Bitcoin Price Prediction 2019
Bitcoin is the first cryptocurrency to ever be created. It all stated in 2009 with the idea that money needs to be decentralised and separated from the authorities. Afterwards, the original Bitcoin creator Satoshi Nakamoto released the source code which started the journey of the first decentralised cryptocurrency based on the blockchain. Since then, the price of Bitcoin was constantly changing – it brings us to today when the extreme volatility of this coin becomes a problem for some of the members of the BTC community. Sure, Bitcoin is still the most popular cryptocurrency out there – all the major exchanges and services support this coin, it is accepted as a payment method and pretty much everybody (including the media) is talking about the price fluctuations. With this in mind, ChangeNOW will talk about the currency Bitcoin price prediction for the end of 2018 and beginning of 2019 and try to predict some of the events and scenarios that are possible in the future.
Bitcoin is the world’s leading cryptocurrency and the flagship of the crypto market. Of course, it is imperfect, and it has some problems, but the crypto world depends on BTC. The attitude to digital assets in the world is ambiguous. Some believe that they are the future, and some are convinced that they are a soap bubble, and will not live long.
Forecasts regarding the cost of bitcoin for 2019, and in the long term in the crypto community are very different. Some experts predict that the world’s main cryptocurrency will cost hundreds of thousands of dollars. Others believe that if bitcoin does not solve its problems, it can be pushed out of the market by more advanced projects. Let’s try to understand these opinions, and find out how much the main world cryptocurrency will cost by the end of 2019 and in 5 years.
What price will Bitcoin reach in 2019? Will it stabilise and, most importantly, can the community expect a bull run?
How is it all going at the moment?
In the beginning of 2018, cryptocurrencies were at the height of their prosperity. The market capitalization was $ 831 billion, which is a historic high. However, after that, the fall of the coins began, which lasted throughout 2018. To date, the capitalization has decreased to $100 billion, bitcoin has lost in value up to $3,000, and a number of coins have fallen in price by 10-20 times.
It would seem that now the crypto market faced huge problems, and some experts even believed that the era has gone as quickly as it began. However, the crypto industry is seriously changing, and preparing the ground for a new takeoff. This time, it will be much more thorough than before.
What is being done and what has been done to develop cryptocurrencies?
First of all, it should be noted that the hashrate of networks of different coins is continuously growing. Despite the fact that BTC mining is now unprofitable, at the same time, the total computing power is growing. This seems paradoxical, but it also indicates that miners believe that the cost of the world’s main cryptocurrency will grow, and all their costs will pay off with a good profit.
The second factor, which was also the main problem of cryptocurrencies, is the development of infrastructure. At the peak of crypto boom the coin was considered only as an investment tool. In reality, you even couldn’t buy a chocolate bar with BTC anywhere. Despite the decline in capitalization and cost of coins, now there are much more places where you can pay with digital assets. BTC is accepted in supermarkets, gas stations, ticket services, etc. With the development of infrastructure, more and more people will be interested in the cryptocurrency.
It is also worth noting that the states finally actively took up the development of draft laws, which will be used to regulate the industry. Moreover, the issue of the digital economy was raised at the G20 level. The leaders of the “Big Twenty” came to a consensus that trying to ban cryptocurrencies is meaningless. On the contrary, it is necessary to look for opportunities for their legalization. In particular, the G20 will discuss issues with the development of common rules of regulation in the world.
Why is Bitcoin dropping?
The Bitcoin price has dropped 80% from the previous heights. The fall is mostly justified by the sell-off triggered by the long-lasting hash war around Bitcoin Cash hard fork on the 15th of November. Major coin holders (called “whales” in the crypto jargon) selling can trigger sudden sell-offs of a taken crypto, experts say. So, according to this information, the civil war is to blame in the Bitcoin, Ripple and Ethereum price decline (those are the currencies that suffered the most).
Bitcoin Price Prediction 2019
As we can see now, BTC price has changed drastically comparing to the beginning of 2018. The question bothering the long-term holders and potential buyers is “will Bitcoin rocket after the sharp decline in price or is there a place for another crypto crash”? Some financial analysts say “yes”, and claim that the current situation is the “growing pains” that happen as the market matures. According to them, the market is growing, more people (including merchants) are realising that cryptocurrencies are there to stay and have a great deal of potential to become a widely-used payment method. Sure, it is always good to have a positive outlook on the future. However, extreme Bitcoin volatility made it challenging for experts to predict short-term fluctuations in BTC prices – the opinions are indeed very diverse.
For instance, BitMEX CEO Arthur Hayes has changed his opinion on the possibility of Bitcoin rocketing and now claims that BTC could drop to $2.000. According to him, 2019 will be a year of a long bear market. So far, his newest prediction is coming to life with Bitcoin price plunging.
John McAfee does not agree – he says that BTC will hit the $1 million mark in 2020 (and made this infamous statement along with it).
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Other influencers, such as Sam Doctor, Michael Novogratz and Ronnie Moas have more humble, yet still optimistic predictions in the range from $20.000 to $36.000.
So, there are definitely prospects for the development of the cryptocurrencies. And a lot of work is being done in this direction. However, do experts agree that all the measures taken will really affect the value of the cryptocurrency, and finally stop the protracted correction? So, what is the future in the eyes of the industry’s leading analysts?
Mike Novogratz: Bakkt will lead new investors to the market
Galaxy Digital CEO Mike Novogratz believes that a number of new platforms, which should finally enter the market in 2019, will raise the interest in bitcoin from investors. In particular, the expert calls Bakkt and Fidelity Digital Assets the most important services. If the plans to launch these resources do not change, bitcoin can expect growth.
First of all, Novogratz calls the first key resistance point of $6800. And Mike hopes that it will be possible to cross this line before 2020. If this happens at least in the fall, then by the New year we can expect an increase to 9,000 dollars. The next goal, which the community wants to achieve for bitcoin in an ideal case – $10 000. If everything goes according to this scenario, then in 2020 it will be possible to swing at a historical BTC price record, which is $20,000.
Tom Lee: the view from the Wall Street
Tom Lee is considered one of the most authoritative experts from the Wall Street. Lee predicted that bitcoin will begin to grow in the middle of 2018, but then his forecast did not come true. Initially, Tom Lee believed that BTC would cross the $ 25,000 mark by the beginning of 2019. Now the analyst has slightly revised his views and adjusted the forecast. According to the professional, by the end of 2019, we’ll have to pay about $22 000 for 1 BTC.
John McAfee: a million from a major cryptocurrency fan
McAfee is traditionally considered one of the main adherents of cryptocurrencies around the world. Indeed, the creator of the anti-virus software McAfee pleased fans of the crypto market with bold predictions once again. In particular, in his opinion, by December 2020 the cost of one crypto-coin will be 1 million dollars.
However, McAfee went even further in his bold prediction. He is not only sure that BTC will cost a fortune in 2 years, but is also convinced that the world’s main cryptocurrency will become the world’s main means of payment. According to John, bitcoin will be able to replace the dollar, and it will be used to make payments across the planet.
Zhao Dong: it will happen, but not at once
Chinese billionaire and crypto-enthusiast Zhao Dong also sees the potential for bitcoin growth in 2019. However, the expert advises not to hurry and wait for the second half of the year. According to Zhao, the rise in BTC price will begin in October-November. Until that moment, the world’s main cryptocurrency will be in the range of $4 000-$6 000.
The key point for BTC according to Dong is halving (a twofold reduction in the reward for the block), which will be held in May 2020. The gradual growth of bitcoin will begin in mid-late autumn 2019, and by the time of the halving, the world’s main cryptocurrency should grow to 10 000 dollars. However, then it will drop again to the previous prices – $6 000. But after that, the very rapid growth of BTC, which is expected in the community, will begin. Dong is convinced that in 2021, bitcoin will break the mark of $50 000. The analyst does not exclude that for 2021, the price of the world’s main cryptocurrency can reach even $100 000.
What will happen to Bitcoin in 5 years?
So, we have dealt with the short-term forecasts. Now we may try to lift the veil and look a little further into the future. Namely, how much will the main world cryptocurrency cost in 5 years? In the case of forecasts for the next year or two, experts are unanimous in the opinion that BTC will be fine. Do they keep the same attitude in relation to 2024?
Statis Group conducted a study of the value of cryptocurrencies
The research company Statis Group published a report on the prospects of cryptocurrencies until 2024. Analysts believe that not all of them will survive the five-year period. However, regarding BTC and the leading coins, they are optimistic.
Michael Hodder and Shervin Dawlat gave a professional look at a five-year term cryptocurrency opportunities. And they believe that BTC is waiting for a cloudless future. Analysts are convinced that by 2024, the capitalization of bitcoin will be 1.5 trillion dollars. The cost of one coin will be about $96 000. The study used a number of indicators that are not related to market dynamics, so it can be considered objective.
As for other types of coins, the main competitor of BTC – Bitcoin Cash – will have a hard time. Experts do not see any prospects for its growth and are sure that its peak by 2024 is $268. For Monero, it seems, everything will be fine. After 5 years, this currency will cost around $18 000. Ethereum is also considered to be underestimated, although experts believe that there may be an outflow of users from the network.
According to the analysts, the key factors that will affect the value of cryptocurrencies are the depth of their market and unique offers. Hodder and Dowlat believe that the demand for bitcoin will only grow. The world’s main cryptocurrency is spreading around the planet, and it is already accepted as a means of payment in many stores. This trend will continue, so BTC has good prospects. But Ripple can depreciate to $0.01.
Arthur Hayes: cryptocurrencies as resistance to states
The leading expert in the crypto community and the head of BitMEX, Arthur Hayes, believes that users will be forced to turn to bitcoin because of pressure from states. Therefore, the expert is sure that in the long term, BTC can rise to the level of 50 000 dollars.
Hayes notes that states are doing everything they can to destroy the financial privacy. Therefore, cryptocurrencies remain the last stronghold for people who don’t want to be controlled in all spheres of life, primarily in the financial sphere. Therefore, the head of BitMEX is sure that the demand for digital assets will only increase over the years.
In addition, Hayes announced some solutions at the cryptocurrency exchange BitMEX, which can also help the development of the world’s major cryptocurrencies. In particular, the expert noted that the plans include the introduction of a fixed income for each user of the exchange, which will store BTC.
PayPal: solidarity with McAfee
The head of the Haro crypto-wallet and a member of the Board of Directors at PayPal, Vance Kazares, is also confident in the success of Bitcoin. Like John McAfee, Kazares is confident that BTC will cost $ 1 million. The experts differed only in the timing. If McAfee believes that this will happen in the next 2 years, the PayPal shareholder states on 5-10 years.
The main reason why Kazares predicts the rapid growth of the world’s main cryptocurrency is the need for its own means of payment for the Internet. And the expert believes that BTC can occupy this niche.
However, Kazares warns against investing all your money in bitcoin. In his opinion, investing a large amount of money in the world’s main cryptocurrency is a mistake for a private investor. However, the same mistake is the refusal to buy coins. Kazares recommends to invest 1% of your fortune in bitcoin and forget about it for 10 years.
Experts from the crypto community unanimously agree that bitcoin expects growth. However, each calls his own amount and his terms. There is almost no doubt that in the coming years, the world’s main cryptocurrency will really add a lot to the value, and now it is underestimated.
However, there is still a long way to go. First of all, it is connected with the development of infrastructure. The option to pay with Bitcoin should be in every store in every civilized country. People should not perceive BTC as a “toy” for trading. As soon as it becomes possible to use Bitcoin as a means of payment, its value will break all records.
To sum up the overview, ChangeNOW can say – consider the opinions of those in power, check the cryptocurrency market news, but make your trading decisions yourself. The cryptocurrency market is unstable and it is the way it is supposed to be. So, think twice and make smart decisions in your high-risk investments. (Of course, remember the number 1 rule of cryptocurrency trading – never invest what you cannot afford to lose!)
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