Question: How low will bitcoin go?
Answer to the question “How low will bitcoin go?”
That is the $64,000 question. I don’t think anyone really knows and if someone professes to know then you should check their credentials for making such bold claims.
It should be pointed out that something is worth only as much as others are prepared to pay for it. If there are more sellers than buyers then the price drops. If people are greedy then the market will take advantage of it.
Many of the same factors which affect the share market are also present in cryptocurrency. I think it is no coincidence that the slide in bitcoin values has come at the same time as the share market slide.
Once the share market recovers then bitcoin may follow suit and notice I said “may,” without giving any guarantees because bitcoin has such a short history that it is difficult to predict its future but based on the last ten years it seems that bitcoin has gone through it’s highs and lows and this gives investors at least confidence that it is likely to recover but when will this be? Some are predicting that it will be late 2023 or 2024. Who knows?
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