Bitcoin Price Predictions for 2019 & the Future of Bitcoins
Although there is an expected bull run, it is not known when it may start. All cryptocurrencies are still trading in the red. Bitcoin, the main cryptocurrency is still limping and struggling to cross the $4,000.
Initially, the psychological levels have been somewhere between $5000 and $6000, but recently the digital currency broke below that level and as of 17 December 2018, was going down to the $3,000 mark.
Ethereum is also dipping now trading below $100 after it hit $1,500 in December 2017.
Bitcoin’s Distributed ledger Technology has been somehow accepted and today some governments and institutions are beginning to adopt it. In Georgia for example, blockchain technology has been used in land registry reducing the cost and time of registering a property.
In the crypto market, a Bitcoin whale moved over 66,000 BTC to 101 different bech32 type addresses. The funds amounting to over $250 million were moved from an old Bitcoin address.
Reports says that there are some five other addresses having in excess of 66,000 BTC that date back to 2013 and they are associated with the recent address. The wallet owner has over 300,000 BTC translating to over $1 billion.
The owner is among the biggest holders of Bitcoin in the market and such a move could have a huge effect of the digital currency’s value.
The entire sum was moved for only $3.80, that’s the price of a mug of coffee, and it demonstrates the potential blockchain technology has. If the transaction was done through wire transfer, it could have cost around $250,000.
It’s not usual for orders of such magnitude to go through the regular trading platforms because they would disrupt the digital currency’s price in the market, and that’s why the owner adopted to use a different route to make the transfers.
Bitcoin is projected to begin a major bullish run, and many traders and investors are waiting to see the sharp recovery of the market. That being said, it is not possible to know when the next recovery is going to start and how huge it could be.
Experts in the crypto market have made prediction for Bitcoin price in 2019 and some include:
CoinMetro CEO, Kevin Murcko
Murcko says that although Bitcoin doesn’t have many use cases and although its technology might not be as sophisticated as some other crypto projects, it is still going to be a market leader. It has the liquidity and reputation that make it a preferred choice among other cryptocurrencies.
The crash witnessed in Bitcoin in 2018 doesn’t mean the crypto lacks long-term value. There is still a huge potential and substance in the crypto market.
People can look at the dot-com bubble that saw Amazon’s stock dip to lows of $6, but today the stocks trade at about $1,500 a share. A majority of cryptos that survive the crash will gain strength next year and in future.
A currency strategist Joel Kruger of LMAX Exchange
Kruger says that 2019 Bitcoin’s outlook was a bit more constructive that projected the previous year. In 2017, Bitcoin skyrocketed to a point beyond rational appreciation, an indication that there was going to be huge downside risk. That is probably what has happened in 2018.
While it’s not possible to rule out the possibility of Bitcoin taking a further downside extension to $2,000, the price may not take too much time at the lower side, and soon a renewed demand will start that will push Bitcoin back towards the topside.
Kruger further adds that there is a big potential when it comes to decentralized, P2P digital currency. As the possibilities begin to emerge more clearly, Bitcoin is going to regain its path and start trading towards the topside.
Kruger says that Bitcoin could continue its weakness in 2019 until the first half, then stabilize and begin to go up in what may be an impressive wave of crypto currencies.
Mitch Blakeway, Quantatex’s Head of Trading
Blakeway says that recently, a big number of Bitcoins has been taken from cold storage to what can be called hot storage by influencers in the market. This could indicate that investors capable of moving the market are bracing up to trade.
It could mean that there could be moves of greater than 10 percent happening in either direction.
Blakeway notes that Bitcoin will in the end move away from the recent weakness seen during 2018 and possibly, what may be seen in early 2019 and reach highs of about $20,000 by end of 2019.
It is also expected that SEC will authorize an ETF in Bitcoin is 2019, which again could have an effect on the pull back of Bitcoin to the upside.
Crypterium’s Head of Research & Development, George Ermakov
Ermakov says that previous Cryptreium research has identified a Bitcoin price of about $3,000 and 5,000. Today as of December 2018, Bitcoin is trading within that range.
Looking at important fundamentals like the introduction of NASDAQ futures and BAKKT ICE, it is expected that 2019 is going to see some positives for price dynamics.
Technical analysis done based on logarithm scale indicates that the Bitcoin’s price levels could go as high as $12,000 in 2019, something that can trigger further growth in 2020.
In 2018, Bitcoin saw a lot of volatility making it difficult for experienced analysts to predict the price in short term. When it comes to predicting the price of Bitcoin in 2019, it is not just about looking at past trends. More price fluctuations are expected in the short term.
Read Next: Bitcoin Private (BTCP) – Beginner’s Guide, Information & Review
Remember that John McAfee, founder of John McAfee and a Bitcoin supporter has been very positive about Bitcoin. McAfee had projected Bitcoin price to grow to $1 million by 2020 after having made the last year’s price prediction of $7,000.
Kenneth Rogoff, on the other hand, had projected that Bitcoin would shrink to $100. Rogoff is a former IMF’s chief economist and a Harvard Professor.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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