Since the extended crypto winter began in mid-2018 crypto bulls and traders have been searching for a digital asset that is profitable. This is a difficult proposition because of the volatile nature of the cryptocurrency market. To calm nerves and introduce something new the founder of TRON (TRX) and the CEO of Binance Exchange opted to back BitTorrent for better days. BitTorrent is an asset class built on the Tron network.
It is arguably the most hyped ICOs considering the adequate amount of support it got from Binance exchange CEO and Tron founder. BitTorrent was expected to maintain a positive impact. It is difficult to believe that the digital asset was once tipped to be the next Bitcoin. The price of BitTorrent has taken a hit since it sold over $7.8 million in the first 2 minutes after launch. But current analysis of the BitTorrent chart shows that the asset class looks dreary.
Bitcoin (BTC) Price Today – BTC / USD
BitTorrent Price Prediction: The Price of BitTorrent to Approach $0.0007 By 2020
The price of BitTorrent has slipped through every area of its support lines, having dropped to 12 sats. If the coin continues like this, it could drop to the first day, listing price of 6 satoshis on by Binance. It is currently on a crucial level. If it fails to defend this position, then Bittorrent is heading back to zero with uncertainty around it.
Considering other market indicators, it is safe to say that price movement is more likely to remain in bearish territory than bullish territory.
Also, putting the fact that the market is completely unpredictable into consideration, giving a prediction for any cryptocurrency is more of a gamble rather than a data-driven guess.
BitTorrent Price Prediction: The Price of BitTorrent in the Medium-term, and Long-term
BitTorrent token (BTT) was one of the most hyped ICOs last year. But, despite the huge hype behind it, there’s a shroud of doubt about the token’s viability as well as its general competence. The single driving force for the price of BitTorrent is the regular marketing gimmicks and speculation about the token. These options are two strong suits of Justin Sun. The Tron founder used these factors to cause a surge in the price of BitTorrent. However, via the long-term, the price of BitTorrent doesn’t seem like a solid investment.
If the price of BitTorrent allows the digital asset survive to see 2023, a highly unlikely scenario, the token would most likely be between 10-100 times of its current value. This, in essence, means the price of BitTorrent would be at $0.007 to $0.07.
At the current way the price of BitTorrent is heading, if it survives to see the start of 2023, which is a highly unlikely situation, the token would be at 100x+ of what it’s current value is which means it would be sold at $0.07.
BitTorrent Price Prediction: Predicting The Price of BitTorrent May Be Highly Risky Because of the Volatile Nature of the Asset Class
Predicting prices, considering the highly volatile and risky assets out there is a thankless job. However, considering the charts, you can make an informed decision. In the meantime though, the coin is bearish and may be for the long term.