Bitcoin Price - A Fall From GraceAs Bitcoin heads towards the $9k mark, it nears almost half of its all-time high of $20,000. Hit in late 2017, those glory days were soon wiped clean in 2018—a bearish downturn took over and across the year, the coin lost 70% of its value. So at it’s highest high, the digital coin was worth over $20,000. But jump forward to early 2019 and the coin was scraping lows of $3,250 approx. As expected, the recent comeback has analysts talking and its no surprise. Many now believe that this bull run will eclipse Bitcoin's iconic 2017 one. There are several key differences between that time and now that make this plausible. So let's check out some of the main reasons analysts expect this run to last.
A New Level of FOMOFOMO, or the Fear Of Missing Out, has always played a role in dictating Bitcoin price. It's simple psychology that people don't want to miss out on a good thing. But what is very interesting for Bitcoin this time around, is that investors now know that a climb to $20,000 is possible because it has done just that before. This time, we know a climb to $20,000 is possible, therefore it's probable that investors will flock to Bitcoin in their droves for fear of missing out on an expected massive rally.
Bitcoin now has a greater variety of platforms than before and this should impact on Bitcoin price. These give investors exposure into the crypto markets and, simply put, make investing in Bitcoin much easier now than in 2017.
Platforms such as Bakkt, Fidelity and Square, among many others, have added support for Bitcoin in their own way. This leads to an overall climate that is more accepting of the coin and encourages other institutions to jump on board.