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. Before taking any position in the market of blockchains it is very important to start of with analysis and prediction of the price. The focus of this article is on the analysis and forecast of Bitcoin prices. Bitcoin was the first blockchain in the market and the most popular among many investors and people.
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. Bitcoin current market price lies around $4,120 having fallen from $9,986 which is about a 60 percent fall. Bitcoin has some successes such as being the first blockchain to implement second payer scaling solution and being an open source protocol which allows anybody with skills to contribute towards its development.
The price of bitcoin has also been affected negatively by some blows faced. An example of such a blow is the Bitcoin exchange traded fund proposals rejected by united states securities and exchange commission. Since the beginning of the year 2018, the attention has shifted back to Bitcoin that has assisted in increasing its market dominance to around 50 percent. The limit for Bitcoin coins is twenty one million which has created a high demand which pushes for price increases.
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. Tue fall in the market price of Bitcoin in the year 2018 was the worst making it bad year for Bitcoin. In the last moths of 2018, Bitcoin has recovered although the prediction is that it will not go beyond the 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.
Bitcoin is likely to face massive competition from other Cryptos in the year 2020 but may be able to maintain its position in the market. This may be achieved as a result of the many developers searching for the solution to the problem of Bitcoin scaling. Beln crypto forecasts that Bitcoin will have the down trend far into the year 2019 to around $3,000. The company also predicts that bitcoin will retain its popularity but with a force to adapt to the diversified market. You should undertake a good analysis before investing in blockchains.