In a period of relative serenity on the Bitcoin price landscape, some of the market trends have become more explicit. This is what was noticed by the co-owner of Bitcoin.org and Bitcointalk.org, concealing under the twitter handle @CobraBitcoin.
Cobra pinpointed that long-term price stability will drive out short-term profiteers while clearing the space to the real bitcoin partisans.
Bitcoin stability is a good thing. I hope the price stays in this range for the next 3-4 years. It allows well intentioned people to accumulate and pushes out impatient greedy ones who see Bitcoin as a get rich quick plan. If you’re in Bitcoin, you should be thinking in decades.
— Cøbra (@CobraBitcoin) July 12, 2020
To a certain extent, this has already started coming into reality. The number of People owning 1 BTC is soaring, while the number of ‘hodlers’ being in command of dormant coins slumbers, assured that their assets are only gaining in value as time goes by. The price stability will drive speculation out, according to Cobra, which has all chances of making Bitcoin a reliable financial asset rather than a purely speculative instrument.
Earlier this year, however, Bitcoin provided tons of opportunities for all sorts of price positions. Starting from a positive tone of early 2020, when Bitcoin was steadily gaining throughout January and February, in March it suddenly crashed, confronted by a harsh reality of the pandemic lockdown. Further, the next big occasion was the third Bitcoin halving in May when the price of BTC wobbled temporarily just to get back to the level which has mostly been unchanged since then.
‘Thinking in decades’ mindset
According to another crypto trader and twitter user @chasingpipsfx, no one should anticipate from Bitcoin an unusual price splash.
Why do people expect from #bitcoin to rise to astronomical numbers? It was worth less than a few cents less than a decade ago, and now it has found quite a stable price around $9000. Stability is good if you actually want to be taken seriously as a currency $btc
— ChasingPips (@chasingpipsfx) July 13, 2020
Looking at the Bitcoin price framework in a few years’ time, this assertion may as well be valid. A lot of predictions point to the direction of altcoins and stablecoins, which substantially gained weight during the post-pandemic quest for a better financial alternative. The years to come may see this trend renewed, especially as more and more DeFi alternatives are appearing on the market with each new year.
While it’s tempting to think that Bitcoin finally shows signs of stability, in reality, it may seem rather fragile, and its stability most likely will not last long. Many analysts and market amateurs hold their breath in anticipation of the next post-halving euphoria that will lift Bitcoin to the new sky-heights.
There is also a confronting party, which assures that Bitcoin will only go as far as to see the bottom. Whatever the outcome is, all signals point out that Bitcoin’s price will be anything but flat.
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