The value of Ethereum (ETH) is one of the most discouraging in the market. Looking at the value of the coin alone, one would think the glory days are long gone. Ethereum (ETH) traded close to the $1,500 in December last year. Nevertheless, the digital currency is now down by more than 90 percent from its all-time high. Ethereum is now trading below the $110 mark at the press time.
According to Forbes, the co-founder of BTC China – Bobby Lee – no longer believes in the use cases of blockchain technology outside the world of Bitcoin. The DLT (Distributed ledger Technology) is the main deal that is more likely to transform our lives. No doubt, the government have also used this technology for a lot of pilots.
For instance, blockchain technology is used for land registry in Georgia. This has greatly reduced the time, as well as the cost, of registering a property. Many governments, all over the world, have adopted this technology for one thing or the other.
Another Bitcoin (BTC) Whale Moves Over $250 Million Worth of Bitcoin (BTC)
A big Bitcoin (BTC) whale was recently spotted in the crypto verse. According to a report, a Bitcoin (BTC) whale just moved Bitcoin (BTC) worth over $250 million. The fund was moved from a very old Bitcoin address. A move of such magnitude could have a huge effect on the value of the digital currency.
Nevertheless, orders of this nature don’t go through normal trading platforms. This would greatly disrupt the price of the coin in the market. Hence, they adopted another route in the movement of the fund.
Bitcoin (BTC) is yet to start a major bullish run. A lot of investors and traders are patiently waiting for the sharp recovery of the crypto market. However, no one knows how huge the next recovery would be and when it would be.
Here are some Bitcoin expert predictions about 2019:
Joel Kruger, currency strategist at LMAX Exchange
“Our 2019 outlook for Bitcoin is far more constructive than what we had been projecting for 2018. As 2017 came to a close, we had warned Bitcoin had rocketed ‘past the point of rational appreciation’ and highlighted massive downside risk in a bubbling market with far too many holes (regulation, development, hard forks).
“As we head into 2019, Bitcoin has retraced that move and then some, with a recent breakdown below the $6,000 area, opening this next downside extension that targets a bigger drop towards the September 2017 low at $2,975.
“While we wouldn’t rule out a downside extension that takes Bitcoin through $2,000, we don’t believe the price will spend too much time below this barrier and will start to find renewed demand ahead of an eventual push back to the topside.
“As much as the crypto market would like to make the argument for Bitcoin as a store of value asset, at this stage in the game, Bitcoin is not yet mature enough in its ten year life to be taking on such a role as a harbour for flight to safety. Ultimately, we believe risk markets are still quite exposed to the reality of exhausted monetary policy accommodation, and investor profit taking in elevated equities, will likely lead to a flight to safety bid that has a lot of that speculative money in Bitcoin, heading for safer horizons into traditional risk off plays.
“But we also believe there is tremendous potential that comes with decentralized, digital, peer to peer currency, and as we begin to see the possibilities more clearly, Bitcoin will regain its footing and get back to trading to the topside.
“This leaves us with an outlook for Bitcoin in 2019 that could see a continuation of weakness in the first half of the year, before the market finally stabilizes and starts to make its way back up in anticipation of what should be an impressive second wave for cryptoassets.
“We’ll look for Bitcoin to round out 2019 trading back in the $5,000 to $8,000 region, after recovering from lows that may have extended below $2000 between now and the end of H1 2019.”
Kevin Murcko, CEO of CoinMetro
“Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos.
“It’s difficult to put my finger on a price, however: Bitcoin’s value will continue to be driven by a great deal of financial speculation.
“It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.
“The dot-com bubble was a great example of this in action. What old school analyst saw tangible value in the internet? Amazon’s stock dropped to a low of $6 when the .com bubble burst, and today, the company trades at $1,500 per share.
“The cryptos that survive this crash will continue to gain strength next year, and in the years to come. Like Amazon and eBay, out of a collection of cryptos that fail, a small but significant minority will succeed.”
Mitch Blakeway, Head of Trading at Quantatex
“We expect a high degree of volatility in the very near future.
“A high level of Bitcoins has recently been moved from cold storage to hot storage by significant influencers in the cryptocurrency market. What this means is that investors who have the ability to move the market are gearing up to trade. This could mean moves greater than 10% in either direction.
“There are notable levels of support and resistance with support around the $2,850 level for Bitcoin and resistance around $4,000 therefore a break either below $2,850 or above $4,000 could lead to momentum in that direction.
“We believe that Bitcoin will eventually shrug off the recent weakness during 2019 and expect the price to retest record highs of $20,000 by December 2019. This is justified on a number of fronts.
“We expect an ETF in Bitcoin to be authorised by the SEC in 2019. We expect continued adoption of certain cryptocurrencies such as Ripple (XRP) by banking institutions during 2019, which will have the knock on effect of positivity for Bitcoin as other cryptocurrencies tend to be ‘pegged’ to Bitcoin.
“We also believe that once the selloff has finished there will be modest headroom above the current price which will allow for buying momentum.
“During the dotcom boom the price of Apple shares went from $1 to $4 before ‘collapsing’ to $1 again. It now trades at around $176 per share at time of writing, therefore anyone fearing the worst after the dotcom boom would have missed out whereas anyone with a bit of courage and forward thinking would have seen significant returns.”
George Ermakov, Head of Research & Development at Crypterium
“Previous Cryptreium research identified a Bitcoin support area in the range between $3,000 to $5,000. At the moment, Bitcoin is actively trading in this range.
“Based on the existence of important fundamental factors such as the launch of BAKKT ICE and NASDAQ futures, 2019 is expected to be positive for price dynamics.
“Technical analysis based on logarithmic scale shows the expected price levels that bitcoin can reach in 2019. Bitcoin is likely to reach a price of around $12,000, which will be an excellent result and can initiate a further growth in 2020. 2020 is close to another important date – the BTC ‘halving’.”
Lessons for the cryptocurrency community:
With the increased safety as well as precautions, it will be easier for the cryptocurrency experts to learn from these mistakes. Moreover, the exchanges will also be able to learn from these mistakes which will ensure that the cryptocurrency community becomes much more secure.
With increasingly positive voices coming out in favor of Bitcoin, it remains to be seen whether it will actually increase in value significantly until the end of year or whether it will remain around this levels. Many of the enthusiasts are actually predicting higher peaks as well as newer peaks for the cryptocurrencies. It remains to be seen whether Bitcoin will indeed be able to rise to $ 40,000 in the current calendar year or not. .
Bitcoin Price Predictions 2019: How high can Bitcoin price go in 2019? Up to $1 million or down to $100? (In-Depth Analysis)
Bitcoin prices in 2018 have been marked by volatility which has made bitcoin price prediction in short-term a bit of a challenge, even for the experienced analysts.
History generally has a way of repeating itself but bitcoin has a lot of history which makes it an equal challenge predicting which history will be repeated. It takes more than a study of past trends to get predictions spot-on this time and so we ended this article by highlighting certain area expert analysts were looking at.
Analysts, enthusiast, and industry figures have very diverging opinions and bitcoin price predictions for both long and short-term. Optimism is still high in many quarters—reports of a new survey among British financials suggest a wide majority will buy more coins in hope of price resurgence later this year.
As we delve into who’s saying what and why, here’s a heads-up. Expect a lot more price fluctuations in the interim. It’s going to be a bumpy ride getting to wherever Bitcoin is headed by the year’s end.
Here are some old expectations for Bitcoin Future:
Surely, Bitcoin is headed up – John McAfee
John McAfee, Bitcoin supporter and founder of the popular McAfee antivirus software, is being very positive about Bitcoin. He predicted that Bitcoin price will hit $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.