Bitcoin will break $2000 before it hits $6000, says crypto expert
On November 15, Bitcoin had yet another fork and again it triggered a price drop which saw the combined value of Bitcoin and Bitcoin SV being far less than the figure of $6200 that Bitcoin was trading as on November 14.
There has been an ongoing controversy over the BCH hard fork and it doesn’t seem to be in any mood to die down soon. This latest dip in price has sparked off many debates which have seen polarized opinions on both sides of the divide.
Peter Tchir who writes for Forbes says that the astronomical rise in the price of Bitcoin in December 2017 started just ahead of the American Thanksgiving which saw college students returning home and explaining the potential investment opportunities to their parents and friends.
“But now, over a year later, anyone who purchased Bitcoin has lost money (in US dollars). Not making money in a year is enough to demoralize some die-hard HODLers, let alone curious potential investors who were largely drawn to crypto by the fear of missing out on the next great investment,” he adds.
According to Tchir, the flagbearer of the crypto world is too confusing and the forks confuse the casual investors more. They become skeptical about the whole state of affairs and become reluctant to invest. Tchir adds that one of the main problems with Bitcoin is its “decentralization.”
According to him the main problem with decentralization is the fact that it makes it easier to create new forks and create new currencies and these splits diminish the power of Bitcoin to a great extent. “Bitcoin futures open interest is steadily declining and even the hype around ETFs has diminished as it seems that some sort of broad-based crypto ETF is more likely than a Bitcoin ETF which just highlights the confusion most casual investors face,” he adds.
He also adds that crypto miners are very powerful and they are pursuing their own self-interest. “If there was a ‘governance void’ that human nature has a tendency to fill, it seems as though the miners and a handful of early HODLers are filling that void – to their own ends,” he notes.
Tchir believes that the leading cryptocurrency can still regain some lost ground but the reality is that someone needs to help it to come back on track.
“I think cryptocurrencies have lost their luster and I think Bitcoin will break $2,000 before it hits $6, 000,” Tchir concludes.
Image via Shutterstock
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