Ever since Bitcoin started its fall around this time last year, many of those who are sceptical to the leading cryptocurrency claimed that Bitcoin is on the right path to failure. In fact, there are worries that Bitcoin is currently in one of its final stages before finishing forever.
There were several crypto enthusiasts that debunked the so-called fear, uncertainty and doubt, with Andreas Antonopoulos (Let’s Talk Bitcoin podcast) being one them. There are some sceptics that are confident that Bitcoin and the rest of the market will eventually sink to the zero mark. At the recent World Economic Forum in Davos Switzerland, blockchain venture investor Jeff Schumacher highlighted that the leading cryptocurrency is likely to eventually collapse completely. He also added that this is based on the fact that the value of the crypto is “based on nothing.”
Despite the negative news of this, one popular crypto trader made it clear that the prolonged bear market won’t last forever.
Earlier last week, a well-known cryptocurrency trader by the name of Galaxy, took to Twitter to let their followers know that Bitcoin was approaching the 420-day milestone of the current bear downtrend. In a tweet that he/she posted yesterday that history has been made as the leading cryptocurrency has just started it 421st day in the current bear market. This is the longest bear trend since the digital currency was created.
Today, we're creating history with 411 days of bear market and the longest since #Bitcoin was born.— Galaxy (@galaxybtc) February 1, 2019
No one can tell us exactly when is going to end, but it is important to remaining focused on the long-term and remember that it cannot last forever. pic.twitter.com/IkDFwnnRN5
Despite this milestone behind ‘reached’, this isn’t we’re going to want to remember one for the history books as Galaxy made it clear that no one can predict when the bear trend will end but he/she is confident that is won’t last forever.
Galaxy isn’t the only one who believes that Bitcoin will eventually escape the harsh grip of the bears. The managing partner at Dragonfly Capital Partners, Alex Pack explained that even though prices may not link up with what he is saying, Bitcoin achieved a great milestone in 2018.
As reported by NewsBTC, Pack explained that even though Bitcoin could fall below $3,000 it would be stretch to think it could completely drop to $0 “as the cryptocurrency has developed a material value proposition. The investor, who heads the aforementioned crypto-centric venture capital group, added that this non-zero chance that Bitcoin will always have value is a ‘milestone’.”
What are your thoughts? Let us know what you think down below in the comments!