Eric Dalius, a real estate and marketing professional turned bitcoin investor and cryptocurrency expert, says the next bitcoin bull run is a matter of when, not if. Recently Tech Bullion reported on his shared thoughts on bitcoin’s price history and he gave projections for the bitcoin market.
Bitcoin’s Erratic Price History
The words ‘bitcoin’ and ‘price’ seem to go hand in hand. Their relationship is volatile and spikes interest among the masses, especially as of late. The price of bitcoin has declined drastically from it’s all-time high of nearly $20,000. Since then BTC has lost 83% of its value and is hovering around $3500.
To the uninformed and inexperienced masses who’ve heard of bitcoin but don’t really know about it, this price drop shows bitcoin’s demise. However, for those who’ve been around a while, you know bitcoin has experienced its fair share of bear markets.
Bitcoin’s first dramatic bear market goes as far back as 2011 when bitcoin reached an exuberant peak of $32, only to crash later by 94% down to $2.00. Back then most experts and people involved thought it was dead and never coming back.
Fast forward 2 years later and bitcoin reached another price spike hitting $260 before crashing 75% to $65 due to the infamous Mt. Gox hack. However, this crash didn’t last long and bitcoin reached new highs once again in November 2013.
Bitcoin hit an all-time high of over $1000 on November 28, 2013, and once again attracted an influx of new investors jumping on the bitcoin bandwagon. Shortly after its peak bitcoin crashed in a steep correction lasting 400 days. The hyped up asset lost 87% of its value reaching a low of $200.
After that, we all know what happened next. The crypto market flushed out the weak hands and the hodlers of last resort were accumulating bitcoin for a full 2 years before the hyperbolic bull run we experienced in 2013 took off.
Bitcoin’s price reached nearly $20,000 by the end of 2017 as speculation and FOMO (fear of missing out) inflated the price. Now, it seems we are in a similar situation to that of 2014 where the bear market was ending.
Has Bitcoin Reached its Bottom?
Many experts and people in the crypto industry believe bitcoin has already reached or is very near to its bottom.
Dalius shares this viewpoint, and he recently stated he believes the bottom is near and it’s only a matter of time before bitcoin begins its next bull run. He even went as far to say the next bull run is coming.
However, there are other notable minds who say otherwise. Harvard professor, Ken Rogoff thinks Bitcoin’s value is more likely to go to $100 rather than ever reaching $100,000. He also said:
The right way to think about cryptocurrency coins is as lottery tickets that pay off in a dystopian future.
While Rogoff compares putting your money into Bitcoin as a lottery ticket, Bitcoin’s 10 year history of continued exponential growth proves otherwise.
Positive Developments
Along with Bitcoin’s price history and cyclical tendencies, there’s a wide array of positive developments happening in the crypto sphere.
The Bitcoin lightning network is showing signs of growth and development, governments and regulators are developing positive regulatory frameworks to foster cryptocurrency innovation, and large financial institutions are getting involved.
One of the most anticipated developments coming soon to the crypto industry is the launch of Bakkt, a digital asset platform with physically settled Bitcoin futures for institutional investors and Nasdaq’s Bitcoin futures following soon after.
In a recent interview with CoinDesk and Bakkt’s CEO Kelly Loeffler, the reporter asked her whether digital assets will survive. In response, she answered:
I’d say the unequivocal answer is yes–price is merely an expression of supply and demand… But there’s a lot of missing infrastructure and use cases, and that’s what we’re doing at Bakkt… We couldn’t be more optimistic about where things stand today price notwithstanding.
With these positive developments and countless others in the works it seems likely that the next crypto bull run may be sooner than some think.
Considering Bitcoin’s price history and where we’re at now, do you think we’ll see a bull run soon? Let us know in the comment section below.
