The bitcoin price prediction 2019 has taken a strange but pleasant turn in the last couple of days. The bitcoin bulls are not just having the day; it seems every notable figure in the cryptosphere is vocal about an imminent upturn in bitcoin (BTC) price.
Every ‘Respected’ Crypto Trader is Bullish on Crypto
Alistair Milne, the chief investment officer at an industry investment firm said in a tweet yesterday, that he has observed a positive trend among experienced cryptocurrency traders.
“Pretty much every OG Bitcoin trader” that he respects is now leaning bullish.”
“OG Bitcoin Traders” as used by cryptocurrency fans refer to experienced, hardcore bitcoin traders. OG is a slang which means exceptional, authentic or old-school.
However, it is not only Milne that thinks all notable bitcoin traders are bullish, and it is not only bitcoin they are bullish about—it is the cryptocurrency market as a whole they are optimistic about.
One other huge bull is Michael Arlington, the founder of TechCrunch. Yesterday, he reportedly reiterated his position about the cryptocurrency market. “[I have] never been more bullish on cryptocurrencies than right now,” he was quoted to have said.
Yet another popular crypto trader cum analyst The Crypto Dog wrote, “”Literally everyone is bullish. Like everyone. Not in the usual ‘haha everyone’s bullish let’s short’ way. Everyone is bullish.”
Why is everyone bullish about bitcoin and Cryptocurrency?
It seems these bitcoin analysts know something that makes them so certain that bitcoin price is heading up very soon. While it is not very clear what has made everyone bullish about bitcoin all of a sudden, outlined here are a few pointers to help you better understand why bitcoin price is set to skyrocket soon.
Bitcoin Tests Key Resistance at $4,200 – Bitcoin Technical Analysis
Last month was the first positive month for bitcoin in a long time—that is a month where BTC price ended higher than it started. After the surge that to higher BTC prices above $4,000 many observers expected a major correction or a possible slump. But while BTC retraced a bit, it ultimately stayed up and is shooting for the next major support at $4,200.
If BTC stays above $4,200 there is a common believe among traders that it will go on to $5,000 and beyond. Last week BTC reached a high of $4,290 on some exchanges but could not sustain the place above $4,200.
Long-term Investments in Cryptocurrency
Another positive factor for bitcoin price prediction 2019 is the continued investments in cryptocurrency-focused businesses. ICOs may have slowed in the recent past but investments are still flowing in through cryptocurrency-focused venture capitals. Major investment firms attracted more than $100 million for investments in early-stage businesses in the cryptocurrency industry.
According to AsiaCryptoToday, Arlington who is a huge fan of Ripple XRP token, is impressed by the major investments going into the cryptocurrency industry. Huge investments like this show confidence in the future of cryptocurrency which is a key factor for long-term and short-term cryptocurrency price movements.
Furthermore, trust in the future of bitcoin despite the well-documented crash counters the key stronghold of bitcoin critics who claim it will not last long after the bubble pops. Cryptocurrency peculations about big firms like Facebook, Starbucks, and Rakuten also helps.
SEC will soon approve a Bitcoin ETF
As Smartereum reported, insiders in the United States Securities and Exchange Commission believe the commission will eventually approve a bitcoin exchange-traded fund (Bitcoin EFT). As an SEC Commissioner explained, a Bitcoin ETF proposal would soon meet the SEC standards and hence be approved.
Last week, cryptocurrency news outlet Coindesk reported that the SEC has delayed the decision of the Bitcoin ETF proposals by Bitwise and the one by VanEck/SolidX. The VanEck/SolidX proposal was resubmitted in January after it was originally withdrawn by CBOE. While this is not the best cryptocurrency news bitcoin supporters want to hear, the hesitation—rather than a hasty refusal—shows sign of serious consideration by the SEC.
Several Positive Fundamental Analysis of Bitcoin (BTC) – Bitcoin Price Prediction 2019
The fundamental analysis of BTC price throws up many reasons to have an optimistic bitcoin price prediction 2019. A notable supporter of bitcoin Brendan Bernstein predicted a bitcoin bull ride citing the following factors:
- The long-term potential of BTC
- Rising level of Quantitative Easing (QE)
- Increasing Modern Monetary Theory (MMT)
He tipped BTC to soon become a safe haven and hence a boom period.
Bitcoin Price Today – BTC to USD
At the time of writing BTC to USD is at $4,132. BTC price is 1% better than it traded than at this time yesterday.
Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.