Since the crypto winter ended a few months ago, numerous traders, investors, and analysts have fielded theories suggesting that Bitcoin could make a serious jumpstart and head for the moon pretty fast. However, according to BitMEX, that’s unlikely to happen.
According to a recent study conducted by BitMEX Research, the analytics arm of the BitMEX exchange, Bitcoin will only grow slowly over time as opposed to a sudden movement that many have been expecting for months.
What Commentators Say
Many commentators have been quoted as saying that the introduction of various new Bitcoin-focused products would lead up to a sharp movement in the BTC market. Even more, people believe that the increased interest in Bitcoin by big market players from various economic sectors would be a huge force behind the said movement.
According to others, the advancement made in improving the scalability of the Bitcoin network is of great importance and could contribute to the growth. For example, the Lightning Network will improve Bitcoin’s usability and adoption even in the lower quarters of average users.
Improve Usage Of The Lightning Network
In its report, BitMEX taps into the possible impact of the Lightning Network and other solutions developed to improve BTC’s scalability. However, according to BitMEX, these technologies, especially SegWit and Schnorr signatures, need to work together to bring about an overall impact on the Bitcoin market.
This argument backs up that earlier made by Sam Mow, the CEO of Blockstream, that people need to use the Lightning Network more expansively. However, he noted that there’s no magic trick to jumpstart the growth of the network. It has to grow organically to make a long-term impact.
Currently, Bitcoin seems to be having a moment of uncertainty. It dropped below $8,000 over the weekend. Analysts are now looking into the long-term prospects with a strong focus on the upcoming Bitcoin network reward halving expected to occur in 2020.