Bitcoin Price Prediction And Analysis
Cryptocurrencies market have gained a lot of popularity over the years with many considering to invest in it. Some of the well known Cryptos include the Bitcoin, ethereum and litecoin. To invest in these, you need to first focus on the analysis and prediction of their varying prices. Let us now focus on the analysis and forecast of the bitcoin prices. Bitcoin is the popular of all among many people and it was the first cryptocurrency ever created.
In the year 2018, although losing more than 80% of it’s price, Bitcoin has remained to be most strong as compared to others in the markets. The current market price is around $4,120 which is a 60 percent fall from its price of $9,986. There has been some successes for example having an open source protocol allowing everyone with skills to contribute towards Bitcoin development and also being the first to implement the second payer scaling solution.
The price of bitcoin has also been affected negatively by some blows faced. For instance the Bitcoin exchange traded fund proposals that were rejected by the united states securities and exchange commission. However, the attention has shifted back to Bitcoin since the beginning of 2018 increasing its market dominance to about 50 percent. There is also a high demand for bitcoins since only twenty one million will ever be which is the reason for the strong increase pressure on price.
There being so much going on in the trade of cryptocurrencies,various people have come up with their varying prediction on the prices of Bitcoin. 2018 was a very worse year for bitcoins due to the fall in the market price. Although Bitcoin has managed to recover in the last months of 2018, it is estimated not to go beyond $4,500 mark. It is predicted that in the year 2019, Bitcoin will have a market son Nance of about 50 percent indicating a long term pick. The new developments in 2019 like improved lighting adoption also predicts a growth in Bitcoin. On the contrary, incredible growth may not be experienced due to the competition of other blockchains.
In the year 2020, Bitcoin is likely to face a lot of competition from other blockchains but it’s likely that it will maintain its position. This will be achieved as a result of the many developers on the ground looking for a solution to the major problem of Bitcoin scaling. Beln crypto forecasts that Bitcoin will have the down trend far into the year 2019 to around $3,000. Bitcoin will also retain its popularity but at the same time forced to adapt to to market with many blockchains. You should undertake a good analysis before investing in blockchains.