What is the Bitcoin Price Prediction for 2019?

To understand how difficult it is to give a price prediction for Bitcoin, imagine asking the same question at the beginning of 2018. What would one answer? At that time, Bitcoin was trading at around $15,000. Did anyone expect that the oldest and largest crypto coin by market cap would lose over 75% of its value until the end of the year? Well, a few experts did, with Jamie Dimon in front. However, the majority of investors acted as if Bitcoin was unstoppable.

The cryptocurrency market hasn’t matured enough even today, which suggests it is still quite sensitive to any major news, events or government decisions that limit or encourage its adoption. 2019 will be the same – the Bitcoin price will heavily depend on the general sentiment and various news and events. Most of such events are quite unpredictable, but we have some upcoming events that should definitely make a difference. One good example is Bakkt – a Bitcoin futures trading platform backed by ICE, the parent company of the New York Stock Exchange (NYSE) – the largest stock exchange in the world.

Everyone remembers the famous prediction made by John McAfee, who said that Bitcoin would hit $1 million by 2020. Well, he updated his figures but didn’t give up the initial prediction – we can still see BTC at $1 million in two years from now, according to him. However, at the end of 2019, Bitcoin will trade at around $170,000 – how about that one? Of course, most of the market participants are not as optimistic as McAfee.

The other extreme is probably represented by JPMorgan analysts and Jamie Dimon himself. Recently, the bank published a report on cryptocurrencies and blockchain, saying that the value of Bitcoin and the rest of digital coins is unproven. Moreover, the analysts dared to touch upon blockchain itself, noting that there has been too much hype around it and that the distributed ledger technology (DLT) wouldn’t make a visible difference to banks in the coming three to five years. According to JPMorgan, Bitcoin is on its way to touch the support level at around $2,400, and if it breaks it, it can fall below $1,300.

As we can see, John McAfee and JPMorgan analysts have two very different price predictions on Bitcoin. Nonetheless, the truth should be somewhere in the middle. A moderate position is the most reasonable one when trying to anticipate the future of such a volatile asset.

I think Bitcoin has room to fall even lower than the recent bottom, but it should eventually revive. It has the potential to hit double digits by the end of this year – something above $10,000 sounds quite reasonable to me. Some experts think that the time for Bitcoin is up, but we can go back and see how NASDAQ revived after the dot-com crash.

Billionaire Mike Novogratz, the founder of Galaxy Digital, expects the BTC price to hit $20,000 by the end of 2019. There are several scenarios for Bitcoin, with the best one suggesting a surge to a new record high.


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