Bitcoin, one of the most important crypto currencies in the crypto world, has surprisingly been taking a headlong plunge since early 2018. The continued decline in the price of the highly sought-after digital currency is a disappointing development for the multitude of its owners.
Last year, Bitcoin has maintained a rapid, though inconsistent increase in value until it hit an all-time mind blowing price of $ 20,000 per coin! But looking at the surplus in the price of the same crypto currency that had given everyone the wild last year, one might begin to suspect that it ever happened.
2014 started out unable to maintain the previous year's record. It broke the hearts of many people who invested in bitcoin by basing their calculations on its performance in 2017.
On January 6 2018, bitcoin fell to around $ 17,000 and it has been its highest value since 2018. Until a month later, on 6 February 2018, it had cut a lot to $ 7,000. Since then, the value of bitcoin has been kept on nibbling downwards with little bits of value dropping. Today, bitcoin is still staggering on its feet with a depressing price of around $ 6,389.
With its performance this year, one can be bold to say that bitcoin is likely to fall below $ 6,000. A lot of factors are embedded in this opinion and we are going to discuss them as we go.
Businesses hardly grow without repeat customers:
Ask any successful entrepreneur; Satisfied customers or customers are gold. You cannot begin to calculate the value and growth you bring to your business. Last year, the rapid growth of bitcoin created much buzz, with many people investing in it. Who produces this discussion? There is no doubt, satisfied customers who came back to become repeat customers, invest repeatedly in currency and spread the good news to all who care to listen. This year, Bitcoin cannot be said to have treated its customers well enough to keep them coming back for more.
Negative reviews are not good for business:
Bitcoin has no doubt been lashed down with myriads of negative headlines and reviews that any business owner wants to hide from the public. The combination of these poor reviews and headlines and the reality of Bitcoin's ever-increasing value since year one are enough indications that investors will be greatly discouraged. Furthermore, not having enough investors can only mean a continuous dip for bitcoin. Need I remind you that it is already priced at $ 6,389? So weak as it is, it's not going to break a sweat leaving a few hundred dollars more.
Bitcoin is not compatible:
Yes in 2017, bitcoin rose to a value of $ 20,000 per coin, but it was a roller coaster ride for its investors. At times, it recorded a steep 30% and some other times, a much higher price drop. Although it raised back, its continuity has been questioned.
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