The rise and fall of a cryptocurrency depends upon on a lot of factors. Bitcoin price has been rising and falling from time to time making users buy or sell Bitcoin. The rise and fall of bitcoin price also is used by users to make decisions on their investments.
What is Bitcoin?
Bitcoin is a digital currency which is the most used and traded enough to say it rules the cryptocurrency markets or at least it did. Now, it is questionable how it is performing as its performance has been affected by various reasons.
Bitcoin is traded and accepted by almost every cryptocurrency exchange platform making it one of the most widely used cryptocurrency existing out there in the world.
Performance of Bitcoin
Bitcoin price has been on a fluctuation too and mostly in a declining pattern showing a downtrend in its trade in the past few months. 2017 was one of the years where the price of bitcoin inflated so high that everybody who did not buy bitcoins regretted it as the price hiked up to $20k and hiked up even a little more hoping for it to rise more.
But from 2018, the bitcoin price value has been going down ever since lots of threats and attacks have been focused on bitcoin making the bitcoin price go down the downtrend line which almost is as close as the poor performance of Litecoin. Litecoin however, is almost close to reach the support zone. Bitcoin price will hike up once all the updates are released making its operation even better than its previous versions.
Bitcoin price analysis
The price of Bitcoin has been around $ 6000 recently and the evidence that is shows for any hike in the future is pretty low. This makes one question will bitcoin price reach around $ 20k by December? No one knows for sure as cryptocurrency market as it is or any financial market is unpredictable. Anything can change anytime in the financial markets. All it takes is spark of trust and confidence from the users spreading around the world and the next second you would obviously see a boom in the bitcoin price exploding up like firecrackers because that’s how bitcoin has been functioning and operating in the past.
How bitcoin price can reach $ 20k?
For starters the updates of bitcoin will make its efficiency increase and thus making the users feel the transactions and trade of bitcoin to be effective leading to a rise in the bitcoin price.
When more people start using bitcoins all around the world it will give a border-less transaction and trade opportunity to all users and people around the world. This will expand the markets of bitcoin reaching everyone out there and helping every industry to transact without any involvement of third party which by itself gives the means to have a better use and change the world for the better. This will give a rise to the bitcoin price too.
If liquidation process of bitcoin is made more efficient and faster than that would increase bitcoin price too. This would make the user or investors to feel free that they can buy whenever they want and sell it when they want. When liquidation is difficult, it makes the user feel like that they are buying but not able to sell which makes them feel like they are forced to buy and not sell. So now you could see how liquidation could help increase the bitcoin price too.
If the support of bitcoin from the developers side are upgraded with more privacy and record tracking of transactions, then it will give a surge of rise to the bitcoin price too.
Will Bitcoin Rise to $20K this year end too? Let us know about your thoughts in the comments section below.