After nearly a week’s and more of consolidation, Bitcoin is finally back on its upward trajectory and has successfully crossed the $7800 mark and is currently trading at $7750-$7800 as per coinmarketcap.com. Now, Bitcoin just needs another 7% trigger from here to cross its all-time-high and be on the path of inching closer to the $10000 as predicted by several analysts.
After enjoying a tremendous bullish run in the first week on November, Bitcoin prices corrected heavily hitting a new bottom of $5450.50 and then consolidating back for almost a week above $6000. One of the major reasons attributed in the fall of the Bitcoin prices is that miners had shifted their attention to the Bitcoin Cash as mining seemed more lucrative and rewarding on the Bitcoin Cash blockchain for that time.
Miners usually prefer to shift between Bitcoin and Bitcoin Cash blockchains due to the highly volatile and changing difficulty levels and the one that is more rewarding at that time will get more attention from miners. However, such shifts won’t be observed quite frequently henceforth, reason being, Bitcoin Cash has recently been hard forked and has shifted to a new software protocol which aims to upgrade the network’s Difficulty Adjustment Algorithm (DAA). The new protocol aims to reduce the volatility in difficulty levels and bring more stability to the BCH platform.
As a result, miners, who were getting more advantage on the Bitcoin Cash platform by exploiting the volatility in difficulty levels can no more do so after the new software upgrade and thus they seem to have shifted their attention back to the BTC platform.
Now, a new optimism has swept in the market pertaining to Bitcoins and newly published investor survey by LendEDU shows that Bitcoin prices could reach a figure as high as $196,165. Yes, this is nearly 30 times from the existing value and the first read this might really sound to be insane! However, research analyst with LendEDU, Michael Brown says “Believe it or not, that number and statement is true according to our polling data.” In order to reach to this odd figure, a poll was conducted across a very small sample size of 564 Americans based on which this figure was concluded.
Note that it is certainly not going to be a cakewalk for Bitcoin to reach such a large value. But such a thing can only happen if Bitcoin turns out to be “people’s currency” with more number of young investors supporting the Bitcoin revolution and using Bitcoins as a go-through currency for everyday transactions. Brown says that “These investors could envision Bitcoin reaching that price with the help of time and younger consumers developing more of an affinity with virtual currencies, specifically Bitcoin.”
A complete transformation into the digital world of cryptocurrency means making the older generation believe and trust in this new concept virtual digital currencies which would take place over a generation to come. Brown said “As it stands today, the price of cryptocurrencies is rising rapidly yet many of the most influential, older investors are still not sold on Bitcoin and believe it will collapse. Just imagine when younger Americans develop more spending power and attempt to bring Bitcoin into the forefront of the U.S. economy? At that point, the price of Bitcoin will skyrocket.”
Note that this is just a result of analysis done over a small poll conducted. We request you to take this with a pinch of salt and rather enjoy the existing bull run in Bitcoins as nothing can be said with certainty about such far away future. For now, the momentum back in the Bitcoin prices seems to be a quite convincing and we hope it to achieve new highs before the year-end.