Where Could Bitcoin Go This Year?
Last year, Bitcoin, the largest cryptocurrency market, had a strong bearish trend, going from almost $20,000 USD at the end of 2017 to $4,000 USD at the end of 2018, resulting in a loss of around 80% of its value.
What does the revolutionary crypto coin hold for this and the next years?
Different experts have commented on what will happen to the price of this cryptocurrency by 2019 and beyond. Most predict a downward trend in the price, noting that the outlook for Bitcoin looks unfavorable.
Others, however, see this year as a glorious year for the Blockchain token, estimating its price at over $1,000,000 USD by the end of the year.
Who could be right? What tendency should we follow? Bullish or bearish?
The bulls predict wonders for the development of Bitcoin in the market throughout this year.
One of them, Thomas H. Lee, an analyst at Fundstrat, suggested in mid-2018 that Bitcoin will reach $36,000 USD based on the probable growth of the mining infrastructure, with a range that would range from USD 20,000 to USD 64,000 until the end of 2019.
More recently, Mike Novogratz, a hedge fund manager who founded the cryptocurrency bank Galaxy Digital, held a similar position, estimating that by mid-2019 there would be a volatile and favorable change in the price of the cryptocurrency, surpassing the barrier of $10,000 USD, thanks to the key participation of institutional investors.
Fran Stranjar, CEO of the research firm Brave New Coin, expects the cryptocurrency to reach more than $20,000 USD by the end of 2019, and John McAfee expects Bitcoin to reach $170,000 USD by year’s end, to break the barrier of one million a year later.
In December 2018, Kaspersky Lab presented somber predictions for the currency, estimating that prices will not only decrease but also its use and confidence in the Blockchain system. The company says that the audience interested in cryptocurrencies is very limited, and once that limit is reached, the price tends to decrease.
The CEO of BitMEX, Arthur Hayes, affirms that the bear market will be dominant throughout the year and part of 2020, based on the historical study of Bitcoin's performance, explaining that it could be between $5,000 and $3,000 USD during all year.
Like Hayes, Anthony Pompliano, founder of Morgan Creek Capital Management, studied the historical performance of Bitcoin, by means of valleys and peaks, and determined that Bitcoin was in an uninspiring bearish period. However, he expects market value to recover by mid-2019.
The majority agrees that the token still has not touched bottom, and this could happen in coming months, being able to reach less than the $2,000 USD for many analysts.
Cryptocurrencies are intangible assets that, besides having little time on the market, turn out to be very volatile, so determining their future price is sometimes very complicated. Therefore, hitting a prediction accurately is almost impossible.
However, different websites study and update predictions of the value of different cryptocurrencies every day, trying to get the best possible price for a token in the future, resulting in a lot of help for a large number of investors.
Following the bearish trend, it is estimated that by the end of 2019 the Bitcoin would have lost 50% of its current value over the course of the year. That is, about $1,500 USD.
By 2020, the cryptocurrency would recover the value lost in 2019, returning to the $3,000 USD barrier at the end of this year.
Finally, during the course of the year 2021, the Bitcoin could double its value with respect to the year 2020, being able to reach approximately $7,000 USD.
However, as we wrote - an accurate prediction is almost impossible - so the best rule stays to be always prepared and to rather trade what is currently happening on the market than trying to predict the future.