Bitcoin Price Returns to $1,200 Again, New Normal For Now
Bitcoin price has passed the $1200 line once again, maintaining the gains in the face of all disagreements.
Bitcoin pricehas passed the $1,200 line once again. As early as 04:00 am GMT it was being sold at $1,207.00. For the second time within a period of a month, Bitcoin price has reached the $1,200s but couldn't sustain it in the first instance and retreated back to the $1,100 region.
It dawned on the community after the ETF fiasco that we still needed to deal with the nagging scaling headache that has bedeviled the landscape. When the conflict became so protracted that a BU Hard Fork was becoming imminent, the price started tanking. It went down as low as $920 and some pundits started calling for the beginning of the end of Bitcoin, whilst others advised that holders should sell since we are in scary times.
Unexpectedly, the price started climbing steadily to the $1,000-1,200s again, proving Bitcoin's resiliency and shutting up its critics. Experts like Vinny Lingham, who is very accurate with Bitcoin price prediction, have connected the astonishing price recovery to altcoin holders swapping their altcoins for BTC, specifically stating ETH price clearly moves inversely to BTC.
However, others are convinced it is the new wave sweeping through Japan and bringing Bitcoin to the mainstream accounts for the new price trend.
Conflict and sustainability
With no resolution in sight for the scaling crisis coupled with the entrenched positions taken by SegWit and Bitcoin Unlimited advocates, the road seems bumpy. Will the pioneer cryptocurrency be able to maintain its gains and keep its price up?
Most people in the community have been trying to avoid this question preferring to leave it to time to play it out.
But we can't sit down and watch the whole scenario unfold unconcerned. It is important everyone gets involved.
Let us work towards bringing the bitterness and the enmity down so that a compromise can be reached for a new path to be charted for the ecosystem.