[ad_1]
Bitcoin (BTC) was released for the first time on January 3, 2009. This is the first crypto-currency (and cryptoasset) to successfully use blockchain technology.
The main purpose of Bitcoin as a medium of exchange has not yet been fully realized. It is still often used for trade, investment and as a store of value.
Between March 4 and 11, 2019, the price of bitcoin evolved in a generally upward trend. However, on March 12, the price of the BTC fell under the support. Prices fell from a high of nearly $ 3940 on March 11 to less than $ 3830. Before the crash, we predicted this break in our March 11 Bitcoin price analysis.
In our March 12 Bitcoin price analysis, we predicted that prices could continue to fall in the near term, forcing the appearance of new lines of support and resistance. However, we do not expect the declines to continue for a long time. An inversion is likely in the near future, which will help Bitcoin to recover some or all of the value lost between March 11 and 12. Once the price has resumed, new levels of support and resistance will likely deviate from those created during the current downtrend.
Check out our full price forecast of March 12 for Bitcoin!
Oh look, there are even more:
Fundamental analysis
Created by a mysterious figure known only by his pseudonym, Satoshi Nakamoto, Bitcoin (BTC) was designed to allow users to store and transfer value without resorting to intermediaries or centralized institutions such as banks.
Since its inception in 2009, Bitcoin has first aroused much adulation and has been commended for its competitive potential with VISA as a global payment option. However, several years later, Bitcoin was scrutinized as the capacity of its network became evident as transaction fees rose to nearly $ 40 during the December bull race.
This update was verified during the SegWit (Segregate Witness) network upgrade, which was activated on August 23, 2017, and significantly improved Bitcoin blockchain's capacity and position against competing broadband technologies. in blockchain.
During the bear market, bitcoin (BTC) fell less than any other crypto of the top 10. For this reason, we at BeInCrypto BTC is expected to maintain relative strength in this bear market, hitting a low of around $ 4,000 at the end of 2018, before rising to $ 6,500 in 2019.
Bitcoin is the first cryptocurrency. Cryptocurrency is a type of cryptoasset. Thus, cryptocurrency is the first type of cryptoasset, but not the only one. Click to tweet
Bitcoin was one of the first blockchains to implement a second-layer solution, with the Lightning network. The Lightning network was generally considered to be the second half of the solution to Bitcoin sizing problems that had first been treated with SegWit.
As an open source protocol, anyone with the necessary skills can contribute to the development of Bitcoin. Currently, more than 350 developers have contributed to the development of Bitcoin, which is well below the 10,000 Ethereum users.
Learn more about the history of Bitcoin here!
Technical analysis
Although 2018 may be considered a bad year for crypto-currencies, Bitcoin has maintained its relative strength, despite the loss of nearly 80% of its market capitalization.
Over the past 12 months, Bitcoin has suffered several setbacks as several BTC exchange-traded fund proposals were rejected by the US Securities and Exchange Commission, significantly reducing the value of BTC.
In 2017, the ICO boom saw the value of many ERC20 tokens and new block chains rise rapidly, many of which posted a higher return on investment than Bitcoin during the same period. During this period, Bitcoin's market dominance was reduced to 32.5%, reflecting investor interest in altcoins.
However, since the beginning of 2018, attention has returned to Bitcoin, with a growing market dominance that has gradually increased throughout the year, staying above 50% for the last three month.
There will never be more than 21 million bitcoins, which will put strong upward pressure on prices as demand outstrips supply, especially in times of rising demand.
Specialists' point of view
With so much going on in the cryptography world lately, it is not surprising that almost all influencers have their point of view on the situation.
Last year, almost everyone was optimistic, including John McAfee, who predicted that Bitcoin would reach $ 1,000,000 by 2020, while putting himself in a difficult situation if he is wrong.
When I had predicted Bitcoin at $ 500,000 by the end of 2020, it was using a model that provided $ 5,000 by the end of 2017. BTC 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 I am wrong. pic.twitter.com/WVx3E71nyD
– John McAfee (@officialmcafee) November 29, 2017
Anthony Colón Jr, founder and CEO of Bitcoin Air, is also optimistic about Bitcoin's long-term prospects. He predicted that Bitcoin will reach "$ 5,400 to $ 6,000 by the end of the year, with a slow and moderate slide between $ 8,000 and $ 9,000 compared to 2019 and a full year of Bull Run at the 2020 horizon of up to $ 25,000 to $ 30,000 BTC ".
Kenneth Rogoff, former chief economist of the International Monetary Fund, is not convinced, predicting that bitcoin is more likely to receive $ 100 than $ 100,000, an opinion that is increasingly common in 2018. This opinion does not make any sense. is not shared by the capitalist Tim Draper, who by his previous prediction of the $ 250,000 BTC by 2022.
Last year, Investing Haven made the bold prediction of a $ 160,000 Bitcoin by 2022 – an estimate it has now canceled. Instead, he now estimates that Bitcoin will receive $ 25,000 in 2019 in the best case, with a sharp rise expected by 2019.
In 2017, Wall Street analyst, Tom Lee, had predicted that Bitcoin would reach 25,000 USD by the fourth quarter of 2018, a forecast that he has since reduced to 15,000 USD there is just a few weeks.
Bitcoin Price Prediction 2019
As Bitcoin has reached its lowest price in more than a year in 2018, we see no reason for the trend to continue as we enter the new year. With the RSI so far surpassed in 2018, it seems relatively certain that BTC is getting close to its trough in the near term, with a likely renewed interest for 2019 – potentially allowing it to recover $ 8,000.
It is likely that Bitcoin will begin in 2019 with a market dominance close to 50%, indicating that trust in BTC was a long-term choice. Given that a number of new developments are likely to occur in 2019, including the advent of several side chains and the improved adoption of lightning, it seems more likely that it will not be possible. unlikely that bitcoin will begin to rise again in the next year.
Despite this, due to the large number of competing channel chains diluting the market capitalization, it is unlikely that Bitcoin will experience incredible growth in 2019. Several channel chains, including Ripple (XRP) and Ethereum (ETH), will likely a strong 2019, who can see them fill the gap over the next year.
Bitcoin Price Prediction 2020
If one thing has always been true in the world of cryptography is that, when things go wrong, the market turns to Bitcoin for more security. If this continues to be the case, Bitcoin will likely be one of the best choices in the medium and long term, balancing growth prospects with (relative) resistance to sudden downward movements.
Having surpassed $ 20,000 in the past and with a tendency to surpass previous highs from one year to the next, it may not be unthinkable to see Bitcoin still exceed $ 20,000 in 2020. Despite this, we expect that from 2020, Bitcoin will start facing fierce competition for first place as platforms like Ethereum and Stellar gain ground
While several development groups around the world are working tirelessly to implement and fine-tune a solution to the Bitcoin scale problem, it seems likely that Bitcoin will maintain its strong position despite several high-bit rate power-ups having the same goals.
Bitcoin Price Prediction 5 years
In just over ten years since the release of Bitcoin, we have witnessed the explosion of the King of Cryptos, widely recognized, both for the benefit of its users and for its evaluation. Meanwhile, BTC has fallen several times, but has already reached higher heights with each shot.
However, before 2014, Bitcoin had very little chance of competing with (potentially) more capable blockchains – a challenge that is beginning to shed light on its limitations.
In the coming years, we expect competition to intensify as true new-generation block chains are unveiled and shine where Bitcoin struggles and offers features for which Bitcoin does not. was simply not designed. Although Bitcoin probably retains its most popular cryptocurrency crown in 2020 and beyond, DApp-compatible channel chains such as Ethereum could eventually put it at the top of its overall market capitalization.
Each day, competition increases and, although the price of BTC reaching $ 50,000 + in the next five years is certainly possible, it will require significant changes in the adoption and functionality to carry it out. Oh good.
Our prediction
Based on the current situation, at BeInCrypto, we anticipate that Bitcoin (BTC) is unlikely to continue its downward trend until 2019 or to reach a future level below USD 3,000. Beyond that, the fate of Bitcoin depends on its ability to keep pace in an environment increasingly diluted by strings of blocks that look like the next Bitcoin or Ethereum.
In the short term, we anticipate that Bitcoin will retain its most popular cryptocurrency position despite lower prices, but will be forced to adapt or become obsolete in the long run as parts based on a platform will scale up and become more useful.
| Period | Bitcoin Price Forecast | |
| The best scenario case | Worst scenario | |
| 2019 | $ 4,650 | 1500 $ |
| 2020 | $ 8,000 | $ 2,400 |
| 2021 | $ 30,000 | $ 1,900 |
| 5 years | $ 50,000 and over | <$ 1,900 |
We recommend that investors who perform crypto-currencies do their own research and act with moderation before investing in a crypto-currency. The market is notoriously volatile and anyone investing in Bitcoin should be prepared to lose all of their investment.
What do you think about our BTC Pricing and Bitcoin Forecasts for 2019? Can Bitcoin remain relevant to a changing industry? Will forks like Bitcoin Cash ever compete for dominance? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap, TradingView, Twitter.
Disclaimer: The content of this article does not constitute financial advice and should not be considered as such. BeInCrypto and the author are not responsible for any financial gain or loss made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. Those seeking financial advice should consult a certified financial professional.
[ad_2]
Source link