Bitcoin Price Prediction And Analysis
Currently, a lot of investors are considering to enter into the world of blockchains. The examples of some of the best blockchains include Bitcoin, litecoin and ethereum. Before taking any position in the market of blockchains it is very important to start of with analysis and prediction of the price. 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 price if Bitcoin has fallen with around 60 percent from around $9,986 to around $4,20. 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.
Bitcoin has met with various blows in the past that have affected its price negatively. For instance the Bitcoin exchange traded fund proposals that were rejected by the united states securities and exchange commission. As a result of the shift in attention back to Bitcoin in the year 2019, its market dominance has been boosted to about 50 percent. The limit for Bitcoin coins is twenty one million which has created a high demand which pushes for price increases.
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. In the last moths of 2018, Bitcoin has recovered although the prediction is that it will not go beyond the mark of $4,500. The forecast for the year 2019 is that Bitcoin will have a market dominance of around 50 percent which forecasts 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.
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 will be achieved as a result of the many developers on the ground looking for a solution to the major problem of Bitcoin scaling. A price of below $3,000 is predicted by Beln crypto forecasts far into the year 2019. They also expect it to retain its popularity with a force to adapt to the diversified market. Individual analysis is very important before taking on any crypto investment.