Bitcoin Price Prediction And Analysis
Currently, a lot of investors are considering to enter into the world of blockchains. Some of the well known Cryptos include the Bitcoin, ethereum and litecoin. Analysis and prediction of the varying prices of blockchains is very vital before taking any position. The focus of this article is on the analysis and forecast of Bitcoin prices. Bitcoin is the popular of all among many people and it was the first cryptocurrency ever created.
Compared to other blockchains in the year 2018, Bitcoin has remained to be the strong one although losing more than 80 percent of its price. Bitcoin current market price lies around $4,120 having fallen from $9,986 which is about a 60 percent fall. 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.
Bitcoin has met with various blows in the past that have affected its price negatively. An example of such a blow is the Bitcoin exchange traded fund proposals rejected by 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 are a lot of happenings in the trade of blockchains that have pushed various people to come up with varying predictions of the Bitcoin Prices. 2018 is classified as the worst year for bitcoin due to the major fall in prices. Bitcoin has also managed to recover during the last months of 2018 with a maximum mark of $4,500. It is predicted that in the year 2019, Bitcoin will have a market son Nance of about 50 percent indicating a long term pick. There are new developments in 2019 like the improved lighting adoption that forecasts a growth in the 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. They also expect it to retain its popularity with a force to adapt to the diversified market. It is vital to do a good analysis before investing in crypto market.