From January 2018, a constant decline has been seen in the bitcoin price, As usual it happens normally once every year, But this time there is something different which we need to look for and what is that? In the year 2017, Crypto actually started to get popular on a wide range of people all over the world, due to which the price of the bitcoin surpassed $10,000/- for the first time and then it reached just below $20,000/-.During this process, when the price of the bitcoin was around $6000 it gained popularity among people who actually never traded before.
Bitcoin’s Popularity became one of the factor of its decline. No doubt, this currency came into existence inorder to stay away from the Monopoly of the Banks and Governments, So it has to reach every one on the planet, that was an intention of Mr. Satoshi Nakomoto, creator of Bitcoin.
We have to keep in mind, that the people are mercurial now a days, which means you can’t predict one’s nature, And due to the reason , that heaps of impatient people entered into this market. I believe this crypto trading business has got effected a lot from these impatient people. Patience is the key in this business, if you don’t have patience, better stay away from anything around crypto. Bitcoin has reached nearly $20,000/-, but it took around 8 years for bitcoin to reach such a remarkable value, which shows the nature of crypto currency, that it needs time and patience.
In year 2018, There has been a trend of Air drops and people are getting free coins and trading them on exchanges and in return, they are getting their money and leaving out, and then they start looking for another free airdrop. Just Imagine, what kind of damage we are doing to this market. I am not telling people not to join airdrops and get free coins, do it but hold it as well. Its really good for people and respective ICOs. People need to have patience. Why people are selling coins at a lower price, thinking just they got money from something which they got for free, I don’t think that’s a good idea. If you want to stay in the market and get profit out of it, then you need to think about market as well.
In addition to the reasons that I have told above, there are bunch of scammers, hackers and Market manipulators out there who are actually playing dirty games with the market. Sometimes, I believe there is something big and fishy going on around crypto market, because all of a sudden in the past few months, there have been consistent attacks on the bitcoin in order to bring down cryptocurrencies.
On one side Mr. John McAfee made several claims about bitcoin’s price in his interviews, but what we can see now, it looks completely opposite, I believe that Mr. McAfee doesn’t go wrong with his predictions, since he is a mathematician, he speaks based on Algorithms. May be he is right or may not be, I believe its just about patience. Let me show you what he is saying now, this guy is a true optimistic.
Hopefully, As per I have gone through my research on current trends of crypto currencies and world news, there will be a big difference in the price of bitcoin after 5th July, 2018 and the reason is Reserve Bank of India(Indian Bank) has to give a decision on bitcoin on July 5th about whether it is going to be legal or not in India. We should not forget about a country which made a huge impact on the market. So, my sixth sense is telling me, that it’s going to be a different situation after 5th of July 2018, only if they take the decision on 5th July, because they can extend the date of hearing in the court. So, keep your fingers crossed. That’s all we can do for now.
Be optimistic and keep trust on the nature of bitcoin which is decentralized which means not controlled by governments. This is something which is like our democracy but doesn't comes under any democracy. It is for the people, by the people, of the people and more over controlled by the people.