The value of Bitcoin has been a roller-coaster ride for years. Now, we see a sharp, recent rise, and we wonder: is this a temporary pump, or are we on the way back to a $1000 Bitcoin?
We may like to believe there’s no reason it couldn’t happen, but let’s hope for gradual growth in that direction. It would be much better to get there over time, rather than over night so that we could count on the value being spread out, and people holding at various levels being many. This would be an ideal growth rather than a few days of crazy trading upwards.
One form of crazy growth would be a spike in demand, with people from some part of the world wanting as much coin as they can get their hands on, at whatever price. When that happens, that’s a good, natural form of growth as well, and that should be encouraged. The price can rise dramatically if a lot of people need to buy it right away.
Also read: Bitcoin Price Rearing To Go!
Bitcoin has had many sharp rises as well as many crashes. If anyone’s honest, they’ll say that anything can happen. To try and make an overall, long-term prediction is madness. It would be good for everyone if the price were to get back to where it was at the end of last year. That wouldn’t be such a bad thing, surely. But moving forward, we want to see even more growth if we’re going to start talking about “the moon.”
This kind of growth will mean that a lot of people are coming in and buying Bitcoin, at increasingly higher prices. Those who bought a little earlier will see a rise in the value of their holding, and the newcomer may as well see a gain as well. Or they could both lose it all if someone came in and started dumping coins at dirt cheap prices, for whatever reason. Large holdings trying to exit the market can have a dramatic impact, as well.
Therefore, it is best not to predict anything. Saying that we’re going to the moon right now would be as wise as saying we were going to zero last week. You never really know with Bitcoin, and that’s all you can truly know. Obviously, gains are good for everyone. Merchants will not an increase in people spending bitcoins, as the higher the price is, the more likely people are to do that since they are getting the most value for their coins. Holders will see a rise in their net worth. It will become gradually harder for a new trader to enter the market and have massive holdings right away, but never impossible.
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Last modified: June 10, 2020 5:48 PM UTC