The original cryptocurrency has done nothing but flatline since it plunged to $3,500 at the start of the week leaving plenty of observers to conclude that bitcoin is slowly slipping off to that great digital wallet in the sky. Death, of course, is not an option. Anyone staring into this pit of confusion – a world of curious currencies that precious few fully understand or even care to – would probably think it will all be over quite soon without any need to know what it’s all about. However, it can be said with a large degree of certainty that cryptocurrency will, in some form or another, be a dominant future financial force for all of us. In short, crypto is not going away – certainly not bitcoin, anyway.
For the sake of drama there will always be whispers of ‘the end of bitcoin’ each time a cycle sees its price plummeting from the monumental highs where lots of very clever individuals who understood what they were doing suddenly found themselves holding the keys to Lamborghinis.
Those days are over. Bitcoin is not.
It is, however, edging closer and closer to what clearly looks like another stumble down into a level of capitulation which will no doubt have the naysayers out of the woodwork again to knock up an obituary and fly the bitcoin flag at half-mast.
And yet, deep down, even they know that it simply can’t happen.
Bitcoin was, and is, the spearhead of this entire crypto movement.
It could drop off a cliff tomorrow, hit $120, and yet would still be worth considerably more than any of the ‘altcoin’ rivals hell-bent on taking the crypto crown.
It is safe to say that bitcoin will always be something with a tradeable value.
It was the brainchild of the mysterious Satoshi Nakamoto who created the vision of cryptocurrency.
That heritage alone means it will always possess a deep emotional bond with enough investors to ensure its survival.
The same cannot be said for any other coin.
Therefore, when you hear of its imminent expiration, do not believe the hype.
It merely means its value is about to get to the point where the bears simply cannot hold the bulls down any longer.
But let us not pretend that bitcoin is not currently splayed upon a trolley in a badly-lit corridor, waiting to be wheeled into intensive care. Because it is. Genuinely.
That talk of falling off a cliff could very easily happen.
The likely scenario, however, is simply that lots of very sensible people with investment interests are waiting to see how far they dare to let bitcoin fall before they start buying in.
In doing so, and in sufficient numbers, that will send the price skywards once more.
The market is flat, the traders are bored, and the support that has kept BTC delicately sliding across the thin ice of $3,500 is wearing painfully thin.
Any day now, the brittle surface will start to crack and bitcoin could quickly descend into capitulation.
Once at the bottom, it will – and history tells everyone it should – smack hard against a springboard.
That’s the point when everyone buys and cryptocurrency becomes interesting and appealing once again.
If you’re investing though, the experts would say move swiftly.
After all, it only takes one person slapping their hands together to start a round of applause.
Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.