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Where will be Bitcoin at the end of 2019

While Bitcoin is down over 81 percent from its peak, crypto enthusiasts still hold firm belief in the leading cryptocurrency. Experts are calling out a bottom to be near and a good year ahead for the crypto market.

2019 Crypto Bull Run

Bitcoin is expected to go lower than its current position at $3,970. It is a possibility that the leading cryptocurrency will finally hit the bottom this year. The Bitcoin bottom call is made by Dollar Vigilante, Jeff Berwick, who believes either crypto prices have already hit the bottom or near it. Despite this, he is not bearish on Bitcoin prices and expects it to remain in a lull throughout this year.

Berwick has a strong belief in crypto and believes bitcoin has the potential to gain traction of revolutionary level. Thus he explained that, once even some people understood Bitcoin’s potential. Now he couldn’t even possibly imagine where this movement could go.

Moreover, according to the Delphi Digital firm’s research, the selling pressure is about exhausted. And it is likely, the market will hit bottom in Q1 of 2019. As for the next peak, it is expected around April 17, 2020 which is based on the previous cycles.

This price appreciation line up with the block reward halving as miner’s selling propensity is reduced. The research also notes, this will be the last reward halving to have a very significant impact on price.

Explanation of Fred Wilson about this situation

According to the crypto friendly investor and venture capitalist, Fred Wilson who holds shares in Twitter and Kickstarter noted that we are actually nearing a bottom.

According to him, we are in the process of finding the bottom on the large, liquid, and lasting crypto tokens. But he think that process could take much of 2019 to play out. And expects that, we will see some bullish runs, followed by selling pressures taking us back to retest the lows. Wilson think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.

This all might seem pessimistic but according to Wilson, he is just being incredibly optimistic. As he further discusses the catalyst for the next bull run will be the result of some of the many promises made in 2017 coming to fruition in 2019.

Stablecoins, NFT or crypto assets or crypto gaming, and earn or spending opportunities will see meaningful progress and consumer adoption this year. He further shares that there will be pressure and bad actors will remain persistent in the market in the form of scams, hacks, failed projects, and losing investments. But these bad actors are part and parcel of the promise this nascent technology has. As permission less innovation produces the greatest gains over time but also comes with the inevitable bad actors and actions.

Also published on Medium.

Published inCryptocurrencies

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