Will the Bitcoin Price Reach $19,000 Again?

This scenario is very probable, though don’t expect it to happen in the next few weeks or months.

As of today, April 2019, Bitcoin is fluctuating at around $5,200. In order to update the record level, it has to jump by about 300%. To be honest, this is not an impossible task for a cryptocurrency like Bitcoin, which is currently dominating the crypto space.

In the last few months, several crypto watchers have updated their Bitcoin price predictions. Most of them agreed that Bitcoin would exceed the previous record level by 2020.

Let’s start with a guy that has already triggered many comments online, both positive and negative. John McAfee, the guy behind the antivirus software maker, said that it was mathematically impossible for Bitcoin to end 2020 below $1 million. Basically, he doubled his older prediction, made in 2017, that the largest and oldest digital coin would hit the $500,000 mark in three years. He moved backed a bit when the crypto market entered a huge correction, keeping silent about the future price. Now McAfee is back with the one million figure, and he seems to be very certain about this outcome.

However, McAfee is not alone. Xapo CEO Wences Casares, who is also a director at PayPal, said that Bitcoin might be worth over $1 million in the next 7 to 10 years. He estimated that there was at least 50% for this to happen. Casares expects the price to be driven by the adoption of cryptocurrency at a global level.

As you can see, we’re not talking about the invisible $20,000 mark – it’s about $1 million!

While these scenarios might sound less credible today, one thing is sure – Bitcoin has the potential to update its record level in the coming years.

Now let’s turn to some more realistic predictions. In mid-April 2019, Brian Kelly, BKCM founder and CEO Brian Kelly said that there were strong fundamentals behind a long-term bullish rally that would push Bitcoin to a new record price.

During CNBC’s “Fast Money” show, Kelly said that the $3,200 level from December 2018 was the bottom. When asked to explain his reasons, he listed the following improving fundamentals:

  • The number of active wallets is up 26% from January lows.
  • The volumes of transactions got back to 2017 levels.
  • When checking the volume of CME Bitcoin Futures, it shows an all-time high interest among investors and the trend continues to grow.

The trends observed on CME and CBOE futures exchanges demonstrate that more institutional investors are entering the market, which is very important for Bitcoin.

Kelly is sure that BTC will update the record high:

“Without question, this next cycle… You’re talking a two-year cycle. So, generally speaking, in 2020, the supply of Bitcoin is going to get cut in half [Kelly is referring to the halving of Bitcoin mining rewards]. The cycle for Bitcoin is usually from about a year before to a year after. So, over this two-year period, you will likely get this big upswing, particularly if the institutions come in, and I think we surpass all-time highs.”

CNBC’s Brian Kelly Explains Why Bitcoin Is Headed for New All-Time High | CryptoGlobe

Bitcoin has a chance to reach the $20,000 again at some point.



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