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If Bitcoin follows Amazon’s trend in the markets, then the cryptocurrency could be on its way to an exciting and prosperous future.
— Anondran (@AnondranCrypto) March 12, 2020
From the comparison, Bitcoin’s rise is imminent. Following the drop in Bitcoin price this past week, the correlation suggests an increase just as Amazon did in 2006.
Currently, Bitcoin traders are awaiting the halving that is set to happen in May. The price of Bitcoin following the halving may determine whether or not Bitcoin will take a path similar to Amazon.
Does This Show Future Hope for Bitcoin?
Amazon’s rise to success was as a result of changing technology globally. Better connectivity meant that people could easily access the service, thus its steady growth to the economic giant that it is.
Bitcoin also finds itself in similar technology. Its rise is as a result of increasing technology; however, the cryptocurrency has failed to register as many users as hoped for due to the generally low adoption of cryptocurrencies globally compared to fiat users.
A jump in adoption numbers could see Bitcoin’s price skyrocket, as was the case for Amazon.
Factors to Consider
Various factors must be considered when comparing the two assets. The industries they serve, the nature of the assets and prevailing market conditions must all be taken into consideration. Some of these factors may affect the suggested growth of Bitcoin were it to follow Amazon’s steps.
Bitcoin could quickly skyrocket market factors to support its price increase. The cryptocurrency could equally decrease in value depending on market actions.
Despite all the variables, it is still exciting knowing that there’s a possibility Bitcoin may follow Amazon’s chart trends.
Featured Image Source: CoinSutra