In the past few days, the price of Bitcoin dropped by $3000 in one day.

Before that, the price of Bitcoin was $12,900, and it rose to $19,000 between October and November.

But in the past two days, the price of Bitcoin dropped to $16,400, recording a 15% drop in just 24 hours.

It rebounded to the level of $16900, trying to rise again above the $17,000 level at the time of writing this article.

Is Bitcoin enough to fall?

According To Mr. Lior Messika, Managing Director of Eden Block VC, a company focused on the future of blockchain:

Read:One of the leading banks in Italy plans to start providing cryptocurrency services

Bitcoin price appears to have stabilized around the $17,000 level at the moment, as yesterday’s sharp drop occurred very quickly but settled just as quickly.

In other words, while hopes for an all-time high have dashed, there may be reason to celebrate that Bitcoin is not about to embark on a price crash similar to January 2018.

A revolutionary market for Bitcoin:

One reason for this optimism is that investor interest in developing Bitcoin is still very young, and that interest should increase and continue to grow.

According to George Harrap, an early crypto entrepreneur:

Bitcoin still has more room to grow because there are still early days of interest from retail investors.

A lot of this buying isn’t driven by small retail investors, it’s by sophisticated investors with a lot of money.

Not only will this strong investor interest help Bitcoin recover its higher price, it will help boost Bitcoin’s popularity as an asset.

Based on the same strong fundamentals regarding the interest of wealthy investors in Bitcoin, Tim Rainey, CFO of mining equipment provider Greenidge Generation states:

Read:Bitcoin investors follow the stock market closely to gauge the next price movement!

With companies and institutions buying cryptocurrencies as a store of value or incorporating them into their products or services, we are facing a Bitcoin rally driven by stronger fundamentals, unlike what we saw in 2017.

The mainstream adoption that is the long-term goal of most bitcoin backers may materialize on the path paved by major investors.

According to Charles Gonzalez, Regional Director of Komodo:

In 2017, we were all talking about adoption but now it seems like bitcoin adoption is already happening.

PayPal has joined the crypto arena along with several giants of the financial world such as MicroStrategy and Square as prime examples.

Bitcoin could benefit from increasing scarcity.

As more Bitcoin is bought, its scarcity will push the price higher.

It is the complete opposite of fiat currencies, which are currently struggling to retain their purchasing power.

Bitcoin and Bear Mode:

Not everyone is convinced of bitcoin.

Peter Schiff, CEO of investment firm Euro Pacific Capital, made no secret of his words when responding to the bitcoin price crash, stating:

Read:Theta Labs announces the launch of a blockchain-based video streaming platform

Other major digital economy companies are dipping their toes in the bitcoin basket.

Remember in every bubble that those who don’t participate always look fools to miss an opportunity.

Schiff added on Twitter:

Only after the bubbles burst and the air escapes are the real fools revealed.

While Nouriel Roubini, Professor of Economics at New York University’s Stern School of Business, said:

Bitcoin inequality is worse than North Korea where Kim owns most of the assets.

2% of whales control 98% of Bitcoin.

Hash vampires with massive FOMO jumped back into BTC as they did in late 2017 when the price dropped from 10K to 19K only to drop to 3K in 2019. The only winners were the manipulative whales who dumped their Bitcoin to the hash vampires. And led to a decrease in its price by 85%. 10 / n

– Nouriel Roubini November 26, 2020

Read also:

The stable digital currency “Tether” reaches a total value of $ 19 billion

After a long wait … Facebook announces the date for the availability of the digital currency “Libra”