Joey Krug, Prominent Crypto Investor, Predicts Choppy Waters For BTC In a 2019

bitcoin price

What will 2019 hold for BTC? This is one question everyone in the cryptocurrency community has been looking for an answer to following the extended bear market that started in 2018. Many cryptocurrency enthusiasts are hoping that there will be a rebound soon. Even if the ecosystem is currently doing well on a fundamental level, the price of cryptocurrencies are still in the dip. A bull rally seems impossible at this point. Right now, even the most bullish investors are predicting more bear pressure.

Joey Krug Says Choppy Waters Await BTC

The co-founder of Augur, a prominent Ethereum-based project who is also Pantera’s co-chief investment officer, Joey Krug, had a lot to say about BTC. During a sit down with Bloomberg, Emily Chang asked him what he expects from cryptocurrencies in 2019. In response, he said that Bitcoin will face choppy waters this year and other cryptocurrencies will follow.

Krug’s prediction may not be what speculators want to hear but it might just be the sad reality. What’s more, Krug isn’t the only insider who believes the price of Bitcoin and other cryptocurrencies haven’t bottomed out. Many other analyst are of the same opinion. Earlier in the year, a well-known cryptocurrency trader, Murad Mahmudov, said that many altcoins are currently undervalued. He predicted that Bitcoin hasn’t found a bottom and may find it when it falls within the range of $1800 – $2,400. The only consolation for true believers is that’s even if the price action gets worse, the fundamental developments will thrive.

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Another industry insider, Fred Wilson, the founder of Union Square, said that the cryptocurrency market is yet to reach bottom. According to him, the prices may bottom out later in the year. The good thing is that he also predicted that the industry will make a lot of fundamental progress. Most of the promises that were not fulfilled in the industry in 2017 and 2018 will be fulfilled in 2019.

A partner at Placeholder Ventures, Chris Burniske also believes that prices haven’t bottomed yet. He said that many amazing projects will be launched this year just like how Ethereum was debuted in 2015.
While these three investors have predicted a continues decline, they also predicted strong fundamental developments. Not every analyst is this optimistic. A South African entrepreneur, Vinny Lingham from Civic also shared his thoughts. He said that a breakout in the price of Bitcoin isn’t going to happen this year. Rather, BTC will keep trading in range indefinitely.

Krug was generally optimistic about the future of Bitcoin. He was able to find a balance between Wilson’s outlook and Lingham’s outlook of the industry. Krug is one of the few investment heads that have been able to thrive during an extremely bearish market. He said that his company is going to focus more on providing valuable products and getting more users.

In conclusion, he said that he expects the industry to eventually bounce back from the bearish market and enter into a long-term recovery with many scalable cryptocurrency networks that will promote global adoption. He encouraged investor not to worry about the price.

Do you think you can ignore the price of cryptocurrencies and focus more on the fundamental developments in the industry? Share your thoughts.


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