Despite Bitcoin peaking at $20,000 back in December 2017, the leading cryptocurrency has plummeted near the floor after it experienced an 80 percent drop over the course of 2018. Bitcoin saw a relatively healthy start to this year though and even surpassed the all-important $4,000 region but unfortunately, the coin has sunk back below this key resistance level to its current price of $3,632 according to CoinMarketCap at the current time of writing. As reported by The Express, despite the lack in value for Bitcoin, the CEO at the crypto exchange Luno, Marcus Swanepoel believes that this year will be an exciting one for the leading cryptocurrency.
Nevertheless, a major movement in the cryptocurrency market still won’t be able to tackle the demand on Bitcoin according got Swanepoel who suggested ‘instant gratification’ is to be anticipated form the cryptocurrency.
In addition this, Swanepoel said, “one big challenge we believe the industry still faces is that of instant gratification. Everyone wants cryptocurrency to be the same or better than the existing financial system overnight. The reality is that the existing financial system was built over hundreds - if not thousands - of years and we’re not going to build a new financial infrastructure overnight.”
Swanepoel went onto say that even though cryptocurrency will be all of these aforementioned things and more, it is wise to be patient and just go one step at a time.
“The stakes are high and it would be irresponsible and potentially outright dangerous to rush things. After last week’s comment on BTC around the $4,000 level, the last week of trading has seen very little to continue to push Bitcoin upwards, with a clear move to the downside and establishing new lows for 2019. From talking to various sources in the industry there is still an expectation of a continued move lower for the largest cryptocurrency with several citing $1,500 level as a potential ‘bottom’.”
Last week, the price of Bitcoin fell down 13 percent after a short-term corrective bounce from the low in December when the price sunk to around the $3,100 region.
What are your thoughts on this? Where do you see Bitcoin in 2019? Let us know what you think down below in the comments!Investment Disclaimer