Bitcoin passes the mark of $8000; will something like 2017 happen again?

Back in the spring of 2017, after a few months of slow trading, the price of Bitcoin started to see a rise when it rose from 1000 dollars to 2500 dollars in April and May. By the time it was August, the price was at 4500 dollars. While the prices were increasing steadily, the declines were also severe. Still, the recovery was always there but then Bitcoin suddenly broke all the barriers and it reached a price of 6500 dollars to 10000 dollars in November of 2017.

Fast forward two years later, minus the year 2018 which was a declining year for Bitcoin, the price of Bitcoin is now again on the same rising path as 2017.

Earlier last week, the price of Bitcoin crossed the mark of 6000 dollars for the first time in 2019 and now after 5 days, the price has now increased to 8000 dollars.  As of now, the Bitcoin is trading at a price of 8250 dollars on Coinbase.

While millions have been poured in by the investors in the blockchain, the similarities of this time around are hard to be not noticed with that of 2017. The fears of 2017 are still there like the Can banning the crypto or cryptocurrency exchanges being hacked or renowned investors such as Warren Buffet once again making fun of Bitcoin. Well, to be honest, these fears have been present for all this time and they will never likely go away.

A caution for all:-

Still, as a word of caution hear us out. There is a saying in the investment business that the past performances of any investment fund do not guarantee its future results. While in the markets, history echoes, it rarely goes back to its former glory. There is still a great chance that the process of Bitcoin and other cryptocurrencies can drop again and it might never recover back.

What we are trying to tell you guys, while the investment in Bitcoin is sharp today, do not back on the prospect that it is going to hit the mark of 20000 dollars just because it did once back in 2017.

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Written by Suddl

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