Bitcoin, the original cryptocurrency, has had a tough year, and is presently resting on its $6,200 support level as it celebrates its 10th birthday. Despite having a fundamentally successful year filled with countless examples of increasing adoption, the markets are still weak, and have been unable to break through their September highs.
At the time of writing, Bitcoin (BTC) is trading at $6,315 on the aggregated markets according to CoinMarketCap, which is near the bottom of its long-established trading range between $6,200 and $6,800. Despite looking weak, bulls can take solace in the fact that Bitcoin’s price has bounced several times over the past couple of days in the $6,200 region, which shows that bulls may not be willing to risk losing this support level.
The big question that remains is whether or not the latest drop will result in what traders jovially refer to as a “Bart” pattern, which is where Bitcoin drops or rises, trades sideways, and then sharply proceeds back to its previous levels. This type of pattern was most recently seen in mid-October, when Bitcoin fell from $6,600 to $6,300, ranged for a few days, and then rebounded to highs of nearly $7,000.
Bitcoin Celebrates 10th Birthday Amidst Persisting Bear Market
Despite the low market sentiment and persisting bear market, Bitcoin is currently celebrating its 10th birthday, and multiple analysts and industry experts believe that the best is yet to come.
Investors discouraged by the current market conditions would be wise to remember that in a short 10 years, Bitcoin has grown from being a technology recognized by a small community of tech-heads to an internationally recognized asset that could fundamentally change the way the world works.
Jimmy Zhong, the CEO of the enterprise-grade blockchain infrastructure, IOST, recently spoke about Bitcoin’s momentous past and exciting future, and expressed that price is a temporary distraction that shouldn’t concern true believers:
“Since it was first launched, Bitcoin has inspired a ripple effect that has grown exponentially, from a mailing list of cryptography experts to an international market disrupting some of the most entrenched institutions that have ever existed… It has never been a better time for Bitcoin and other blockchains. Price has and always will fluctuate, but what truly matters is that the core of engineers, believers, and dreamers have continued to grow, improving the technology and inspiring new projects to push the boundaries of what can be accomplished!”
Zhong also explained that Bitcoin, and the blockchain technology underpinning it, will likely lead to a more equitable future for all people, adding that “in the next 10 years, the world will change dramatically — and we believe blockchain will make that change more equitable for every person.”
Zhong isn’t alone in his enthusiasm for the future, as Adam Jiwan, the CEO and co-founder of Spring Labs, a blockchain-based data network, recently spoke to MarketWatch about the future of Bitcoin, saying:
“Regardless of how one feels about cryptocurrencies, Bitcoin has ushered in a technological revolution that will have profound implications for how information is shared, consumed, and protected. I’m a big believer in the unstoppable nature of technological revolutions, and we’re only 10 years into the development of distributed ledger technology. Blockchain will be ubiquitous, and the world will have to adjust. The only question is, ‘How soon’?”
Featured image from Shutterstock.