Bitcoin, irrespective of its performance on the crypto chart, has seen an increase in positive signs in its growth. The most significant coin in the crypto world, has seen some troubling times this year, even hitting a new yearly low volume within the past 48 hours but that still hasn’t frightened investors, as many of them as well as cryptocurrency experts still tips the digital coin to reach new heights by the end of the year.
Many prominent figures in the crypto world have been rooting for Bitcoin to bounce back with multiple bullish runs. Llew Claasen, the executive director of Bitcoin Foundation, recently stated that the digital coin would hit $40, 000 before the end of the year.
Of course, the growth of digital coins doesn’t solely rely on predictions and comments, so expecting Bitcoin to sky-rocket based on someone’s opinion would be absurd.
However, the possibility of some common trends repeating itself in favor of Bitcoin’s rise is very high. Bitcoin’s upward trajectory has mainly relied on one critical factor, and that’s the participation of the wider community.
Bitcoin’s highest ever climb at the cryptocurrency price ladder, which saw the digital coin almost hit $20,000, largely depended on the retail client. The currency has made so much wave that, many people thought it was the new shortcut to giving them a financial break out in their lives, and so spent a massive chunk of their money, buying the coin.
ow, with the current crypto market flooded with other coins, coupled by a poor performance by Bitcoin, the majority of the masses have opted to purchase a relatively smaller coin which can guarantee them yields in no time, and this has taken a toll on the upward momentum of Bitcoin.
Despite the unfortunate turn of events, Bitcoin is still expected to go on a rally soon before the year ends. Even though the digital coin is currently struggling on the crypto market, positive developments are happening every day around the coin. The history behind the coin breaking barriers also cannot be overlooked as this isn’t the first time, Bitcoin’s price has been in a jam.
However, an important fact which still has crypto experts believing that Bitcoin can again embark on another superb rally is the number of failing cryptocurrency projects. Almost a 1000 crypto projects have failed already this year, and with some months still to go before the end of the year, a couple more could go down the drains as well.
When the presumed competitors for Bitcoin continues to fail, it will be just a matter of time before the most significant coin regain its momentum at the top, and when that happens, a bullish run is evitable.