Bitcoin’s Crash and Post-Thanksgiving Market Predictions:

In 2017 last year, early adopters of Bitcoin were bragging about their fortunes as the cryptocurrency reached an all-time high of $19,511 before Christmas. Analysts gave an estimate that Coinbase obtained over 300,000 new users during that holiday.

However, its a different tune in 2018. Recently, Bitcoin has crashed and is now valued at approximately $4,051. Because of this, we can see a lot of skepticism and doubts about the future of the cryptocurrency.

The main issue with cryptocurrency is that what starts off as a flurry turns into a blizzard. Usually, when the price drops, institutions are less likely to enter the market, miners attempt to sell coins quickly. And the FOMO (fear of missing out) concept has now turned into a myriad of crypto aficionados stampeding for an exit.

What do Experts Thing About This?

But that doesn’t mean that Bitcoin has given up. While there is a multitude of negative press about Bitcoin’s recent drop, there are some experts that are positive that Satoshi’s crypto project (Bitcoin) is still in a bullish stage.

For example, Tom Lee, a Bitcoin expert states that Bitcoin's price might be "$15,000 which is half of the $30,000 target that was set earlier in 2018.". Basically, Bitcoin's crypto-rating is expected to improve as more users start to gravitate towards Bitcoin due to its long-term usage.

Tom Lee added "Do I believe that Bitcoin is broken in the long-term? No. Its current price is not confirming fundamentals, making it hard to say that it's failing."

Bitcoin isn't the only crypto that's affected by this crash. For example, XRP, Ethereum, have reduced in value as well. Experts believe that this is a natural occurrence of the cryptomarket, hoping

The Future of Bitcoin

As stated earlier, Bitcoin's crash has lead to a lot of skepticism and confusion about its future. Morgan Stanley strategist stated that Bitcoin's rise and fall are similar to the dot-com era of the Internet. This means that Bitcoin could be repeating history and the cryptocurrency might crash within the future.

Mark Carney, the Bank of England Governor stated that "it's a privilege to participate in a financial system, but there are responsibilities that come with the privileges." Carney added, "The best cryptocurrencies will gravitate towards the best exchanges if they're regulated, and the others will just fall to the wayside."

This means that Bitcoin's future is still uncertain. Only time can tell if the coin will survive in the long term. For most crypto users, they are hoping that the world's largest cryptocurrency will rise once again.

Conclusion

Remember, Bitcoin’s crypto-rating has been lowered within the past few days. And even though there is uncertainty behind it, Bitcoin still has the potential to recover from this market crash. Conclusively, since its a volatile market, we hope that it does correct itself and rise to the top again.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes