This week, bitcoin's price gets low. Based on the article that i read, it says thats they cant trace the reason why its getting low. They said it might be because some used to hack and mine bitcoins. They also said that maybe it was because there are new cryptos.
What do you think is the main reason? Do you think its price will still rise?
Yeah its getting low for now but i dont lost hope because theirs a big change to rising up again.This is the test of our patience so i'm willing to wait that it will gonna be happened.
It will definitely rise in the future, but the big question is how much time this recovery is going to take. What if the prices remain at 8K levels for two or three years? If that happens, then the majority of the users will dump their coins, resulting in a sharp fall in the exchange rates.
Taking for granted that the price has to go up from here seems to be risky. It's not a given. Too much can change technologically for you to just say, "well, in 5 years it has to be higher than it is now because adoption will be so much higher." First, not even that is a given. This could prove to be an unsustainable fad. Second, there's too much potential for technological disruption in the crypto space to take things for granted over a period of years. Crypto adoption may be higher, but that doesn't necessarily mean Bitcoin. Bitcoin could lose preeminence, another crypto could be more useful or more secure, or faster or cheaper. There's no shortage of ways to beat Bitcoin. Sinking a fortune into Bitcoin at these prices because you're sure the future is bright if you just wait long enough is risky play.