The lowest the Bitcoin price has been since it was worth $20,000 was at the end of last year when it was worth $3288 for a short time. The rest of the market was trading miles below their predicted prices but at the start of 2019, there was a slight spark of hope for investors.
Even though the price of Bitcoin and the other cryptocurrencies didn’t break out in a sudden surge as it did last year, it is gradually moving upwards. Still, people are left wondering if now is the right time to get involved in the market or if they should wait just a little bit longer.
Typically, the performance of Bitcoin has an impact on the rest of the market. As written by the crypto writer John Kojo Kumi, “when the Bitcoin price chart is analyzed critically, it becomes apparent that the cryptocurrency does not make two separate crash consecutively.”
After a long drop, the price seems to become steady for a time before it surges even higher than its all-time high. At the start of 2014, Bitcoin recorded over $800 price point, and that was almost the highest it had ever been in its five-year run. From then, it drastically fell to a price of $200 and later steadied up a bit. Throughout the next year of 2015, Bitcoin was quite steady and not much happened until the breakout we saw in 2017.
“Between 25 November 2018 and today, 25 February 2019, the Bitcoin price has been very stable as it experienced back in 2015. The cryptocurrency has traded between a little over $3100 and $4100 for the past three months.”
So if go off the history of Bitcoin, then we can see that the price of the leading cryptocurrency will get back on track. Nevertheless, looking into Bitcoin based on history isn’t something that is reliable and it’s worth noting that we are not financial advisors and this is not financial advice. Investing in crypto currency is very risky, so only invest based on your own research and invest with money you can afford to lose, always remember to trade safe!
When is the right time to join?
We say ‘join’ as if cryptocurrency is a club of sorts but it’s still a valid question.
Because of the nature of cryptocurrencies showing a positive growth rate after staying stable for a while, it’s such a hard thing to guess. Currently, most of the promising currencies are trading at a lower price, and this seems that it could be the lowest it will go.
Even so, the market is still highly speculative and anything can happen in the cryptocurrency world at any given time.