Following the testimony of the US Federal Reserve Chairman regarding Cryptocurrencies and those of the St. Louis Fed President, Bitcoin prices have started slipping again from its year to date high of $13,387.
Over the week, the cryptocurrency slipped below $10,000 and most crypto enthusiasts are already in despair because of its uncertainties.
This is mainly because a Bitcoin price of $10,000 is majorly psychological in nature, it’s not supposed to be a measure of what Bitcoin prices could be, The truth is that there are a lot of other factors which would keep Bitcoin prices above $6,000.
Opposition to Bitcoin
Believe it or not, opposition to digital assets such as Bitcoin will always spur interest from those who see opportunity over the crisis.
It is those set of new entrants into the crypto space that will make prices to stabilize.
They often are younger people, their interest in technology is a factor that is in favor of the cryptocurrency.
This is what detractors of the Cryptocurrency don’t get: When you pay too much attention to something, you give it an existence!
Cryptocurrency Bans by Countries
Already, India is mulling the thought of banning Bitcoin and other cryptocurrencies.
If you remember your basic economics, scarcity always generates demand!
Bitcoin is still used in most places where it has been banned.
And catching a cryptocurrency user can be a bit more difficult than such Countries are willing to admit.
As such, the so-called bear market will be counter-balanced by demand for the crypto-currency.
Return of the Whales
This year, the whales who were the people driving Bitcoin prices before now have basically stayed out of the marketplace.
Institutional interest has been the key driver of growth for the cryptocurrency.
However, crypto-summer is here again and the whales are going to come out to play!
That alone will make prices go haywire like they always do.
The whales always make a splash when they are around!
For now, though, the market will keep ranging until breakout time which is anytime soon.
And there’s only one direction for Bitcoin: up!
Do you think Bitcoin prices will stay above $6,000?
Please let us know in the comments!