RATE Group | Is the bitcoin price on the verge of a dramatic comeback?
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Is the bitcoin price on the verge of a dramatic comeback?

29 Jul Is the bitcoin price on the verge of a dramatic comeback?

Posted at 10:10h in Bitcoin News by

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Dots over the earth connecting the world

Over the past 12 months, the bitcoin price has been on a wild ride. This time last year, the price of the crypto asset was just over $3,200 and was still a relatively unknown phenomenon. Only a few months later the price peaked at $19,300 and had become a global talking point.

However, since topping out at nearly $20,000, the price has since retreated. It currently trades at $8,200, slightly above the one-year low of $6,200. But I believe that this could be just the beginning of a dramatic comeback. 

A growing reputation 

It has become clear that last year’s bitcoin euphoria was indeed a bubble. Bitcoin may have its uses in the real world, but last year the market got ahead of itself valuing the asset, pushing the price near $20,000 even though there was very little real demand for the product. The price rise was mainly a result of speculators trying to make a quick buck. 

The bitcoin boom and bust matches a pattern that’s been seen many times before — usually with stocks….

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