Anyone who has been studying the last two to three years of BTC’s history knows that it performance has been questionable. On a few occasions the cryptocurrency soared only to see a significant dive in the profits it had gained.
Max Bronstein is the Institutional Coverage at Coinbase and a very ardent financial analyst. The statistics show that Bitcoin had received massive drops in the past, in the area of 70% at times. This happened in 2011 and took a mere three months, since then it was bought by another company and rebounded. It was after the buyout that Bitcoin hit $20,000 per coin in 2017. Since that climb it has gradually lost ground.
Bronstein recently tweeted:
“Today’s mining difficulty adjustment is expected to be the 3rd largest downward adjustment in Bitcoin’s history. Interesting to note, three out of the last four largest downward adjustments marked local bottoms.”
Bitcoin had went to an all time low of $3.12, higher than its original trading price of $0.0008 in 2009. It is believed whatever gains BTC made in 2019, could gradually be depleted bringing it to another price low. The recent drop in early March before the coin bounced back wasn’t a good sign, so investors will be hoping that that analyst like Max Bronstein and others are wrong in their assessments.
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