Bitcoin, the largest cryptocurrency in the world, remains to be unstable after its massive 2018 destruction. Although crypto enthusiasts believed that this year would be the comeback for the crypto, some people seem to decline this perception.
Chinese Analysts Backing Out On Bitcoin Comeback
As earlier reported in Beijing News, a lot of Chinese crypto analysts shared insight about Bitcoin with the media site, in where they were asked to give their projections with Bitcoin and its ‘rebound’ for the year 2019.
Unfortunately, the analysts shared the same opinion with Bitcoin, concluding that ‘it is an investment black hole.’
Xiao Lei, the chief analyst, stated that the root of the problem with Bitcoin was its 2017 hype, in where a lot of newbie investors demanded to own bitcoins. Although this sounds good for the market, the effect that 2018 did not sustain the same projection with 2017, resulted in a terrible market for bitcoin.
“The price of bitcoin has risen more than 20 times in 2017. This increase is definitely unsustainable. The increase is too big,” Lei explained on Beijing News.
In addition to that, cryptography analyst Huang Liang supported Lei’s statement by saying, that since 2017 offered a low-cost bitcoin, the tendency of high demands pressured the selling stance of bitcoin in the market– which affects bitcoin owners until now.
“After bitcoin has been on the futures contract, everyone can not only do more bitcoin, but also make money by shorting bitcoin, which has spawned a large number of bitcoin air forces.”
He also frankly stated that he does not see any future with the bitcoin industry as the digital token continues to be unsustainable due to its different factors.
“The cryptocurrency market is currently a transaction-driven zero-sum game. The money you earn can only be the money in someone else’s pocket. The price of the coin must remain high,” Liang added.
We’re Still Not Sure
Bitcoin has currently been hanging around $4,000 market value. In comparison with its past prices, bitcoin showed an enormous decline.
Still, demands are raising for the crypto and faith on its comeback still roams around the corner. As a proof to that, in December, Galaxy Digital CEO Mike Novogratz confidently expressed his prediction of 2019 comeback for Bitcoin value.
“By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more,” Novogratz stated on Financial News.
Now, that 2019 has started, the predictions of a comeback for bitcoin seems to be still out of control but who knows?
After all, 2019 has just started.