17 Sep 2020
Bitcoin Price Analysis: Will BTC Continue To Rise?
As time goes by a lot is changing in the world and a lot of new technologies are being introduced. This is the case with financial institutions as well. These days financial institutions are not only limited to standard banking institutions but also digital currencies as well. Digital currencies are also known as cryptocurrency and digital money. One of the world’s leading cryptocurrency is bitcoin. Until January 2009, no one knew about Bitcoin.
There is no particular face behind the creation of Bitcoin, yet since its creation, the currency has taken over the digital financial market. What is intriguing about Bitcoin transactions is the low transaction fees and how people operate on anonymity and decentralized authorities, unlike the conventional financial institutions. Since Bitcoin is only digital, there are no physical coins or cash for it, and it also has a public ledger where balances are kept.
The ease and anonymity of Bitcoin have made it one of the most preferred methods of effective transactions and has experienced exponential growth since its creation. The question that arises is if its price will continue to rise. One of the biggest influencers on Bitcoin's price is volume. How much bitcoin is being traded every day? Is it more than yesterday? If yes then the price increases, if no then the price decreases. It’s pretty easy to see the patterns.
Bitcoin volume is key
There are quite a lot of things that contribute to the volume of BTC, however, the biggest contributors are the crypto exchanges of course. But even though crypto exchanges dominate in this regard there are other ways that BTC gathers volume.
The gambling industry has become quite the nifty supplier of volume to the blockchain industry. Thousands of online casinos are now directly advertising to their customers to switch to Bitcoins or any other coin they support. This is due to the increase in the number of Bitcoin casino games online but also due to security concerns from both these websites and customers.
You see, when a bank sees you just made a payment on a casino, it may immediately blacklist you for future loans. BTC in this regard is a clever way to mitigate this issue. Many would say that this protection of identity is what’s behind the growth of crypto volume in general.
Upcoming stars
The past few weeks new digital currencies such as the yEarn.Finance has been making waves at an all-time high, with a 3000% growth rate. Despite all these, the bitcoin is regaining momentum and analysts anticipate that the bitcoin will continue to rise. Bitcoin prices have reportedly increased by almost 5% this week. Brokers are expecting a growth target of $12,000. Bitcoin is showing strength, and other cryptocurrencies are not left out as well.
The way that Bitcoin is moving now is in such a way that the prices are sideways. Meaning that the coin’s value is either moving steadily or just creating high and lows. It is no doubt that the coronavirus pandemic has affected several aspects of the world’s economy and the cryptocurrency sector is not left out. So these movements in price could be a result of the pandemic.
The value of Bitcoin is very volatile, and it rises and falls at times but its been above $10,100 this week and it is $10,840 as of press time. Many traders are anticipating for the currency to reach $11,000 and be stable for an uptrend.
No way to trick the market
Bitcoin is a profoundly unpredictable resource and almost difficult to predict. Price estimates throughout the long term did not materialize. Predicting such a volatile currency is difficult because it changes at any time. Analysts suggested last week that it could reach $18000 with regards to the recent activities of S&P 500 PlanB, because of how Bitcoin and S&P 500 are related.
Studies from Bloomberg showed that Bitcoin activities now are a reflection of its 2017 trends. The coin is coming back to its past pinnacle. Experts say if Bitcoin follows 2016's halving pattern, it will move toward the record high of about $20,000 this year. Recently, Tom Lee anticipated that Bitcoin price would twofold this year, from around $7,000 at the end of 2019, and is anticipated to get to $25,000 by 2022.
Some of these anticipations are less optimistic as the American economist Nouriel Roubini said in May that Bitcoin will, in the long run, be useless. While it may be certain that BTC is significant and steady, most price forecasts ought to be thought while considering many factors.
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