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In early 2019, encrypted merchants and investors around the world are looking for answers on what's in store for Bitcoin and crypts as a whole this year. In 2018 the industry suffered significant losses in value and the overall capitalization of the cryptocurrency is currently falling by 84% compared to its historical maximum.
With this idea in mind, how much lower we could ever go?
A pullback of 84% is already quite substantial, and it is difficult to imagine that prices will fall further. This perspective is shared by many, including a significant number of members in the cryptocurrency space.
Is it time to buy Bitcoin (BTC)?
Paul Veradittakit, a partner in San Francisco Pantera Capital, prominent venture capitalist and consultant to Blockfolio and Icon, was recently interviewed by CoinTelegraph, along with other notable experts in the field of cryptography.
During the interview, Veradittakit expressed the belief that now is a great time to buy Bitcoin and other cryptocurrencies. He stated that Bitcoin is highly likely to increase in price in the short to medium term.
The Pantera partner believes that cryptographic markets are still highly correlated and alternative cryptocurrencies like Ethereum (ETH), Ripple (XRP) and others will increase in price together with Bitcoin (BTC).
He believes that diversification is the key, stating:
"Putting all the eggs in one basket is probably not a good strategy, so investing in an index, investing in a group of people you're really passionate about, or even going into a fund manager [to run your holdings is logical]".
Are we approaching a Bitcoin fund (BTC)?
In addition to the bullish sentiment of Veradittakit, the leading venture capitalist and co-founder of Union Square Ventures, Fred WilsonWe are convinced that we are approaching a lower level in the nascent encrypted asset class.
Wilson published a post called "What will happen in 2019?"In his well-known blog, in which he touched on a number of topics, including Bitcoin and other cryptographic resources.
After the significant retreat of the crypto market in 2018, Wilson believes that a fund in many digital resources is at hand.
However, contrary to Veradittakit's short- to medium-term bullish sentiment, Wilson believes the fund's research will occupy most of the year. However, he admits there will be a number of bullish runs followed by strong selling pressures that could lead Bitcoin to test the annual lows of $ 3,150.
Another important member of the crypto community, Anthony Pompliano of Morgan Creek, he believes we will see a Bitcoin fund in 2019, and it will be less than $ 3,000.
Wilson and Veradittakit do not just believe that Bitcoin is approaching the fund and that it is now a good time to invest in the business class, many other prominent nominees share this opinion.
For example, Joseph Lubin, the co-founder of Ethereum and the founder of ConsenSys, recently tweeted in his sequel that the fund is close:
I am calling the criptobottom of 2018. This fund is marked by an epic amount of fear, uncertainty and doubt on the part of our friends in the seals of the 4th and the crypto-fifth.
– Joseph Lubin (@ethereumJoseph) 21 December 2018
Overall, the feeling of important members of the crypto community is that a Bitcoin fund is very close and will be reached in 2019, if it is not already.
Conclusion
While no one knows what will happen, we can expect 2019 to be a year full of events. There are many things to be excited about in the cryptosphere, one of which is the launch of Bakkt.
Bakkt is a valid ramp alternative for institutional investors, and is backed by Intercontinental Exchange, Starbucks and Microsoft.
It is said that the launch of Bakkt is delayed once again, but we can expect it sometime at the start of 2019.
Another thing that I look forward to in 2019 is the development of scalability projects like Bitcoin Lightning network and the scaling solutions of Ethereum as Constantinople and the initial iterations of Serenity.
All in all, there is so much to wait in 2019 – price action is just one of many.
Do you think we have already seen the Bitcoin fund (BTC), or will it be reached in 2019? Let us know what you think in the comments section below.
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