Investors have been patiently waiting for well over a year now to see Bitcoin skyrocket to values recorded during the cryptocurrency boom. Here, Bitcoin tipped $20,000.00 and looked to be one of the most incredible investments in history. Sadly though, cryptocurrency became too much of a good thing and an inevitable decline followed. The crash, though expected did thankfully look to be short lived, however over 12 months down the line and no real recovery in sight, we have to ask ourselves the question; what will it take to send Bitcoin to the moon again?
Remember, this is the essence of risky cryptocurrency investing. If you bought during the boom, you’ve probably lost a lot of money. If you bought prior to the boom and failed to sell because you were promised Bitcoin was going to continue to grow past $20,000.00, you might not have lost money but you’ve lost a lot of potential.
A skyrocket however is possible. Current figures do not mean Bitcoin is dead, nor do they mean that we’ll never see a surge again, but they do mean that at the moment, Bitcoin is stagnant, stuck in a rut, waiting for something exciting to happen. Many of us believe that the next surge will come through institutional adoption. When the big players like banks and large financial corporations start to invest in Bitcoin, we will see huge waves of money enter the markets. This will push up the market cap of the currency and in turn should see Bitcoin increase in value.
The risk here is that a skyrocket would then see a huge sell off, causing a massive correction and eventually bringing the price back down, but hey, at least with some careful trading, we’ll all be able to make the most of this.