As the cryptocurrency community turns its back to the cryptocurrency winter of 2018 for good, and march forth to better days, there are speculations that what lies ahead is even sweeter than the spectacular highs witnessed before the crypto crash. In terms of BTC price and the price of other cryptocurrencies, analysts are suggesting, with strong reasons too, that bitcoin will surpass the all-time high of nearly $20,000 reached in the tail of December 2018. In bitcoin news today, we discuss these BTC price predictions in the light of bitcoin price today.
Bitcoin BTC Reaches New Yearly Highs
According to data from CoinMarketCap, Bitcoin BTC price reached $11,246, the highest point it has reached since the start of 2019. The latest peak is one in a series of yearly highs for BTC this year as the cryptocurrency dusts itself from the ashes of a yearlong downturn and rides on the path of positive possibilities.
After breaking $10,000, How Far will Bitcoin BTC Price Go?
Depending on who you’re listening to, bitcoin BTC is poised for success or unseen success. This is particularly interesting because bitcoin has not only broken a critical psychological mark at $10,000 but also maintained above the mark since last week. Having breached $10,000 digital asset investors in BTC will not settle now, as they would look for the next notable price milestone as the target for BTC price. For some, this will be $12,000; others may be $15,000 while some core BTC optimists will settle for nothing less than $20,000 effectively beating the last all-time high.
Why BTC will reach a new all-time High soon
Famous cryptocurrency investor Tom Lee earlier noted that $10,000 mark was capable of triggering FOMO, a known driver for cryptocurrency prices in the last bitcoin Bull Run. According to the Fundstrat investor, this FOMO could lead BTC price beyond the last BTC all-time high of just under $20,000.
According to the cryptocurrency news outlet, Cointelegraph, Tone Vays underplayed the significance of the $10,000, noting that the benchmark “did nothing to slow down price back in 2017.”
Secondly, the rise in institutional involvement in bitcoin through vehicles like the bitcoin futures is encouraging a new kind of investment FOMO which will see BTC price cross the previous all-time high. As Smartereum reported, the Chicago Mercantile Exchange (CME) has recorded historically high number of bitcoin futures contracts recently. Last week, the Exchange attributed this trend to “growing signs of institutional interest.”
Bitcoin BTC Price Today
At the time of writing, Bitcoin BTC is trading at $10,924 to the US dollar, having dropped below $11,000 mark it crossed hours ago. The price of BTC is currently about 3 percent better than it was by this time yesterday making BTC one of the few top 20m coins in the green today.
Bitcoin Price Prediction 2019 – BTC Price Prediction
Some activities and developments expected around bitcoin and cryptocurrency, in general, suggest a positive BTC price prediction. Some of these positive pointers include the improved network fundamentals of BTC and the bitcoin halving expected sometime next year.
Bitcoin’s hashrate—the speed at which a computer is completing an operation in the Bitcoin code—has reached unprecedented levels recently. The BTC hashrate reportedly peaked at 65,000,000 TH/s last Friday thereby boosting confidence in the bitcoin blockchain. It is not just hashrate that has improved, transaction volumes, block size has also improved during this period.
After a stipulated time, bitcoin mining rewards reduce by half, an event known as bitcoin halving. This halving, which is common in proof of work (PoW) blockchains, are seen as positive for bitcoin price because it reduces the supply of the bitcoin (BTC). Bitcoin mining reward is expected to decrease to 6.25 BTC from 12.5 BTC currently in May 2020. The last bitcoin halving happened in 2016 shortly before the bitcoin bull run of 2017.