People who say they are Crypto guru’s and crypto experts have made predictions of the price of bitcoin to go up to $100,000 and some have even predicted it to go up to the hundreds of thousands of dollars.
It has become pretty clear that the price of any cryptocurrency cannot be predicted as it develops on many factors. What people fail to understand is that crypto has become common in everyone’s life. There used to be a time where the tech geeks were the only ones who spoke about it and people though they were crazy. Then came the businessman who invested in the blockchain technology and invested in the currencies as well as the technology.
Now the person sitting next to you on the bus or the subway knows what bitcoin is. Everyone has joined the band and that’s what makes them even more unpredictable. When the common man joins the crypto community a sort of mob mentality comes into play. When there’s a drop everyone starts selling in a panic and when there’s a rise everyone starts buying.
No one can predict the price of bitcoin or any coin as a matter of fact. There are hundreds of cryptocurrencies and most of them aren’t worth anything. New currencies come out every day and have a new sales pitch for investors to invest in the currency. But by the end of the day Bitcoin is the boss of them all as most of them are dependent on the price of bitcoin making bitcoin the gold standard for the crypto market.
The people who have spare cash to invest for a long term gain should buy bitcoins and just let it be. Don’t keep looking at the prices daily and don’t panic and sell. Wait it out and the prices will eventually rise.