Bitcoin’s dominance in the crypto market isn’t stopping anytime soon. The digital coin is the meaning of resilience in the crypto market, always hitting back harder whenever its value takes a dip. Bitcoin’s journey hasn’t always been glamorous. The coin has had its fair share of bearish trends and even started this year trading at $3,717, a figure less than a quarter of its all-time high.
The coin then began its regular activity of breaking through boundaries and rose to $4,031 within the first week of the year. This rally in its price brought hope, and many experts believed the coin could replicate its form from previous years.
The second quarter of the year, saw the coin flourish, gaining a 28% increase, within three days, pushing its price to $5,297 and showed maintained stability for the most part of April.
Bitcoin, at the time of this piece, was trading at $10,808. This price comes after an unprecedented 220% rise since the start of this year, which saw it trade a little under $14,000 in June, a rate which the coin has struggled to achieve since its hay days.
Bitcoin’s tremendous price growth is a good thing but has now raised many questions as to whether the digital currency will come to a standstill or attain more.
Bitcoin might be experiencing a bearish trend regarding its short-term outlook.
However, many experts still believe that a bullish trend isn’t far from the digital coin concerning its long-term price action.
A report released this week showed that Bitcoin’s unaltered supply had reached an all-time high of 21%. This event has added to the roaming notion that Bitcoin is increasingly becoming a store of value and not a medium of exchange. The sum of secure bitcoin has seen a substantial rise over these past few years. This rise has led experts to believe that, if the digital coin’s price continues to rise, so will the number of untouched Bitcoins.
A series of projected events within the Bitcoin community also stands to push its price forward. Bitcoin miners have announced that Bitcoin halving is scheduled to take place next year, and from previous experiences, investors should expect an insane bull run. Bitcoin’s price in technical analysis can be prognosticated by observing and analyzing charts and patterns or historical price behavior.
Bitcoin’s first-ever halving took place in 2012, and afterward, the coin recorded a price as high as $1000 at that time.
The digital coin, again saw an increase to $2,525, after the second Bitcoin halving in 2016, before it’s an all-time high in December 2017. With all these developments set to take place, the price of Bitcoin could be projected to rise considerably, and investors should consider holding their stance on it.