Bitcoin (BTC) is the original and still the largest cryptocurrency in the market. Today, we will try to shed some light on a Bitcoin price prediction. With its reputation as “digital gold”, many investors are trying to figure out which direction Bitcoin will move during 2019, 2020 and beyond.
The BTC news cycle is now a 24-hour affair and new developments are constantly coming out about the perceived situation of the cryptocurrency. Recently, there has been a bit of buzz surrounding Bitcoin due to a significant price increase. This price increase was fueled by the Bitcoin VanEck ETF that was approved yesterday. The approval opens the door for common everyday investors to purchase Bitcoin for their portfolios. This asset class is now available to those who have never known how to use or purchase Bitcoin before, which introduces fresh capital into the market.
This, paired with the general positivity surrounding the direction of the cryptocurrency puts Bitcoin in a great position to capitalize on this momentum and bring the entire market up with it.
Bitcoin Price Prediction – BTC Price
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Bitcoin Price Prediction and Analysis
Bitcoin Technical Analysis
From a technical standpoint, the price of BTC could be considered quite bullish. For weeks now, we have been moving sideways and forming a sort of bullish structure that seemingly appears to be leading to a continuation of the overall bullish trend on the year. At the present, Bitcoin appears to be testing the upper resistance of that structure that it’s been forming. It looks like we are going to get a bullish close of the daily candle above resistance, which could be signalling the next breakout.
What makes this structure even more encouraging is the fact that this close will come after a retest of the resistance. The price previously attempted to breach back below that resistance but the bearish effort failed, giving more momentum to the bullish continuation and breakout. If we are able to successfully close this candle significantly above the previous resistance, we will be set up very nicely for a new bull run.
On the weekly timeframe, we are seeing a similar structure appear. The descending triangle that may have been forming was slightly bearish for some time, but quickly switched to a breakout upon failed retest of the support on that triangle. Bulls didn’t even let it get back that low before bringing it back up and restoring momentum. Once again, we are looking for a strong candle close to restore bullish momentum and bring us to the next leg of a bullish cycle for bitcoin on the weekly. Positive signs here are the low stochastic RSI. MACD still looks somewhat high as does the RSI, but there is still room for an incline. In the coming days, I would like to see some volume come to Bitcoin to fuel a sustainable rise.
Bitcoin Price Prediction: Sentiment Analysis
What is Bitcoin (BTC)?
Bitcoin is the original cryptocurrency that sparked the nation’s fascination with cryptocurrencies. Bitcoin was created by an anonymous individual by the pseudonym “Satoshi Nakamoto”. Bitcoin provides its users with a fast, easy, secure, and affordable way to transact value without the need for a human intermediary facilitating the transaction. While Bitcoin is often portrayed as being a currency for the criminal underground, it is actually widely adopted by those who seek to simply be able to control their own money without having to entrust a bank or other party with its safekeeping. Bitcoin uses blockchain technology to achieve this as well as a system of nodes and miners which keep the network secure and operating.
Bitcoin was first created in 2008, almost 11 years ago. The creator was Satoshi Nakamoto, who frequented the forums of BitcoinTalk.org. Since then, there have been many forks, or versions, of Bitcoin that have come from outside parties with separate interests. There have also been many updates made to Bitcoin. However, the core features of the cryptocurrency remain constant. There will only ever be 21 million Bitcoin to exist, making the supply certain and establishing scarcity. This is a big reason that early adopters saw it as a good investment. Bitcoin also has roots in other high-profile public individuals who contributed to its development and now serve as ambassadors to the cryptocurrency.
Who Uses Bitcoin?
Originally, Bitcoin was seen as a store of value and way to transact money at a low cost and fast speed. Mostly, Bitcoin has lived up to that purpose. However, it did become a problem when fees were too high to transact it efficiently. An update was made to make it more practical to send Bitcoin affordably and those concerns seem to have been addressed. Much has been made of the crypto’s apparent inability to scale at a fast pace, but many updates released since then have seen these concerns also assuaged. You can now use Bitcoin to accomplish almost anything you want to when paying online. There have been many high-traffic websites that have implemented a Bitcoin payment option and there are retail locations with physical POS systems designed to accept Bitcion. Though adoption still has a long way to go, there are more use cases for Bitcoin than ever.
BTC vs XRP
Bitcoin is simply designed to be a payments system while XRP is really meant to serve the financial industry by streamlining their processes. While Bitcoin aims to replace the banking system, XRP is meant to fortify it.
BTC vs ETH
ETH is probably the most similar to Bitcoin out of the three comparisons, but fans of Bitcoin generally denounce it as “decentralized”, as they also do with XRP. ETH by far has more utility than Bitcoin and can facilitiate ICOs and develop applications on top of the cryptocurrency. However, it has a larger supply and the creator has much more control over the currency than any individual could have over Bitcoin.
BTC vs XLM
XLM is similar to XRP, but more decentralized. XLM, like XRP, has a massive supply and aims to create a more comprehensive cryptocurrency system that financial bodies and individuals can use to seamlessly transact any amount of currency anywhere in the world for a very cheap price. XLM has a foundation and company behind it, unlike Bitcoin.
Where to Buy BTC
The most popular way to buy BTC is with Coinbase, which is an online company that has provided millions of users an easy way to transact, buy, and sell cryptocurrency. Coinbase acts as both a wallet and an exchange and its easy UI has helped made cryptocurrency mainstream. Mass adoption has seen Coinbase grow as one of the most popular trustworthy ways to obtain cryptocurrencies out there.
Future of Bitcoin
Most of the future of BTC rests on the price of it. Though unfortunate, it is true that many in the general population gauge the success of Bitcoin by the price. Though this is partly true due to its ability to prove itself as a store of value, the real future of Bitcoin rests in its use of blockchain technology and ability to serve as a transaction method between peers. If mainstream adoption spreads to most online and in-store retail locations, Bitcoin could be set up very nicely for a massive price boost and worldwide everyday adoption as people recognize its potential.
Though we are on the tail end of a multi-year crypto bear market, the outlook for Bitcoin remains positive. It continues to prove itself as a valuable asset that has scarcity, utility, and durability. Bitcoin will be around for as long as the internet is around and it has already changed the world. The potential for Bitcoin is limitless and it continues to open the door for the modern world to see the utility of blockchain technology and trustless transactions.