Bitcoin smashed its way into just about everyone’s attention briefly in the latter part of 2017 when it went on a massive rally from $800 to $20,000 in just a few months.
Unfortunately $20,000 was where it topped out this time around and since January of 2018 Bitcoin has been on a continual downtrend. Bitcoin currently sits at around the $3400 – $3500 region. The question many want answered though is this, has Bitcoin bottomed yet?
Well, many well-known investors in the space believe the answer is no, it hasn’t.
Radio show host, cryptocurrency influencer and Morgan Creek Digital Assets founder Anthony Pompliano told the Mainstream Media back in December that he believed Bitcoin would go below $3000 before beginning to start a new upward trend.
D. Tyler Jenks and Leah Wald of Lucid Investments also think the bottom is not in, they made this statement in a great recently written article entitled “The Long And Winding Road To A $10 Million Bitcoin”
‘When the final bottom is in, which we believe will be below $1,000, the road will be clear up to $6,000. Above $6,000, there will be minor bumps at $7,500 and also at $8,500.’
In fact all across the board most Bitcoin bulls believe we still may have a little lower to go, just how much is an unknown, but with the lowest of estimates at $1000 and the highest at $3000 it will surely be interesting to see how this pans out.
The Bottom is Irrelevant
Though it may seem depressing talking about Bitcoins value declining further before any swing to the upside will be had, its really not.
Bitcoin is in a healthy correction right now, it is still up over the long term and its decline has been nothing unusual based on historical bull-runs of the asset. Right now Bitcoin is finding a new level of value which is accepted by the majority. Once this is found the asset will begin once again accumulating value to the upside.
If Bitcoin is still a valid store of value in 5 years from now its worth will be far higher than even the most optimistic of predictions. There is no middle ground, it will work and be worth eventually millions of dollars per Bitcoin or it won’t work and something else will replace it. If you believe it will work, you have to believe its value will increase astronomically from this point.