We’re just a few days into the new year, and bitcoin is continuing to show signs of depreciation.Bitcoin Continues to Head SouthThe currency remains a popular investment, but bitcoin’s price has started 2020 out with a few significant nosedives. The currency has fallen (once again) below the ,000 line, and many are wondering if the year will continue to take bitcoin on a whirlwind of drops.While it’s probably too early to tell, 2020 is simply continuing the trends set forth by the previous year. Yes, the currency managed to retain some form of small momentum during the latter half of the previous month, but it never got above ,500. This is small beans compared to where it stood during the summer of 2019 (peaking at ,600) and considerably lower than where it was in December of 2017,
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We’re just a few days into the new year, and bitcoin is continuing to show signs of depreciation.
Bitcoin Continues to Head South
The currency remains a popular investment, but bitcoin’s price has started 2020 out with a few significant nosedives. The currency has fallen (once again) below the $7,000 line, and many are wondering if the year will continue to take bitcoin on a whirlwind of drops.
While it’s probably too early to tell, 2020 is simply continuing the trends set forth by the previous year. Yes, the currency managed to retain some form of small momentum during the latter half of the previous month, but it never got above $7,500. This is small beans compared to where it stood during the summer of 2019 (peaking at $13,600) and considerably lower than where it was in December of 2017, which still stands as the currency’s all-time greatest position of nearly $20,000 per unit.
According to popular cryptocurrency trader and analyst “Cold Blooded Shiller,” the bitcoin price has also not bottomed out. He states that while bitcoin is likely to gain 40 percent in the coming months, the currency could fall even further before it begins to show signs of recovery.
Shiller posted a chart to Twitter just prior to the New Year holiday, showing that while the currency could pick up momentum, 2020 is likely to remain a questionable year, and those expecting big price movements may have to put their hopes and dreams on the backburner for a little while.
The big question now is, “Who’s right?” After all, we’ve had several conflicting reports and predictions over the past few weeks. Figures like Tim Draper, Ross Ulbricht and Charles Hoskinson all believe that this will be the year in which bitcoin hits the six-figure mark, but Shiller’s chart suggest otherwise. Who is correct?
One issue we need to consider is that some have a lot to lose if bitcoin drops. Draper, for example, purchased several bitcoins at auction following the arrest of alleged Silk Road creator Ross Ulbricht, so we know he’s got a major stash hidden somewhere.
It’s Too Early to Know Anything
If BTC falls in price, he stands to lose out, so by pushing his newfound $250,000 price in 2020, he could be trying to push the hype and hoopla surrounding the cryptocurrency as a means of getting more buyers on board. More buyers will stabilize the currency, meaning further drops are less likely, and his stash won’t go down.
However, people posting simple charts on Twitter probably have less to lose and may be simply trying to give information as they see fit to help average traders. Again, it’s too early to understand where BTC will go, so before reading too much into anything, maybe everyone – both big and small – should give 2020 a chance to get rolling before any further predictions are made.