Bitcoin (BTC) Price and Time: Is Bottom Near?

Bitcoin price has fallen by more than 40% in the past two weeks and has broken the level of around $3750. The crypto has wiped off all its profit, that investors made last year.

Bitcoin is not the only crypto that has witnessed sell off, other major cryptocurrencies such as Ripple (XRP) and Ethereum have also fallen by similar ratio. However, there is an optimism when bitcoin arose from the level of $3600 to $4000 in a few hours on Sunday.

Bitcoin Price could bounce back?

Many experts are now believing that bitcoin is reaching its long term buy levels, however it has not bottomed out.

Fred Wilson, a well-known venture capitalist that survived through the Dotcom Boom and Bust, has noted that though the recent performance of crypto assets is “cringe” inducing, the investors should not miss by sitting back and not investing. He compared the present scenario with Dotcom Boom, in which Amazon (AMAZ) fell from a high at $90 to $6 in months, which was a jaw-dropping decline of 93%. Expressing this statistic’s relation to cryptocurrency markets, Wilson wrote:

“But for those of us who were investing in tech and tech startups back in 1999-2002, that time will forever be etched in our minds. It was a brutal period during which our belief in the Internet and its potential was sorely tested.”

“Bitcoin under $4,000 could only be a precursor to lower lows.”

“I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. But we will have to do what Amazon did, hunker down and build value and survive, for quite a while to get there. And I think things will get worse before they get better.”

Further, an astute cryptocurrency analyst Murad Mahmudov of Princeton University, has the same view.

Meanwhile, the acceptance of Bitcoin has increased. Very recently the U.S. state of Ohio is set to become the first state that will be accepting Bitcoin (BTC) as tax payment. However, this will initially apply only to businesses, but there are plans to extend the offering to individual taxpayers in future.

From this week, Ohio-based businesses will be able register to pay all of their taxes in bitcoin and the payments will be processed through crypto payments service BitPay. This has been started  by state Treasurer Josh Mandel. In the last year, several bills in other U.S. states to propose accepting crypto for taxes had stated but then the state lawmakers had delayed their final passing.