The price dropped because of some news related to China escalating crackdown on cryptocurrencies, and the correction is normal.
Unless there are some really negative news about the Blockchain technology, I believe that Bitcoin price will recover to its highest values and might even break some new records later this year. The reason why I believe this is that it has been gaining more and more attention in mainstream communication channels and attracting the interest of new investors worldwide. In addition, I believe Bitcoin is still the entrance to other cryptocurrency investments, as in a lot of countries Bitcoin is still the only cryptocurrency you can buy directly with local fiat currencies.
I think that cryptocurrencies in general, including Bitcoin, still have a lot to grow in 2018. Maybe not as much as they did in 2017 in relative terms, but I think that the percentage of people that know about cryptocurrencies and use them is still very low and will increase this year.
What can past market crashes teach us about the current one?
The markets have largely recovered since the March selloff, but most would agree we're not out of the woods yet. The COVID-19 pandemic isn't close to being over, so it seems that volatility is here to stay, at least until the pandemic becomes less severe. Q2 2020 hedge fund letters, conferences and more At the Read More
- Daniel Duarte Figueiredo, Co-Founder at Auctus, a blockchain company to reward people for saving and planning for retirement as well as financial institutions for high performing products and advice. They have an ICO in Q1.
BTC could drop below $10k, but expect a long term rise
We wouldn’t be surprised if BTC drops below $10,000. ETH dropping below $800 would be more surprising, but not a total shock.
As always, we see a combination of factors leading to a market move like this. Of course regulatory news plays a role, but we’re also seeing many investors take profits as the tokens hit or near symbolic highs — Bitcoin back to $15,000, ETH reaching towards $1,500, Ripple’s recent movements, and more. In such a young market, significant profit-taking can drive the prices down more than one might expect. But we’re of course expecting a continued secular rise in the long term.
- Andy Bromberg, CEO of CoinList, a platform which hosts and manages the top ICOs in the world.
Crypto drop expected. Long term investors used to the dips
Price drops are familiar territory to people who have been investing in cryptocurrency for a while. This seems to have been triggered by regulatory uncertainty, between China’s ban on most cryptocurrency-related activity to rumblings of regulatory agencies across the globe. This triggers a global wave of market reactions that are difficult to truly understand. If price drops concern you, you are not in it for the long-run, and you should not be holding cryptocurrency. True believers are holding for the next decade and not paying much attention to the swings.
It’s also important to set the right context. $10,000 was an all-time high for Bitcoin on November 28th, 2017 (less than two months ago). It has risen significantly since, but corrections are expected by those who know the space well.
- Ryan Breslow, founder of Bolt, a blockchain payment platform with an upcoming ICO.
The blockchain is what makes BTC so valuable, not speculation
Gartner recently forecasted $3T of enterprise economy value to ride on blockchain ecosystems. When looking at BTC, or any of the CryptoCurrencies for that matter, it’s important to recognize the underlying value of the blockchain, rather than simply speculating on an asset. We owe a lot to Bitcoin and the underlying infrastructure, as it paved the way for newer systems and blockchains — systems that will underpin global supply chains and financial markets.”
- Samantha Radocchia, Co-Founder of Chronicled, which leverages IoT, AI, and Blockchain technologies to power end-to-end smart supply chain solutions.
BTC below $10K? Panic selling ensues
It’s entirely possible BTC will go below $10K, and there are a lot of investors panic selling right now. Let’s keep in mind a couple months ago ETH was at $650, this stuff is volatile. It can’t always go up and there will be cycles to the pricing based on market sentiment. We have been getting a lot of inbound from big holders of ETH & BTC who would like to participate in the Current Token Sale and while there is a lot of hype around our project, the dip actually helps. When BTC or ETH is pumping, many are hesitant in participating in token sales for fear they will miss out on big gains.
This is a product of inexperienced buyers coming into the market over the past few months and seeing nothing but gains. When things dip on news such as crackdowns from South Korea, a dip occurs that turns into even bigger dip because many are panic selling.
- Dan Novaes, Founder of Current, a platform where people can earn tokens listening to music. They have an ICO in February.