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It is no secret that the cryptocurrency market (including Bitcoin) has been under a bearish run since December 17 and has been falling steadily over the past eleven months. But nobody was ready for the way bears hit the market this November 14th.
He was just crazy. The market capitalization for crypto went to its lowest point in a very short time. The bitcoin, which is the canary of Crypto in a coal mine (so to speak) has fallen below the limit of 5k. It trades at $ 4,443 as we write this article and is expected to reach 4k if things continue in the same direction.
Can the trend change? C & # 39; is any good news to report? Any reason to be confident? The answers are: yes, yes, and yes.
The trend can and will change. We know this because dramatic drops like the current one have already happened four times in the last ten years. Every time the market has come back to reach previously unexpected heights (presumably impossible).
About good news to report. There's a lot of blockchain projects like Ripple, Cardano, Stellar Lumens, Tron and some others have achieved major milestones this year. They are acquiring adoption, becoming useful in the real world and securing strategic partnerships.
Moreover, even in the bearish climate, the encrypted infrastructure has continued to cross the ball, so you will not be able to find a place in the world where you can not exchange crypto these days. SEC stated that Bitcoin and Ethereum are raw materials instead of securities (with a decision on XRP still pending), Thailand has legalized the encryption, the first fully cryptographic bank is being processed in Malta, Litecoin bought a bank in Germany and we could keep going. The point is that the sector is growing even if the market shrinks.
And on the reasons to be confident. We believe that hope is not the right word. We are sure that the trend will reverse. We are not alone on this. Even many experts think so.
Tom Lee is a well-known crypto markets analyst on Wall Street. It has predicted that BTC will reach 25,000 before the end of the year at the start of this year. After recent developments, he corrected his forecasts to 15k, but did not give up the fact that the market would begin to grow again.
Another factor to keep in mind is that the institutional interest in digital goods has grown. The traditional financial institutions of Wall Street have started designing products based on alt-coins to offer their "normal" customers. ICE (the parent company of the New York Stock Exchange) has partnered with Microsoft and Starbuck to create a new cryptographic exchange that should arrive only very soon.
In short: the bitcoin and the market may be declining, but the industry is constantly growing and the bulls will come sooner or later to visit them. When, do I hear you ask? We have no idea, but it is inevitable. The market will have to hit the bottom before bouncing and we can not tell you when it will happen. But he will do it.
In the meantime, we all have the chance to buy Bitcoin (and altcoins like TRX, XRP and ADA to name a few, those with huge potential) cheap.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Violinka / PixaBay
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