Bitcoin has created a lot of buzz in the finance industry over the past few years. Though it was criticized at the start, Bitcoin is now being accepted by various banks and has been legalized in some countries, including Australia and the US.
The online gambling industry has also embraced the use of this digital currency for transactions. Today, Bitcoin is seen as the perfect payment option to make deposits at online casinos. Also, the casinos accepting Bitcoin offer various bonuses, including welcome bonuses, deposit bonuses and no deposit bonus offers to name a few that improve the chances of winning big. So, many gamblers have started making transactions in Bitcoin and other cryptocurrencies.
Bitcoin surges to an all-time high
In the 11 years since inception, the Bitcoin market price has moved dramatically, starting from negligible lows, only to reach $20,000 prices. This spectacular surge sets the stage for the near future, when Bitcoin is much more well-known and accepted. Many experts predict that BTC will continue to much higher valuations in the coming years. But the exact value depends on three chief models, which hinge on the part chart, part wild predictions.
The 3 different BTC price models indicate:
- Power models state that BTC keeps growing with the same decreasing speed.
- Moon models imply that Bitcoin grows at the same pace.
- Classic models assume that Bitcoin’s growth decreases even faster than in the past.
The moon model is optimistic and expects the potential gain to continue. That being said, there will be almost no limit to price gains to bitcoin.
Tamer scenarios include strong, though more gradual price growth. The third possible scenario assumes BTC behaving like a traditional asset, with only very gradual price moves.
The specific behaviour of Bitcoin increases expectations of all the exponential models. However, most of the time, this digital currency makes fast gain within a few weeks and then remains at that point for a relatively long time span.
In the future trading sessions, risky price moves as seen in the past are almost impossible. Instead, BTC traders will adhere to tighter resistance and support levels, with price swings limited by predictions in the short term. This matches the classic model, where the BTC price decreases even faster than in the past. At the current price point, Bitcoin is already at the highest levels as compared to its initial price, and further growth is not guaranteed. Read the Bitcoin Era Reviews to understand if the offer is just too good to be true of legitimate.
This year, a re-estimation of models is also taking place, with more support for the classic model. Any recovery is seen as possibly happening years ahead in the future.
Market watchers are optimistic about the future of BTC
Between 29 November and 2 December 2019, the Bitcoin price dropped around 6%, while the premiums on Bitcoin futures increased by 30%. According to Forbes, the premium rates on Bitcoin March 2020 contracts have been increasing, although the BTC price has decreased. This is not a common observation in the price swings of Bitcoin.
Recent research also reported that BTC implied volatility will also rise to over 70% by June 2020, up from 55% for the middle of December 2019. This clearly indicates that traders anticipate changes in the BTC price. Despite Bitcoin’s recent sell-off, many market watchers are optimistic about the future of Bitcoin.