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Analysts Predict Bitcoin May Not Surge Back to Its 2017 Height

Major cryptocurrency, Bitcoin seems to be in troubled waters recently as the cryptocurrency experienced a sharp price drop and also price fluctuations. Analysts predict it may never return to its 2017 glory in which it reached close to $20,000. Recall in 2017, BTC had a wild run in which it jumped from $900 to $20,000.

Recent market reports indicated that BTC traded at $7,506 with 24-hour volumes of $15 billion. Analysts believe there is so much ground yet to be covered which will never make Bitcoin trace back to its 2017 height.

Recounting how much investment will push Bitcoin higher to the mark, an analogy was drawn thus, if it required $200 billion investments to push prices from $300 to $20,000, which is an increase of over $19,000. How much then will be required to push it up to $50,000 or even $100,000, the answer is trillions of U.S. dollars.

The truth from all facts presented on the ground is that such trillions of U.S. dollars are not in any way coming because all indications reveal enthusiasm wane for Bitcoin, notwithstanding the present fact that it is scarce at the moment.

Another school of thought believes the possibility of a sudden price recovery and price reaching a $50,000 mark. It believes that Bitcoin is passing through a refiner’s furnace with the current negativities which will eventually increase its glitz and shine.

Analysts have attributed Bitcoin’s downturn to Facebook’s Stablecoin, Libra. Since the announcement of Libra, more regulations have been speculated to be passed on cryptocurrency.

Libra: Bitcoin’s Undoing
The announcement of Libra, Facebook’s Stablecoin came with so much optimism for BTC, but events took a downturn with speculations that Libra may not meet its June 2020 deadline or it may never see the light of the day.

Resulting from this, many financial regulators tightened the loose necks around cryptocurrency transactions in various countries.

Interestingly, from all facts presented at Mark Zuckerberg’s defense at US congress, it seems Facebook is missing the road map thereby putting Libra in a fix.

Another event that may seem to have contributed to BTC prices is the launch of futures trading by U.S. financial market operators. A top analyst, also a former chairman of CFTC sees this move as one being targeted to force up the BTC market price.

BTC’s current market price of $7,506 is attributed majorly to Tether (USDT) pairings. This had hit it big in 2017 when it just started, but its impact seemed to wane because of higher market volumes and competition.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.