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Author Topic: How high can Bitcoin price go in 2019? Up to $1 million or down to $100?  (Read 1512 times)

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Bitcoin prices in 2019 had been marked by volatility which had 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 expert predictions:

Samuel Leach, CEO and founder of Yield Coin

“After having experienced a turbulent year in 2018 – one which saw its value collapse from circa $15,000 in January, to just above $3,000 at the time of writing – I do believe that Bitcoin will recover to a value of between $10,000 to 15,000.

“The inherent volatility of the cryptocurrency means that it is difficult to predict with any kind of finite accuracy. However, the outcome of upcoming events will go a significant way to determining the price.

“Intercontinental Exchange, the operator of the New York Stock Exchange is planning to launch Bakkt – a federally regulated market which will seamlessly and safely enable institutions and consumers to buy, store and sell crypto assets. Bakkt is supported by corporate leviathans like Microsoft, Starbucks and the Boston Consulting Group, and stands to bring levels of trust and transparency to the market currently unseen.

“Similarly, the crypto exchange ErisX recently raised $27.5m from Fidelity Investments and Nasdaq and plans to launch crypto derivatives in the top half of 2019. Fidelity is one of the world’s largest asset managers, controlling resources worth about $2.5trn. Likewise, the Nasdaq operate the second largest stock exchange in the world, after the NYSE.

“The involvement of such significant financial institutions and ‘mature’ crypto trading products will lead to an appreciation in Bitcoin’s price.

“A defined regulatory movement will also lead to an improvement in Bitcoin’s price. Proper regulation will make it safer for speculators and will lessen the presence of fraudsters or ill thought out products in the market. Further, it may encourage involvement from institutions, who to this point have been wary of engaging in anything crypto related for reasons of compliance.”

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.”

Here are some old predictions for Bitcoin’s 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.


 

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