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If you would like to read a summary of our most recent short-term Bitcoin price analysis and forecast, click here.
Despite the growing popularity of Bitcoin, many still do not know what Bitcoin really is.
Some people know that Bitcoin is a cryptocurrency. Others know that Bitcoin gave birth to blockchain technology, many do not know what cryptocurrency or blockchain is.
In this article, we try to answer some of the most common questions about Bitcoin while providing an analysis of future price levels.
First, let's start with the analysis and the Bitcoin price forecasts regularly updated:
Regular price forecast for Bitcoin (BTC)
After the start of April, BTC / USD gains reached new highs of $ 5,400 on April 3.
Several market cycles have been completed and BTC has completed transactions within the ascending channel described below:
Bitcoin has recently reached the resistance line of this channel. Subsequently, the price started to fall. At the time of writing this article, the price is trading close to $ 5,450.
Based on our latest analysis, we have predicted price losses in the support area described above, close to $ 5,300. However, on April 25, prices reached a minimum of $ 5055.
Over the next few days, the price of Bitcoin has risen slightly. On April 26 and 28, daily highs of over $ 5,500 were recorded.
At the time of writing, on April 28, the price of bitcoin had fallen below $ 5,500. It is possible that the price will drop again to $ 5,300. We will study this possibility in our next analysis, which will be completed on April 30th.
To read our full price analysis BTC / USD and BTC / EUR on April 25, click on the green button below:
ANALYSIS OF BITCOINS OF 25 APRIL
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 because the limited capacity of its network became evident, while transaction fees climbed to nearly $ 40 during the month's rise. December.
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. Cryptocurrency is therefore the first type, but not the only type, of cryptoasset. 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
On July 6, 2013, Bitcoin gave a minimum of 60 USD. An upward movement then brought the BTC to $ 1141 on December 6, 2013.
After a gradual decline, the price reached a low of $ 162 on August 17, 2015. A long period of price increases followed, with a maximum of $ 20,000 reached on December 17, 2017.
A sharp decline ensues. Price reached about $ 3200 about a year later.
Here are the prospects for the price of the BTC for the period from June 2013 to March 2019:
Rate of increase
Bitfinex's BTC price is analyzed every three days, from July 2013 to March 2019. To better visualize significant price fluctuations, we will use logarithmic charts in this analysis.
The price of the BTC peaked at $ 1,171 on December 6, 2013. A fall ensued and the price reached a low of $ 162 on August 17, 2015.
The decrease rate from top to bottom was 85%
The price peaked at $ 20,000 on December 17, 2017. A rapid decline in the price ensued and the price reached the $ 3,200 floor on December 14, 2018.
Similar to the first correction, the top-down rate of decline was 85%.
At the bottom of the scale, a gradual increase ensued and the price finally peaked at $ 20,000 on December 17, 2017.
The measured increase from bottom to top is 11400%.
Since the rates of decline were the same, we will assume that the increase from lowest to next will also be the same. Therefore, if the new uptrend follows a pattern similar to 2015, we will have an increase rate that we can use to predict the next model under development.
Although this assumption is correct, however, we do not know when the trend will occur. For this we need to analyze the data in depth using time models and technical indicators.
periods
To find out where our current position is in relation to the 2017 correction, we will use the RSI.
The Relative Strength Index (RSI) is an indicator that calculates the magnitude of price changes in order to determine the conditions of overselling or overbought in the market.
In the 2015 correction, the lowest value of the registered RSI was 23. This occurred on January 14, 2015. In the current correction, the lowest RSI recorded was also 23, which is why it was is produced on November 20, 2018.
Thus, it appears that, as regards price movements as the RSI, the current correction reflects the pattern developed elsewhere during the 2013 correction.
Based on the movements of the RSI, we believe that the price will reach another floor of about $ 3,000 in early September 2019.
Bitcoin Price Prediction 2019
From the high of December 6, 2013, it took 625 days for the price to reach its lowest level on August 17, 2015. If we apply the same schedule to the 2017 correction, the price should reach $ 3,000. September 4, 2019 This validates the predictions based on the RSI.
To determine the possible price at the end of 2019, we estimate that there are 119 days remaining between September 4 and December 31, 2019. 119 days after the trough of August 17, 2015, the price of the BTC was $ 460, or 58% from the highest of December 6, 2013.
Applying the same rate to the current correction, we are getting prices of around $ 7,000 by the end of 2019.
In short, prices are expected to fall to $ 3,000 by September before rising rapidly thereafter to $ 7,000 by the end of the year.
Bitcoin Price Prediction 2020
On December 27, 2015, the price was trading at $ 460. Compared to the 2013 correction, this is the day that corresponds to the price at the end of 2019. We therefore use the December 27, 2015 price to predict the price at the end of 2020.
The price on December 27, 2016 was $ 960. This represents a 15% loss from the high of $ 1171.
Applying the same rate of loss to the high of $ 19891, we are getting prices around $ 17,000 by the end of 2020. A more accurate range would insulate prices between $ 16,500 and $ 17,500.
Summary of Price Analysis for 2019 and 2020
There are several similarities between the 2013 and 2017 corrections, including the degree of price fluctuation, the time required to generate a downward movement and the rapid price increases preceding the gradual decreases.
The following forecasts are made assuming that the price will follow the pattern presented in the previous correction and on the schedules we have defined:
- A $ 3,000 fund for BTC by the beginning of September 2019 – our prediction suggests September 4
- The price will reach $ 7,000 by the end of 2019 – and is expected to trade between $ 6,500 and $ 7,500 by the year 2020.
- The price will be between 16500 and 17500 dollars in December 2020.
Until these prices are validated, the models we define can not be considered as precise indicators of future prices. Validation of these prices, however, would also validate the accuracy of the model we have isolated. At the end of 2019, we will revisit these forecasts to determine whether the trend seems to be confirmed or not.
Bitcoin Price Prediction 5 Years (specialist perspective)
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.
John Mcafee is probably wrong
Last year, virtually everyone was optimistic, including John McAfee, who predicted that bitcoin would reach $ 1 million by 2020. If that does not happen, McAfee promises to eat its organs genital:
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
We think McAfee may have to eat his words, among other things. Currently, our price forecast for Bitcoin at the end of 2020 remains between $ 16,500 and $ 17,500. Even using indicators that predict long-term growth, we estimate that the maximum value achievable by Bitcoin is approximately $ 366,000, or approximately 36.6% of McAfee's estimate for the end of 2020.
However, although such a range may be reached, it will probably not be reached until the end of 2020. Prices of up to several hundred thousand dollars are still achievable, especially since Lightning Network uses Bitcoin to allow regular transactions with satoshis. This will reduce the overall transaction cost and allow transactions with smaller amounts of currency.
More accurate but a little swollen
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 shift between $ 8,000 and $ 9,000 over 2019 and a full year of Bull Run for 2020 to At 25,000 to 30,000 BTC.
These forecasts are closer to ours, but we think they are still a little swollen.
$ 100 to $ 100,000?
Kenneth Rogoff, the former chief economist of the International Monetary Fund (IMF), is not convinced of the price hike. In 2018, he predicted that Bitcoin would more easily reach $ 100 than $ 100,000. We do not think any of these prices will be affected in 2019 or 2020.
However, over the next five years, it is possible that Bitcoin will reach $ 100 or less if other crypto-assets are able to display sufficient competitive advantage.
At the same time, even if the competitive advantage of pure cryptocurrency such as Litecoin (LTC) could exceed BTC's market capitalization in the less immediate future, the adoption of certain digital assets could prove beneficial for Bitcoin. . For example, the adoption of the Stellar platform does not necessarily mean price increases or use or lumens.
Because the Stellar platform will send fiat and cryptocurrency with very little cost and much faster transaction speeds than those offered by BTC on its main network. Because BTC can be sent and received on the Stellar platform, adopting platforms like this one could increase adoption and drive up prices over the next five years.
In such a case, Stellar could help Bitcoin to reach the $ 100,000 mark over the next five years.
Stellar is not the same as Stellar Lumens (XLM). Click here to find out more!
$ 250,000 from here 2022?
Venture capitalist Tim Draper predicted a $ 250,000 BTC by 2022. Investing Haven has claimed a lower price for bitcoin by 2022, at $ 160,000. He has since renounced this prediction. It now projected that $ 25,000 could be reached in 2019. It is about three and a half times higher than our current forecast for the end of the year.
Conclusion
Based on the current situation, at BeInCrypto, we expect that Bitcoin (BTC) is unlikely to have a gradual downward trend until September 2019. At that time, a low of nearly $ 3,000 is expected to be achieved, with a rapid outbreak leading to prices between $ 6,500. and $ 7,500 at the beginning of 2020.
By the end of 2020, we estimate that Bitcoin will have earned around $ 10,000 and will reach between $ 16,500 and $ 17,500 by the end of the year. In the longer term, it is difficult to accurately assess the potential future value over the long term.
Catastrophic collisions are possible, especially as other coins prove their competitive advantage. Bitcoin still uses the core technology of the blockchain, which is now outdated, while EOS (EOS), Ethereum (ETH), Tron (TRON) and others have already integrated smart contracts.
In addition, many other cryptocurrencies use unique privacy features, such as Monero (XMR) and Zcash (ZEC), in addition to those that use different or even more equal consensus algorithms.
In short, Bitcoin has a lot of competition. Although Lightning Network can increase scalability, reduce transaction costs, and create a more efficient network, this may not be enough to keep Bitcoin growing.
As new innovations and technologies emerge, Bitcoin begins to feel more and more like an antiquity. Bitcoin was a novelty when it was released, but its novelty could fade over time.
However, if Bitcoin's performance is an indicator so far, prices could exceed $ 100,000 in the next five years. It is also possible that this number is far exceeded. However, only time will tell.
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 licensed financial professional.
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