Bitcoin has seen its place as the leading currency in the global crypto market as its market dominance has remained at over 40%. it was the first coin that started the cryptocurrency era and was followed by names like ethereum, binance coin, etc. it has seen several rises since its inception and its value has fluctuated.
Recent changes have been detrimental to its price as it has free-falled from its all-time high. these changes have disappointed some investors who expected it to rise further. while others have referred to it as the price correction, which was necessary due to the uncontrolled influx of funds. according to this last group, it will bring sanity to investors, and only those who understand the market will remain.
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here is a brief description of the current situation of bitcoin and if it will be able to revive its value.
the fall of bitcoin from its ath
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Bitcoin started out with a value of less than a fraction of a cent, and then saw its rise. for the first time, its price rose to $0.09 in 2010, and since then it has continued to grow astoundingly. It was initially developed as a hedge against inflation, to carry out transactions and to store value. these features continued to improve and later caught the attention of economists, financial experts, and corporate groups, leading to its rapid rise.
It was in May 2017 when Bitcoin price rose to $20K, but then it fell to $10K in June 2019. The fluctuations continued and rose to $29K in December 2020. Later, the value continued to rise, and the result was the ATH in November 2021, when its price rose to $68,991. The following months proved the worst for Bitcoin as it saw a continuous decline, whereas its price has been lurching in the $20K range in July 2022.
There are several reasons for bitcoin’s decline, including global bear markets, a rise in US inflation rates, uu., the war between russia and ukraine, crypto hacks, scams, etc. losses.
will it revive from current losses?
There have been differing views on the resurgence or further decline of bitcoin. there are two groups; one is against investing in bitcoin, while the other sees bitcoin as the future of modern decentralized finance. they have debated the future of bitcoin and have tried to convince their followers.
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robert kiyosaki, a renowned author, has continuously spoken about bitcoin falling to $1,100. he has predicted that bitcoin’s decline will continue as it has no future. coinality.com’s dan roseman has criticized how bitcoin works and sees a reliable future if the mining process is altered. it can save the losses incurred due to volatility and will bring stability to the market.
ian balina, founder and head of token metrics, says that bitcoin may cross $100k and will even touch $150k. According to her, it is a new emerging asset that is going through a correction phase and will soon turn bullish. Although macroeconomic factors have also affected its price value, it is likely to improve in the coming months.
financial institutions like j. p. morgan and bloomberg predict that its price will exceed $100,000. therefore, investors await the change in its value, since it currently remains at a minimum.
conclusion
There is currently an ongoing bearish situation for btc. these changes have deprived it of more than half of its value. its all-time high now seems like a tale from the past. experts are divided on whether it will see an improvement in the coming months or lose more value. indicators suggest it is improving, but changes on the ground will determine that. investors and experts are positive about this coin as it is considered the future of defi.
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