Bitcoin soon after its introduction in 2008 became the only decentralized, transparent, fast and non-repudiable protocol. Bitcoin in no time underwent a significant growth by provoking a certain kind of hysteria in the investors and speculators to earn great profits. As the popularity of cryptocurrency rises, many countries like China started imposing strict restrictions in September, 2017 by calling it a fraudulent practice. Social media platforms like facebook, twitter and Google joined hands and banned all types of cryptocurrency ads. Since then, the value of bitcoin fell by large margins. As a result, many lost their confidence and interest in the market.
But you still have to remember that we are still in the early state. There could be a lot of negatives news about it but I'm sure people are not losing their confidence. They are just waiting in the wing, ready to pounce when they see the market somewhat started to make a break out run.
But by far, Bitcoin has lived in a space of unknown to the general public with less crypto-educated people. Once that changes, bitcoin will once again see the paradigm shift to find its stable place in the market.
Again, this is a journey, everyone started with zero knowledge of crypto but as they go along they have learn a thing or two so sooner or later we will see. that there will be shift, specially the mentality that its not a get rich scheme.
The question of whether bitcoin will ever hit 20k again has turned around the minds of all sleepless investors who entered the market of cryptocurrency in 2017.
I believe that Bitcoin has a lot of potential in surpassing the past records if the concept of cryptocurrencies reaches its true potential and is adopted worldwide.
Let me know your thoughts? Do you think Cryptocurrency is past its heyday and no longer going to revisit or surpass its past glory days?
Definitely, $20,000 is doable. We just need one catalyst that will push the price to go even further. As I have mentioned we are still very young, significant things can happen in the next 2-5 years that will broken the current all-time-high.