If you lot had the pleasure to picket 'The Revenant', y'all might have noticed how nature helps, besides as torments, the protagonist during his struggle to survive. And it is this protagonist who, despite facing the harshest evils, triumphs over his detestable pains. He emerges every bit a hero — tormented even so live.

It might sound like an exaggerated comparison but Bitcoin has seen this same struggle. It had a wonderful year in 2015, with lots of investments and adoptions coming its manner. In terms of trading, Bitcoin was named the most profitable investment of 2015 by many mainstream media outlets. However, 2016 has already more than than fabricated upward for the lack of bad press that faced the digital currency in 2015. It has been associated with diverse nefarious deeds recently, which gave its critics an opportunity to bash its very being.

It all started with a proposal to increment Bitcoin'due south scalability. Apparently, i of Bitcoin's leading developers, Mike Hearn, believed that the Bitcoin customer - in its electric current format - was not able to handle an increased transaction volume. He therefore proposed to fork the customer to increase the block size to 8MB from 1MB, to create a customer which would exist known as Bitcoin XT.

Yet, the proposal had its own disadvantages. For example, a catastrophic fork failure could bring Bitcoin to the verge of extinction. Other problems that could appear with the implementation of Bitcoin XT would promote centralization, increase mining expense and amplify orphan rates.

The vast majority of the Bitcoin community was therefore against the idea of forking. The situation led to the germination of unlike camps, each proposing their own solution to solve Bitcoin'due south scalability problems. Moreover, another camp emerged that sought to observe this 'civil state of war' within the Bitcoin community — a camp made up of a variety of banks and other traditional financial institutions.

Mike Hearn'due south Infamous Adieu

Bitcoin's block size could have still reached a general agreement in a peaceful manner, but a public letter from Mike Hearn inverse the entire scenario. He made some boisterous claims confronting the future of Bitcoin engineering, saying it is "doomed to neglect" on certain occasions. In the same letter, Hearn added that he is leaving Bitcoin and claimed he had sold all his Bitcoins.

Bitcoin Price Chart

His animated — sometimes frustrated — and half-baked claims confronting Bitcoin led to a series of negative media coverages, with reputed outlets like the New York Times and the Wall Street Journal throwing verbal bombs at the digital currency. The negative sentiment towards Bitcoin rose, causing the Bitcoin market price to fall dramatically - from around $431 to $352.

Is Bitcoin Recovering?

This i-sided perception of Bitcoin led to chaos. All the same, reports from applied science-orientated media outlets helped to normalize the issue with facts and figures. In that location were many genuine points raised in favor of Bitcoin that ultimately brought residuum back to the industry. The pessimistic fundamental criticisms slowed down and Bitcoin finally fabricated a decent recovery from the made-up mishap.

The 4H BitFinex chart higher up clearly indicates 419.33 fiat as the current upside target, sighting 374.07 as the downside target. The toll is currently bouncing between these two levels, and appears to be more inclined towards bears.

Tim Frost is the VP of Marketing and Business organization Evolution for E-Coin. An entrepreneur, economist, marketer, bitcoin, and blockchain abet.

Has worked in business concern development and marketing roles for some of the most prominent projects in the blockchain industry over the last 2 years.