2019 has not started with a not-so-bad note as the master is slowly taking off. But the ETF approval is taking longer than expected, which is making the citizens restless. The Chicago Board Options Exchange also halted the listing of Bitcoin Futures. Bitcoin has touched the $4000 mark for the first time in over a month. Even Tim Draper, a famous Bitcoin enthusiast and billionaire stated that in 2 years, Bitcoin would be everywhere and fiat currencies would become archaic. He even said by 2021, everyone would buy their coffee by making their payments in Bitcoins. Another big name got attached to the Bitcoin frenzy when Elon Musk, the founder of Tesla and SpaceX called Bitcoin "brilliant" in public and even said BTC is better than paper money as it can transfer value.
The Six-Month Bitcoin Forecast You Need to Know Now
Bitcoin has been wallowing near long-term lows for several months now. In recent weeks the coin has begun showing bullish activity that is the first signs of movement in what will become a massive bull market. The near-term outlook is not quite as rosy, the token may continue to move sideways inside its range until one of a few things happens.
The first possibility is the U.S. government will finally adopt cryptocurrency regulation and/or allow the listing of a BTC based ETF. The next thing that may happen is an advancement in blockchain technology that may include but is not limited to enhancing BTC’s transaction speed and the much-needed and long-awaited upgrade of the Ethereum network; either could spark a massive rally in the entire market.
The final scenario, and possibly more likely, is that the market will slowly return to BTC. Investor confidence was sorely shaken last year, it is taking time for it to heal. Eventually, the market will build to a boiling point and spark a rebound in prices.
Let's understand what is the Bitcoin price prediction for 2019 and next 5 years:
Market Prediction For Bitcoin Price:
As the market is experiencing volatile conditions, we should back up the prediction with the market experts, who have been the mind and heart of the cryptocurrency market.
Let’s take a look at the famous Bitcoin predictions:
#1 John McAfee Bitcoin Price Prediction
John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.
#2 Sonny Singh Bitcoin Price Prediction
In a recent interview hosted by Bloomberg’s Emily Chang, Sonny Singh, the chief commercial officer at Bitpay commented on Bitcoin’s future and why it is okay not to panic looking at the current market condition. Singh, who seems to be a Bitcoin maximalist, called Bitcoin an “800-pound gorilla, as it has access to the most notable “network effect” of all decentralized networks. He is assertive of the fact that there is a high possibility that BTC might reach $15,000- $20,000 by Thanksgiving, 2019, explaining that the probability of a crypto ETF and an influx of funding for startups is high on the cards.
#3 Fundstrat's Sam Doctor and Tom Lee Bitcoin Price Prediction
Tom Lee, ex-Chief Equity Strategist JP Morgan, and Co-founder and head of research of Fundstrat, believes that the break-even cost of mining 1 BTC directly correlates with the price of the cryptocurrency. He believes BTC would grow as he is counting on more institutional investors taking on Bitcoin and a steady increase in Bitcoin user base.Mr. Lee justified the current fall in the price of bitcoin by referring to the recent plunge in the price of tech stocks, like Amazon, Apple, and Facebook. He is optimistic that increased institutional fortunes would help turn BTC's future around very soon. Sam Doctor, an analyst from Fundsrat along with Lee predicted that by 2019, BTC might reach nothing less than $36,000, with the probability of $64,000 at the maximum and $20,000 at its lowest. A couple of days back, Tom Lee stated that the BTC fair value is much higher than the current price. The current fair value is somewhere between $13,800 and $14,800 which he believes might increase and reach $150,000 per coin as soon as bitcoin wallets account for seven percent of 4.5 billion Visa's holders.
#4 Ronnie Moas Bitcoin Price Prediction
Ronnie Moas, a cryptocurrency analyst predicted that BTC might reach $28,000 by 2019. He believes the demand for BTC would increase with its decreasing supply. He made it somewhat clear that by 2019, the adoption rate would increase and hence people would demand more of it. We must remember that BTC is not unlimited in supply.
#5 Michael Novogratz Bitcoin Price Prediction
At the Finance Disrupted event organized by The Economist in Manhattan Mike Novogratz, former hedge fund chief and founder of Galaxy Digital stated that he believes that BTC won’t reach$9K this year, and its likely to break beyond $10,000 in the around the first quarter of 2019. This might take BTC to sky-reaching heights as it might soar way ahead of the all-time-high $20K mark.
#6 Fran Strajnar Bitcoin Price Prediction
Fran Strajnar comes up with a very optimistic prediction where he believes that BTC might reach $200,000 by January 2020. He believes that the rate of adoption is directly proportional to the price increase. The more the adoption rate, the more the increase in value.
#7 Bobby Lee Bitcoin Price Prediction
Bobby Lee, CEO of China’s first exchange- BTCC said before that it would take 20b years for BTC to reach $1 million. Now his prediction totally changed. Bobby Lee, the co-founder of BTCC(Hong Kong-based Bitcoin exchange) and the brother of Charlie Lee, Litecoin creator gave an extremely bullish prediction but started with bearish though. He claims Bitcoin might reach its all-time low in January 2019, reaching below $2500 and that Bitcoin might pick up from late 2020 and could reach $333,000 in 2021 and then fall down to $41,000 in 2023. He iterated that the market capital might reach $7 trillion, that might surpass the market cap of gold.
#8 Zhao Dong Bitcoin Price Prediction
Zhao Dong, one of the biggest Bitcoin OTC traders in China and an influencer recently predicted that Bitcoin might reach $50,000 by 2021. He reiterated that now is the best time to invest in BTC and said that you might get a yield of 100 to 200% over 3 years if you invest now.
#9 Anthony Pompliano Bitcoin Price Prediction
In a recent tweet, Anthony Pompliano, founder of Morgan Creek said that Bitcoin isn't going anywhere. He stated that BTC might go as low as $3000, after which it will continue being bullish starting from 2019. He enunciated that there is no reason to freak out on the declining price as Bitcoin's fundamentals are becoming stronger.
#10 Arthur Hayes Bitcoin Price Prediction
Arthur Hayes, the CEO of crypto derivatives exchange BitMex, on the other hand, have come with a very pessimistic bearish prediction. He changed his earlier prediction statement based on the sudden change in the market. Previously he had stated that BTC has the possibility of reaching $50K by the end of this year, but now he says that BTC will reach as low as $3K and will continue being bearish for the entire 2019.
Bitcoin Price Prediction 2020
The cryptocurrency market will experience a market optimism in 2020, as not only Bitcoin, but all the major cryptocurrencies will also experience an upward shift. The governments and the central banks will embrace the digital currencies, hence the demand should be more.
The first quarter will see a minor surge up to $25,000, after which it will jump up to 30,000 dollars in the third quarter. By the end of the year, Bitcoin will be valued at $33788.5.
0 Comments