Bitcoin Investors Let Go of Their May Harvest Where is BTC Heading?
By Space Coast Daily // June 30, 2022
The cryptocurrency market is known to have a highly volatile nature and often generates a significant amount of losses for investors and traders. With the prices in the market going up and down, this year wasn’t a good year for Bitcoin. Over the past months, red indicators and down arrows dominated the crypto market, and who would expect that the first cryptocurrency would suffer the most?
Bitcoin suffered from a 9-week losing streak, and even though it gradually recovered, some Bitcoin investors preferred to let go of their May harvest, with the fear of Bitcoin declining again. With this in mind, more and more people are wondering, where is BTC heading? Read on to find out.
Bitcoin: The First Crypto
Bitcoin is the first crypto developed by Satoshi Nakamoto in 2009 and has inspired the birth of thousands of altcoins in the market. What traders and investors love most about it is that Bitcoin is not associated with third-party agents such as the government or the bank; instead, all transactions are kept on a public ledger known as the blockchain. For most users, Bitcoin allows them to complete transactions that are verified through cryptography.
Since its development, Bitcoin has shown positive indicators that it is profitable – and has produced a list of Bitcoin millionaires. Due to its benefits, more crypto enthusiasts have engaged in this crypto for trading. On the other hand, traders also entered the world of crypto with experts’ guidance and engaged in platforms like Bitcoin UP. This website connects them with market brokers equipped with state-of-the-art trading software and tools to navigate the trading world efficiently.
Even though it was developed long ago, Bitcoin remained the top pick of traders and is present in almost all crypto enthusiasts’ portfolios. It still ranked as the top crypto in terms of market cap, which is why it’s still popular among traders nowadays. Due to its consistent uptrend in recent years, the straight weeks of Bitcoin decline shook the crypto market and its investors, leading them to sell their Bitcoins.
Where Is BTC Heading?
As mentioned, the past events regarding Bitcoin have caused some fear and panic in the crypto market, especially among Bitcoin investors. It’s reasonable that bitcoin may have up and down values due to the market’s volatility, but its 9-week losing streak is the second traumatic event after its first decline years ago. This panic grew into fear, and fear then turned into selling their BTC assets in the market.
Bitcoin has suffered more than 52% year to date and is now hovering around $21,000 per coin. This first cryptocurrency shed about 70% of its total value after hitting an all-time high of roughly $69,999 in November last year. Given the macroeconomic environment, some experts think these prices may fall further. Crypto companies are also preparing for a possible crypto winter that could happen.
So, where is BTC headed? There is no accurate answer to tell. Just weeks ago, Bitcoin’s price dropped below $20,000 over the weekend and had recorded its lowest price since December 2020. However, it rose back up above $20,000 and has been in a tight range over the last weeks. Experts also pointed out that continuous war in Ukraine and inflation getting higher could be the culprits of cryptocurrencies’ unstable values this year. With this, experts recommended keeping your crypto investments to under 5% of your portfolio and mentioned that volatility is not going anywhere due to the various factors that could affect it.
Is It The End Of BTC?
Crypto investors and traders who have witnessed the decline of values in their portfolios are hoping for an end to this crisis. However, despite the continuous downfall of Bitcoin, and even though it hasn’t reached an all-time high since 2021, experts are confident that it is almost impossible to put an end to Bitcoin. Analysts and crypto experts have constantly been observing and studying the market for months and said that it’s far from bottoming out.
The challenge relies on the current economic climate, which is different from the one observed last year. Compared to this year, lesser money is circulating, and crypto investors are less willing to take risks. So, as the crypto market makes progress, Bitcoin’s price history is not enough to rely on as an indicator for predictions. This is because of the limited amount of data that acts as a source before coming up with predictions.
The increase and decrease in values are common in cryptocurrency due to its volatile nature. Over the years, Bitcoin had shown constant up and down values, which shocked the crypto market when it suffered from a consistent downfall for nine straight weeks.
Due to this, people wonder where is this coin heading, and due to fear, many BTC investors sold their May harvest in the market. However, it is uncertain to say where Bitcoin is heading due to the random and unexpected events that may happen in the market. The best thing that you can do would be to do your research and learn how to handle the market’s volatility and its risks so that when Bitcoin falls in the slumps, you will have an idea of what to do.