the Bitcoin Since it is the first cryptocurrency, the one that dominates all others, the variations in its value have always led to many debates among investors. Therefore, expressions like “Bitcoin is dead” or “the cryptocurrency market will collapse” are not uncommon when the price of Bitcoin drops significantly.
The old phrase “Bitcoin is dead” is back
Many experts have not, since the rise in popularity of cryptocurrency, quit declare it gone during every crisis. A list has also been drawn up for the number of times Bitcoin’s death has been predicted by professionals in the financial world.
According to this list from Bitcoin Obituaries, Bitcoin has been declared he has already died 21 times in 2022. Even data from Google Trends shows that online searches for “Bitcoin dead” reached an all-time high when BTC fell below $18,000.
However, although it is true that Bitcoin and the cryptocurrency industry are indeed victims of a crisis, this is not the first time that they have gone through such a situation. In fact, they found themselves in this position several times in the past, but each time, the market has picked up and even rose in value in order to prove the naysayers wrong.
If you are a little familiar with this medium, you must have heard the expression “Bitcoin is dead”, or something similar. There are many industry players who really think this cryptocurrency is dead and will drag the entire market down the day it crashes for good.
A disastrous month
A train of thought that is not surprising, since the last few months have been particularly terrible for Bitcoin. In mid-June, the cryptocurrency fell to $17,593, which is far from its all-time high. $69,000 which she posted in November 2021.
According to the results shown by the analysis company Glassnode, the losses recorded during the month of June were huge for all investors. More than $7.325 billion in losses in Bitcoin mainly as panic winds pushed sales as the price continued to fall rapidly before stabilizing around $20,000.
The opinion of financial experts on the Bitcoin crisis
Many experts have commented on the recorded decrease at the cryptocurrency market during this year. In an interview, Bill Gates did not hesitate to say that he was against all kinds of cryptocurrencies and NFTs. He said that even if it was possible to do it easily, he would not fail to sell the Bitcoin short.
Analysts and other critics in the financial world have also predicted that the world’s oldest cryptocurrency that is still in operation will meet more difficulty in the coming days.
Of these, Peter Schiff’s prediction commands the most attention. In fact, the internationally renowned financial analyst and CEO of Euro Pacific Capital Inc., was the author of the eleventh Bitcoin obituary this year according to the site Bitcoin Obituaries. In a tweet, he confidently indicated that BTC would fall up to $3,000 in the future.
A lot of people in the #crypto The industry is saying that this accident is a healthy shake-out. I agree it is healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto probably has a future, though #Bitcoin it will not be apart.
— Peter Schiff (@PeterSchiff) June 18, 2022
As a staunch opponent of Bitcoin, Schiff has always believed in cryptocurrency it was worth nothing. On several occasions already he did not hesitate to predict that the price of BTC was heading towards zero. Predictions that have not been proven yet.
Current State of Bitcoin and the Market
If it is true that the current crisis indicates that Bitcoin is in a terminal phase, it would be very unwise to believe it. Indeed, it is considered so 461 the number of times where Bitcoin was declared dead by experts.
When one goes to this site, one can see several obituaries that show an article on the internet claiming that Bitcoin is or will be worthless in the future. Claims that remain unfounded today since the cryptocurrency market is still resilient against crises and time.
Moreover, many studies are already focused on the revival of Bitcoin. Although it fell below $18,000 in June, it started to move more consistently again and stabilization around $20,000 in July.
Currently, its value is $24,532 while writing these lines. The cryptocurrency market as a whole is gradually recovering from the crisis. According to the analyzes carried out, the worst is behind us. This is the perfect time to start accumulating BTC, many investors believe that it is the bottom.
The crypto market has recovered in recent weeks. The IS next resistance to pass the $25,000 for Bitcoin. A value that will not be easy to overcome and maintain, the latter has been trying for some time.
Many factors allowed the market to gain value. Waiting for The Merge, for example, did take ETH consistent and this indirectly boosts all Ethereum killers or even Ethereum Classic for example.