From a fundamental perspective, Bitcoin is performing fairly well. Features like transaction batching and SegWit have made the asset more competitive lately, putting its speeds closer to other currencies like Bitcoin Cash.
On top of this, according to Weiss Crypto Ratings, Bitcoin “quadrupled its value in less than 190 days”. This is thanks in part to the announcement of Facebook’s Libra cryptocurrency which is helping to legitimize the technology in the eyes of the mainstream.
It remains to be seen if Bitcoin will ever be the cryptocurrency that everyone ends up using. But, its likelihood of sticking around for the long-term is higher this year than it ever has been.
Bitcoin is the first cryptocurrency. Cryptocurrency is one type of cryptoasset. Thus, cryptocurrency is the first, but not the only, type of cryptoasset. Click To Tweet
Bitcoin was one of the first blockchains to implement a second layer scaling solution with the Lightning Network. The Lightning Network was widely regarded to be the second half of the solution to Bitcoin’s scaling issues that were first addressed with SegWit.
Being an open-source protocol, anybody with the skills to do so is able to contribute to Bitcoin’s development. It’s because of this that we’ve gotten the many different forks, like Bitcoin Cash or Litecoin.
Summary of 2019 and 2020 Price Analysis
There are several similarities between the 2013 and 2017 corrections—namely the degree of price fluctuations, the length of time taken to generate downward movement, and rapid price increases preceding gradual decreases.
The following predictions are made with the assumption that price will follow the pattern laid out in the previous correction and on the time tables we defined:
- We originally predicted a bottom of $3000 for BTC around early September 2019, but Bitcoin went parabolic since April. A more reasonable high target for the end of the year is around $16,000. A lengthy correction could invalidate this.
- The price will be between $16500 and $17500 in December 2020. A strong bull market could push it to new all-time highs, however.
Until these prices are validated, the patterns we define cannot be considered accurate indicators of future prices. Validation of these prices, however, would also validate the accuracy of the pattern we have isolated. At the end of 2019, we will return to these predictions to assess whether the pattern appears to be holding true or not.
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Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. Those seeking financial advice should consult with a certified financial professional.