Bitcoin has been underperforming since the last few months, and the entire cryptocurrency market is not doing any better which has brought discouragement to most enthusiasts who supported the breakthrough of the digital asset right from the onset. To the critics who devoted most of their time making a case that the crypto market ‘is a scam’, this moment seems to have vindicated them. The question about the possibility of bitcoin price bouncing back should be centered in the long-term performance. In my opinion, the long-term price prediction of bitcoin should keep the optimism alive.
It was recently reported on how the price prediction of the Quinlan Associates is slowly coming to pass. The truth is that Bitcoin price is determined by some factors, and analysts can use economic approaches to project how the price may be in the short term and the long term. After the Quinlan Associates used their cost of production and store of a value approach to predict the minimum trading point of bitcoin, they assured that there is a course to celebrate for the long-term performance. This and many other experts’ long-term predictions should not be taken lightly, though they may have failed in few short-term attempts.
It is worth noting that the temporal burst of the bitcoin bubble has nothing to do with its long-term value. When Dot Com crashed, it affected the price of Amazon, falling as low as $6 per share. Amazon, however, bounced back and took a high jump in price in the long term to trade at $1500.
The likes of John Mcafee and Tom Lee have a positive expectation of bitcoin in the long run. Mcafee predicted that bitcoin would trade at $1 million by 2020. Whether Bitcoin can get to that point despite the few failed predictions, only time will tell.
Kevin Murcko, the CEO of CoinMetro once said that “It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long-term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.”
Bitcoin is not expired and doesn’t seem to die anytime soon, and this is seen in the many hurdles it jumped on its way to $20,000. Bitcoin has a very bright future, and the speculation that is said to have favored bitcoin till today can spark another massive bull run earlier than expected.
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