innovations, answering the question “will bitcoin go up or down”, suggested that BTC price will change to the upward trend in February, but it probably won’t be that significant. Perhaps, the coin will settle at the level of $12000, according to the expert.
Alexander Kitchenko, a cryptocurrency researcher, investor, member of Bitcoin Foundation have noted that bitcoin will rise significantly when the date of Lightning Network protocol implementation in the main net will be more clear. The protocol will accelerate transactions and make them cheaper. “When this happens, we will see the heavy growth and bitcoin price update, returning back to the 10000+ zone. In good circumstances we can expect the price of BTC to be at the $50000 level by the end of the year”, the expert added.
It is difficult to say will bitcoin price go up, but many experts anticipate rates increase over the medium term and achievement of a new peak of the price at $50000. “Though a lot of other cryptocurrencies appeared on the market, bitcoin still remains the most popular and sought-after. Amount of investments in the cryptocurrency market and crypto turnover will increase in the nearest future, leading to the further growth of capitalization of bitcoin”, Evgeniy Glariantov, a founder of FREED blockchain platform, thinks.
Alexander Novozhenov, a leader of Sibcoin Foundation, also thinks that investment flows will stimulate the bitcoin price going up. Answering the question, the expert noted: “It’s worth noting that many institutional investors, which are ready for long-term investments, are now entering the cryptocurrency market, and the main entry point is still bitcoin. That fact, how quickly Ethereum managed to get back to the growth after the hard downtrend (Ethereum raised from $10 to 400 in 2017 and after correction to $170, consolidation during several months, hit the psychological threshold of $1000 and still going up), gives rise to hopes that the period of “cheap” bitcoin will not last for long and will be a great possibility to enter the market for those who did not do it yet.”
Rodion Popkov, operational director of VISO, a payment system for crypto and fiat payments, notes the turnaround is inevitable. “Bitcoin cannot just disappear. It already became a part of the infrastructure of dozens of exchange markets, money transfer systems, cross-border payments, somebody’s honest money, that they don’t want to show to the government - all this will not disappear”.
Experts also indicate that after the past bitcoin falls, its infrastructure has strengthened dozens or hundreds of times. Although further fluctuations are not excluded and bitcoin’s “trampolining” will continue until cryptocurrency market will grow so much, that it rates will not be strongly affected by the inflows and outflows of speculative capital.
Speaking of bitcoin going up or down, most experts think that it is falling. Nobody dares to foresee the bottom which can reach BTC, but the majority is sure that bitcoin will conquer new heights this year.