Since the historical maximum (ATH) of Bitcoin Core (BTC) of 19,600 dollars, the cryptocurrency has lost 70% of its value. The total capitalization in cryptocurrencies of the more than 1,600 coins is 234,000 million dollars since it has lost almost ⅔ of value since December.
BTC Market Movement
The movement of the BTC market has been hard for the bulls, as the bears continue to wreak havoc and reduce every opportunity they may have. However, many short positions in exchanges such as Bitfinex are liquidating and decreasing as long positions begin to grow. At the close of this edition, BTC has a market capitalization of just over 100,000 million dollars and a daily trading volume of around 3,700 million dollars.
Everyone is wondering whether Bitcoin will boom or not. Here are some predictions for 2019 Bitcoin Price.
Trefis is a stock analytics firm which keeps a watch on cryptocurrencies as well. Recently, it tweeted its year-end outlook of Bitcoin. According to the tweet, the level where it sees Bitcoin by the end of the year 2018 is 17% down from its earlier forecast.
Bitcoin – USD / BTC Price Today
Bitcoin to be around $12,500 by year-end:
The earlier prediction of the firm was around $ 15,000. However, according to the recent outlook, it expects Bitcoin to be around $ 12,500. This is a clear cut of around 17%. The firm stated that it took fundamental factors into account before determining this cut. Also, it took into account not only the demand-supply equation but also the actual use of Bitcoin. According to the firm, the reduction in the number of transactions on cryptocurrency exchanges has forced it to reduce the year-end target.
The firm has also built on interactive Bitcoin price estimator. It also calculates approximately, the total number of Bitcoin users currently. It also provides the rough transaction volumes which it expects each and every month. Currently, the market capitalization of Bitcoin is a little over $ 130 billion.
The firm further noted that even though, there were some gains at the end of May but Bitcoin has again declined sharply and is trading around $ 7500 after touching $ 10,000.
Low volumes due to less institutional exposure:
According to a report by the Dutch government, the market capitalization of cryptocurrencies is low due to less involvement by institutions. As a result, the risk of any volatility in Bitcoin is pretty limited for institutions as well as economy. This can also be interpreted as, once the institutional participation increases, the value of Bitcoin can increase. This will propel the market capitalization of not just Bitcoin but other cryptocurrencies as well.
According to a blockchain venture capitalist, Spencer Bogart, Bitcoin will surely trade above $ 10,000 by the end of this year. He was quick to add that host of the other Altcoins are actually overvalued and will not be able to rise significantly from these levels.
Contrasting opinions, however, emerged as Thomas Lee from Fundstrat still holds the target of $ 25,000 by the end of this year. With such high variation in the predictions of Bitcoin, it remains to be seen where it is actually headed. In the medium term, however, it seems like the bottom has already been made and it will be higher from at least these levels.
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.” Keywords: Bitcoin price prediction 2019, btc price forecast, btc price today, bitcoin news today