The world’s largest cryptocurrency community has managed to conquer new heights and reach its all time high, something that was not expected in the first quarter of 2020, when the Coronavirus pandemic was spreading around the world.
The virus didn’t go anywhere, but Bitcoin stayed on its feet and gained value.
Currently, the price of Bitcoin is over $19,000. Experts think it can reach as much as $100,000.
But there are some assumptions that its new all time high might be far away, because trading volumes will definitely drop. In this article we will take a look at this.
Trading volumes will go down
Sooner or later it is inevitable that Bitcoin’s trading volume will decrease significantly. Why? Because BTC is now more useful as an investment than as a means of trading.
People will stop using it to buy things (or using it in online casinos) because it is anticipating a further price increase.
Online casinos have become one of the most popular areas where Bitcoin is widely used. According to Casinocrunch, the number of casinos that accept Bitcoin and BTC transactions has increased significantly in recent years.
Due to the reduction in purchases, volumes are expected to fall, dragging down the price. So we may see a slowdown in the BTC price increase.
What other Bitcoin forecasts have been made?
The most famous cryptocurrency is ready to reach new all time high, but it is likely that BTC is close to the end of the growth phase.
On November 18, BTC recorded a price of $18,488 and has continued to rise.
What is the reason for such a rapid increase in the price of cryptocurrency? Frustrated by the usual assets and fiat money, investors are looking for an alternative. Part of the finance is going to cryptocurrency, and the main beneficiary is bitcoin.
It may be that BTC at this stage of the climb updates the peak to $19,800. However, the technical picture shows that the growth phase is close to completion.
At the moment it is difficult to say whether bitcoin, along with other popular cryptocurrencies, will become part of everyday life – the spread of digital money in daily financial flows is still a long way off, although it is worth admitting that work in this direction is ongoing, and is very active.
However, so far BTC has been more perceived by major investors as a speculative asset. At least this is how the price behaves.
What can we expect? Considering the fact that Bitcoin is very volatile and its price fluctuates continuously, it is very difficult to make accurate predictions about the largest cryptocurrency in the world.
Maybe nobody would have expected Bitcoin to reach its historical value after the coronavirus pandemic, but it did. Bitcoin still has a long way to go to reach its historical maximum, as trading volumes will decrease significantly.