Chainalysis Economist: The Worst Is Over for Bitcoin

Some claim that bitcoin’s price can be predicted, while others say they know when bitcoin will go up and down. Is any of this truly possible?

Can We Ever Know What Bitcoin Will Do?

Bitcoin – the world’s number one digital currency by market cap – reached a 2020 high last month when it jumped past the $10,300 mark, though at press time, the currency is struggling in the mid-$6,000 range. While this is ultimately an improvement over where it was just two weeks ago, there is still a lot of room for growth, and bitcoin has lost nearly half its value in a little over a month.

One of the reasons that bitcoin has fallen into oblivion as of late has to do with a sell-off that occurred thanks, in part, to rising fear and panic surrounding the coronavirus. Many see times like these as very unpredictable; they seek to sell off all assets while attaining as much cash as possible. Thus, many sold off their crypto stashes and their stocks to ensure they were safe during this growing…