Holders of Bitcoin and cryptocurrency have been waiting since the beginning of the year for the next Bull Run. They hope that the price reverts to or even exceeds $20,000 cost per coin as it approached in December last year. Unfortunately, BTC price been stagnant in a descending trend all year long. It has also hauled the other cryptos with it. Bitcoin price is down by close to seventy percent from the peak. The likes of other top coins such as XRP and Ethereum are down by eighty percent.
What is Bitcoin?
Released as open-source software in 2009, Bitcoin is often recognized as the world’s first cryptocurrency and is best described as a digital currency that only exists electronically. Bitcoin is decentralized, indicating it doesn’t have a central issuing authority or political organization that controls the amount of bitcoin in the flow. But the Bitcoin platform is far from chaos.
Bitcoin price analysis
BTC is being traded at $6,456. The digital currency remains to move along the revision. The lowest seen during the weekend didn’t complete the support line so we can assume another attempt to test the bottom. It is also likely for it to update the latest low. This signifies the technical indicators. When there is a move from the support area, we can foresee rising values within the designated hallway. There will be a flat within such a broad range as $7,000 – $6,000. As a component of the BTC forecast for the short term, we can suspect a continuation of the improving price reduction. If there’s a slight improvement to the border of the resistance area, the recent highs of $6,481 – $6,470 could be modernized, and there may be a retest of $6,363.
How High Can The Price Of BTC Go?
Indeed, 2018 has been an active year for cryptos, especially Bitcoin. The top-ranked crypto has been declined gradually throughout 2018 dipping almost 70% of its mid-December 2017 high of $19,500. In June 2018, Bitcoin endured a turbulent time again, dropping and building severally. It even fixed a new 2018 record low by falling below $6000 two times. Nevertheless, despite these difficulties, it seems there is much hope on the horizon for Bitcoin investors and practitioners.
Major US Museum Becomes Country’s Third to Accept Bitcoin as Payment
Great Lakes Science Center, an influential museum and educational center in Cleveland, Ohio, is accepting Bitcoin as payment. Local business news source Crain’s Cleveland Business announced on the development. According to SpendBitcoins USA – a record of retail merchants that accept Bitcoin as mortgage – at least two other U.S. museums already receive the crypto from visitors – the Museum of the Coastal Bend in Texas and St. Petersburg Museum of History in Florida. The Ohio museum’s acceptance of BTC comes just two weeks ahead of a future inaugural Blockland Solutions Conference in early December, with the museum’s president and CEO Kirsten Ellenbogen announcing in a statement that “accepting bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland.”
Bitcoin is the future; Fiat is Past
In 2014 with BTC at only $413, famous VC, Tim Draper foretold bitcoin to touch $10,000 in three years. This was met a month earlier than he predicated earning him a reputation amongst crypto fans. Though he didn’t categorically, foretell a $100k Bitcoin in 2018, He stated he suspected the Bitcoin to maintain its growth in an interview with Bloomberg last year. Tim Draper has made victorious bets with Tesla, Skype, and Twitter in the past. Considering this growth happens at the same pace as the 3-year journey to $10k then we’re in for six digits. Insane right? That’s precisely how Draper feels about Bitcoin prospects.
According to the pundits, it is believed that BTC may be on the verge of a bull run by the end of this year as it happened last year. But we cannot be sure about this because the price of BTC was steadily dropping throughout the year and it dragged other cryptos also down to 80%. The prices of BTC entirely relies on the market. It has been forecasted that there will be a steady increase in the value by the end of this year.
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