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But can virtual currency recover in 2019 or dive into new lows? Several cryptocurrency specialists gave various forecasts of what they believe could happen at the price of BTC in 2019 and the broader impact it will have on cryptocurrency markets. Some experts remain optimistic in their perspective, while others provide more modest forecasts.
Calvin Ayre (founder of Bitcoin Cash and now the face of Bitcoin SV) believes that Bitcoin will drop to zero in 2019.
The prospects of the cryptographic entrepreneur do not "reflect a generally bearish attitude towards cryptography, but more a belief that Bitcoin has been replaced by more scalable technologies and solutions," he told Thomas Thomas.co.uk, David Thomas, Director and co-founder of GlobalBlock.
GlobalBlock gave a reasonably modest bitcoin price forecast of $ 800- $ 10,000 (£ 6,300- £ 7,880) for 2019.
But former billionaire fund manager Goldman Sachs and founder of Galaxy Digital, Mike Novogratz, is more optimistic about the potential price increase for BTC next year.
READ MORE: Bitcoin NOTICE: Is a HEADACHE New Year coming for BTC? – Analysis
Mr. Novogratz used a recent sonic comment to argue that it is "realistic" to "expect" that Bitcoin will reach $ 20,000 (£ 15,760) in 2019.
Sonny Singh (CCO of Bitcoin Bitpay payment service provider) has agreed with Novogratz, stating that a price of $ 20,000 (£ 15,760) is reasonable for Bitcoin in 2019.
Tom Lee (CEO of market research firm Fundstrat) made incredibly bullish forecasts for BTC in 2018.
However his predictions were dashed while BTC had a tough year, which means that his positive predictions did not materialize.
READ MORE: Bitcoin price RALLY: Expert warns of unfinished business & # 39; for crypto
Mr. Lee's outlook for 2019 is not as bullish as last year – but, together with Fundstrat's strategist, Sam Doctor, he still believes that a Bitcoin price of 36,000 US dollars (£ 28,374) is achievable.
Meanwhile, Donald Bullers, representative of North America, Elastos, argued that the cryptocurrency markets, in general, "have begun to constantly recover".
He said: "Cryptocurrency markets have begun to recover, recovering 35% of Bitcoin Cash."
Mr. Bullers argued that "in the sector" were not surprised by the markets in recovery, adding: "This move only shows the need for investors to overcome the storm, not abandoning the ship at the first sign of accidents".
The crypto buff pointed out that the "uptick" occurred one year after the huge price increase of BTC in December 2017, which saw the digital assets reach record highs of $ 19,783.21 (£ 15.593).
He said: "For those who feel nostalgic for the excitement they felt for the bitcoin boom at the end of last year, keep the faith.
"The second half of 2018 was a critical point for industry maturation and 2019 will bring with it valid products on the market.
"Crypto is all but dead."
But Andrey Alekhin, CEO of the Blockchain Snark.art art lab, gave a more grim prediction.
He said: "I do not think this is the end of a bear trend, at least not yet.
"As a result of a steady decline in encrypted markets, many blockchain start-ups have reduced their business or even left the market entirely."
And Misha Libman, co-founder of the Blockchain Snark.art art lab, has urged a word of caution towards those who attempt to predict the price direction of such wildly unpredictable assets.
He said: "Every morning I wake up reading about the increase and the decline of the crypto and I am fascinated by the incredibly technical and visually sophisticated charts that predict its future that delimit an artistic project.
"Ultimately, we are dealing with a new technology and a new highly speculative, illiquid and elusive resource, and the drivers for its rise and fall are guessed by anyone and can be attributed by the media to anything from higher rates # 39; Federal Reserve interest in SEC regulations for market fever.
"But no doubt I think that blockchain and cryptocurrency have a place in our future and the volatility of the roller coaster we are seeing today is something we will have to live with for a while until we start using Crypto to buy tires from to chew. "
