Bitcoin Price is once again gaining momentum when it comes to search interest worldwide and in the United States. This sudden spike in interest comes as the price of bitcoin rallies to some of levels seen in 2017 and 2018, right after bitcoin passed in Google search interest for the first time.
We know fluctuation of Bitcoin since the last few months. Bitcoin was trading near $3500 on February 12, 2019, which touched the mark of $4k towards the end of March. On the 4th of April, Bitcoin jumped to $5102 and then May was full of upward surges, wherein on May 10, 2019, it touched around $6100, and on May 12, 2019, it surged to $7258.81.
It was a steep surge, and that’s the time there was frenzy in the crypto space amongst the bitcoin enthusiasts and the traders. On May 20th, 2019 BTC surged to around $8200, after which it touched $9k for a small time frame, after which again it fell back to around $7688.08 on 9th June 2019.
But lately, Bitcoin has taken the bullish surge upwards. Bitcoin hashrate also reached an all-time high of 62 quintillion per second as the price is hovering around $9000. Not only that, Bitcoin crossed one more milestone yesterday, when it surpassed 1 million daily active addresses since November 27, 2017. So, Bitcoin is getting back to its momentum, creating a frenzied atmosphere. Let’s see how Bitcoin price is going to behave in the days to come- whether it will reach its all-time high or it will go further down.
Let us work on the Bitcoin price 2019 and for next 5 years prediction:
For the volatile conditions of market, we need back up the prediction with the market experts of the cryptocurrency market.
Let’s take a look at the famous Bitcoin predictions:
John McAfee Bitcoin Price Prediction
John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million by 2020 following last year’s prediction of $7000 which was well surpassed.
Sonny Singh Bitcoin Price Prediction
In a recent interview hosted by Bloomberg’s Emily Chang, Sonny Singh, the chief commercial officer at Bitpay commented on Bitcoin’s future and why it is okay not to panic looking at the current market condition. Singh, who seems to be a Bitcoin maximalist, called Bitcoin an “800-pound gorilla, as it has access to the most notable “network effect” of all decentralized networks.
He is assertive of the fact that there is a high possibility that BTC might reach $15,000- $20,000 by Thanksgiving, 2019, explaining that the probability of a crypto ETF and an influx of funding for startups is high on the cards.
Fundstrat’s Sam Doctor and Tom Lee Bitcoin Price Prediction
Tom Lee, ex-Chief Equity Strategist JP Morgan, and Co-founder and head of research of Fundstrat. He believes that the break-even cost of mining 1 BTC directly correlates with the price of the cryptocurrency. He believes BTC would grow as he is counting on more institutional investors taking on Bitcoin and a steady increase in Bitcoin user base.
Mr. Lee justified the current fall in the price of bitcoin by referring to the recent plunge in the price of tech stocks, like Amazon, Apple, and Facebook. He is optimistic that increased institutional fortunes would help turn BTC’s future around very soon. Sam Doctor, an analyst from Fundsrat along with Lee predicted that by 2019, BTC might reach nothing less than $36,000, with the probability of $64,000 at the maximum and $20,000 at its lowest.
A couple of days back, Tom Lee stated that the BTC fair value is much higher than the current price. The current fair value is somewhere between $13,800 and $14,800 which he believes might increase and reach $150,000 per coin as soon as bitcoin wallets account for seven percent of 4.5 billion Visa’s holders.
Ronnie Moas Bitcoin Price Prediction
Ronnie Moas, a cryptocurrency analyst predicted that BTC might reach $28,000 by 2019. He believes the demand for BTC would increase with its decreasing supply. He made it somewhat clear that by 2019, the adoption rate would increase and hence people would demand more of it. We must remember that BTC is not unlimited in supply.
Michael Novogratz Bitcoin Price Prediction
At the Finance Disrupted event organized by The Economist in Manhattan Mike Novogratz, former hedge fund chief and founder of Galaxy Digital stated that he believes that BTC won’t reach$9K this year, and it’s likely to break beyond $10,000 in the around the first quarter of 2019. This might take BTC to sky-reaching heights as it might soar way ahead of the all-time-high $20K mark.
Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above. There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts. Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position.
Bitcoin might reach the $23,500 mark supposedly by the end of 2019 as the year holds good prospect and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2019.