Bitcoin just turned ten years old. Bitcoin price has been a roller coaster over the last two years. In 2017, Bitcoin started from around $1,000 only to go near $20,000. By 2018, regulatory changes shaped the landscape of the crypto market. Regulators are now policing the industry against scams, money laundering, and other illicit activities.
The good news though is that Bitcoin price has calmed down a bit. Though it has shown some signs of stability, Bitcoin is far from its all-time high. It is currently trading around $6,200 to $6,500 for quite a while. But up to when is it really going to stay this way?
It is said that there could be a number of reasons why Bitcoin has all of a sudden become less volatile than some tech stocks such as Amazon and Netflix. There are experts saying those who invested in Bitcoin are currently holding on to their cryptocurrency because of the possibility that institutional investors are going to enter any time soon. Also, there are those who believe that the crypto market is already maturing.
Imminent Bull Run?
according to a cryptocurrency expert, Matt Newton who works for eToro, he suggested that the value of Bitcoin could grow as it enters the second decade. He mentioned that “The market is showing no real strength on either the upside of the downside, as bitcoin finds itself unable to break the $7,000 barrier”. He also added that “The market is looking for a catalyst to make its decisive move, which will may well be imminent”.
What Could Be the Catalyst?
So what could be the catalyst in this scenario? There could be different factors. For instance, you have Bakkt. Also, you have Fidelity that decided to offer their custodial services to institutional investors. And also, you have the possibility of having a Bitcoin ETF soon.
Talking about Bakkt, he said that “This physically-backed settlement could be the next piece of the institutional investment puzzle to send the price upwards”.
For Nigel Green who is the founder of deVere Group, he claims that the crypto market will be “beyond recognition” by the time that the cryptocurrency hits its 20th birthday. Green also added that “The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 percent above its current valuation over the next decade”. However, for Nigel Green, he believes that there could also be a chance that Bitcoin may no longer be the leading cryptocurrency by then. It is possible that Ripple and Ethereum can takeover.
However, despite the belief that Bitcoin could actually be overtaken by other cryptocurrencies, he said that “Bitcoin is what kickstarted the crypto revolution and it has changed the way the world handles money, makes transactions, does business, and manages assets, among other things, forever”.
A lot of things can still happen in the coming years. There are different predictions and speculations regarding the possible bull-run in the coming months. For Tom Lee of Fundstrat, he even believes that it is possible to see Bitcoin reach $25,000 this year despite the current price of the cryptocurrency.