Bitcoin’s historical market price has been marked by significant surges and declines with a record cap of over $73,737.94. Over time, its market price has fluctuated significantly due to a number of factors and has recently ranged around the $60,000 mark. However, market analysts and crypto enthusiasts are speculating on Bitcoin potentially reaching $65,000 again but for this to happen, there are some key obstacles to navigate.
Primarily, crypto prices are driven by their adoption rate for multiple use cases, and Bitcoin has performed really well in this aspect as it has remained the most popular and valuable since becoming the world’s first cryptocurrency. As a result, many online industries such as e-commerce have adopted its use as a payment method through giants like Shopify. Being a tech innovation, in its early days, Microsoft became one of its earliest adopters and still accepts Bitcoin today. Meanwhile, in the gaming industry, it has begun revolutionizing certain sectors of it altogether.
Leading that charge, many iGaming platforms now accept Bitcoin too. With the demand for popular gambling games like poker growing all the time, specialized crypto gambling sites dedicated to them have begun mushrooming in response. These sites generally operate offshore and aren’t subject to US laws as a result, meaning many of the US best online poker sites are not even based there.
According to senior editor Sam Barnard, as most states still don’t offer legalized online gambling, many avid online poker players have been turning to these offshore platforms as a refuge. These sites offer a variety of added benefits like instant payouts and a more private experience that Bitcoin payments and its underlying blockchain technology helps facilitate.
Despite all these gains, there is still a lot of room for improvement, especially when it comes to institutional adoption which has been growing steadily but not fast enough. For Bitcoin to reach $65,000 again, more companies need to add this digital currency to their balance sheet with greater participation from large-scale investors driving the switch.
Bitcoin’s overall performance has been indicating a potential market price appreciation when analyzing the Moving Average Convergence Divergence (MACD) which indicated above the neutral line suggesting a positive momentum. Analysts estimate that an 8% increase might be possible judging from price movement charts but the current scalability and transaction efficiency of this digital asset is another obstacle that still needs to be addressed.
As user bases continue to grow, Bitcoin’s network faces issues related to expedient transaction timeframes and the cost of executing them. However, this could be mitigated by implementing layer-2 solutions which improve the throughput of transactions at a lower cost. Doing so could accelerate the adoption of Bitcoin since it would be more practical to use for everyday transactions.
Additionally, governments and financial authorities worldwide are looking for ways to regulate cryptocurrency but this might actually stifle the market if regulations are too onerous. The uncertainty surrounding this matter creates a measure of volatility as positive regulations that provide clarity trigger price surges whereas the opposite happens when stringent regulations are imposed.
A stable and supportive regulatory framework could bolster investor confidence. Therefore, the journey to reaching the $65,000 mark again requires careful navigation of a complex landscape comprising regulatory frameworks and attracting more institutional investment.
