Every time it has been dealt a blow, Bitcoin has bounced back. However, the blows have continuously driven the expectations lower. As the year began, many believed that the currency couldn’t go below $10,000. Then it breached this resistance level and the expectations were forced to be lowered. Then came $8,000 and the narrative was similar. In came $6,500 and even the Bitcoin bull Mike Novogratz said this was the bottom. He was wrong, and the market has since then halved and currently stands at $3,950.
So, will the narrative be any different in 2019? There are good reasons to think it could continue to wallow below $4,000 unless something drastic is done. For one, Bitcoin depends majorly on speculation for its price. While this can be good as we witnessed in its epic 2017 boom, it can also be quite the enemy. Speculation can sway either way, sometimes for good reasons, and most times because of influence. Bitcoin is yet to find its footing as a day-to-day currency or a store of value. Should this fail to materialize in 2019, the currency’s value could go down even further.