Bitcoin has just had its 10th anniversary on October 31stst, proving once again that all those who doubted it were wrong and completely cementing its place in the history books as one of the most important inventions of the 21st century.
With 2019 just behind the corner, we thought we'd look at what the trend for the next year would be. In this article, we will examine Bitcoin's past price models, its current market state and what some of the most influential industry influencers have to say in terms of forecasts.
What is Bitcoin?
Bitcoin came into contact with the public in 2008, when Satoshi Nakamoto, whose identity remains a mystery to date, published the original Bitcoin white paper entitled "Bitcoin – A peer-to-peer electronic payment system".
One of the best aspects of Bitcoin is the fact that it is decentralized, which means it does not have a central authority that controls the number of Bitcoins in circulation. With the birth of Bitcoin, the world has also seen what the first blockchain can do. The blockchain is an incorruptible digital register of transactions programmed to record not only financial transactions but almost anything of value.
January 3rdrd, 2009, Nakamoto successfully created the first Bitcoin block called "the Genesis block". Shortly thereafter, January 12thth, 2009, the first Bitcoin transaction was recorded on the blockchain between the same Nakamoto and Hal Finney, one of the most important contributors.
Since then, Bitcoin has become increasingly popular and has acquired so much adoption to the point where it has begun to dominate the market, an enterprise still present today. Over the years, Bitcoin has become increasingly impregnated in public life, to the point that people can buy everything from food, airline tickets, vacation packages, to yachts, airplanes, expensive cars and marvelous villas.
History of Bitcoin prices
Without a doubt, Bitcoin has had its ups and downs, since it is almost known that the cryptography market is all but stable. May 22, 2010 marks an important milestone in the history of Bitcoin since it was the first time Bitcoin was used to buy physical goods. Programmer Laszlo Hanyecz bought two Papa John pizzas for 10,000 BTCs which, at the time, were worth around $ 30.
On February 9, 2011, Bitcoin reached parity with the US dollar for the first time in its history, which would end a very complicated period of Bitcoin. Not long after, within a few months, the price of Bitcoin rose by $ 30, only to fall to $ 10.25 on June 12, 2011.
Thus, the biggest breach of security the world has ever seen happened in Mt. Gox in June 2011. The price floated wildly and fell again six months later, when Paxum stopped accepting it as payment. On 28 November 2012 the first halving of the Bitcoin premiums took place, and the price continued to rise until 2013, and soon rose above the $ 200 mark on 9 April. The price fell again to $ 109 in the next period and, in November 2013, it reached parity with an & # 39; ounce of gold, well over $ 1000. This increase was short-lived since the price it collapsed again in the next month, to a minimum of $ 600. 2014 was an important year for Bitcoin, as Microsoft began accepting payments with Bitcoin, launching the multinationals' tendency to accept cryptocurrencies.
The year 2017 was by far the most important year in the history of Bitcoin, as it marked the beginning of what is still considered the biggest bull run for Bitcoin and Cryptos alike. To date, 2017 is considered the most prolific year for cryptocurrencies. On 2 January 2017, Bitcoin again breached the $ 1000 mark. The following months were even better, as Bitcoin exceeded $ 3,000 on 11 June. Bitcoin continued to climb upwards despite the SegWit soft fork and the Bitcoin Cash rigid fork. On September 2, 2017, Bitcoin exceeded $ 5,000.
Volatility once again showed its ugly face when China banned ICOs and cryptographic exchanges, and the price of BTC dropped back to $ 3,000. In October, Bitcoin exceeded $ 10,000 in value and then even managed to break the $ 11,000 mark. Surprisingly, Bitcoin has managed to get even more value since investors have started to storm the market. The launch of the Bitcoin futures played an important role in this price surge, helping Bitcoin to break the $ 20,000 mark, marking its all-time high.
December 2017 was a huge disappointment for the community, as the price of Bitcoin dropped once again to $ 13,000 on the last day of the year. After its incredible run in 2017, it is no wonder that many experts still consider 2018 one of the most difficult years for cryptocurrencies, including Bitcoin.
Two thousandths have brought with them a lot of volatility, many prohibitions for cryptocurrencies in more countries and many news that have exacerbated most of the investors already FUD and FOMO high. In January 2018, the price of Bitcoin fell to a minimum of $ 10,000. On 6 February 2018, the price fell even further to $ 7,000. On 24 June 2018, Bitcoin reached its lowest point in a very long time of $ 5,868. By October 17, 2018, Bitcoin has reached another minimum. At the time of writing this article, Bitcoin is priced at $ 4,179.97, and is still at the top with the largest market capitalization ($ 72,900,866,657).
Forecast for 2019
There are many who believe that 2019 could be the best year for Bitcoin and all cryptocurrencies. When it comes to financial forecasts, history tends to repeat itself in most markets. However, making predictions on Bitcoin and the cryptographic market is much more difficult as it does not have a lot of history, to begin with.
So, what are the Bitcoin price forecasts for 2019? How high is the price of Bitcoin in 2019? We will try to answer these questions by looking at some of the best influencers and experts in the cryptic field.
John McAfee: $ 170,000 by December 31, 2019
John McAfee, the founder of McAfee's famous antivirus software, is one of the biggest proponents of Bitcoin around. He made several headlines for his notorious price forecasts and said he would eat his genitals on national television if BTC had not reached $ 1 million by the end of 2020.
"BTC accelerated much faster than my assumptions about the model, and now I expect Bitcoin to be $ 1 million by the end of 2020. I will still eat my d ** k if I'm wrong", he stated on his Twitter page. Although McAfee did not assign a specific target for 2019, based on its previous forecasts, it would mean that Bitcoin would have to be worth a little more than 170,000 by the end of 2019 to be on track to reach the million dollars. next year.
When I predicted Bitcoin at $ 500,000 by the end of 2020, it used a model that included $ 5,000 at the end of 2017. BTC accelerated much faster than the assumptions of my model. Now I'm preaching Bircoin for $ 1 million by the end of 2020. I'll still eat my dick if I'm wrong. pic.twitter.com/WVx3E71nyD
– John McAfee (@officialmcafee) November 29, 2017
Michael Novogratz: $ 20,000 or more
Michael Novogratz, the famous CEO of the investment company Galaxy Digital, said that Bitcoin would end up in 2018 somewhere between $ 8,800 and $ 9,000. Even more, it expects BTC to break the $ 10,000 barrier. "By the end of the first quarter of 2019." The CEO told the Financial Times in an interview in November that the price of BTC will exceed $ 20,000 after the aforementioned period.
Sonny Singh: $ 20,000 by the end of 2019
Sonny Singh, Bitpay's chief commercial officer, appears to be on the same page as Novogratz as he also thinks that $ 20,000 is a reasonable price target for Bitcoin in 2019. Singh has come to predict that Bitcoin will never fall below $ 15,000 once the first forecast is established. The CCO also urged investors not to panic in a recent Bloomberg interview.
Anthony Pompliano: bear market until the third quarter of 2019
Anthony Pompliano he is the founder of Morgan Creek Digital Assets. During 2018, he predicted that Bitcoin would eventually hit $ 50,000 but has since admitted he was wrong. It is interesting to note that Pompliano does not share the optimism of other crypto-influencers for next year and states that Bitcoin will fall to $ 3,000 and that the bear market will probably continue until the third quarter of 2019, as described by this post.
"Bear markets continue to last longer – each bear market is measured from peak to downstream during a period of prolonged slaughter. […] If this happens, cryptographic markets will not start to recover from recent negative price movements until the third quarter of 2019. "
Ronnie Moas: $ 28,000
Ronnie Moas he made one of the boldest forecasts for the price of Bitcoin, which is to say it will reach $ 28,000 by the end of 2019. In short, Ronnie Moas believes that the demand for BTC will increase with the decline in supply.
"Sad to see the last 1% scare your crap | separating you from your #bitcoin $ BTC and keeping the gap between rich and poor Reiterating the $ 28,000 goal for the end of 2019 | Do not make a bet that you can not afford to lose,"He tweeted in September 2018.
Sad to see the last 1% scare your crap | separating you from yours $ BTC #bitcoin and keeping the gap between rich and poor Reiterating the $ 28,000 goal for the end of 2019 | Do not make a bet that you can not afford to lose I surround myself with #brightest minds and they are all in agreement with me
– Ronnie Moas (@RonnieMoas) 9 September 2018
Bobby Lee: less than $ 2500
Bobby LeeThe CEO of the first Chinese exchange, BTCC, shares another pessimistic price forecast for 2019. He recently said that it would take 20 years for BTC to reach $ 1 million. Since then, Charlie Lee's brother has changed his mind and now thinks that Bitcoin could reach its historical minimum in January 2019 and that it will only begin to rise towards the end of 2020.
Verdict on Bitcoin price forecasting
In the round, the forecasts for Bitcoin, as well as for the cryptographic market in general for 2019, seem to be positive. Many experts believe that the price of Bitcoin will increase again, especially after the SegWit upgrade, the platform will be able to process transactions much faster. Another reason why most experts agree that 2019 will be a bullish year for Bitcoin is the fact that Bitcoin will become even scarcer, increasing its demand.
At this point, it is worth remembering that bitcoins and other scrambles are still very influenced by speculation. Even small developments in some of the world's countries could mean a good deal of good or bad for the encrypted. In 2019, Bitcoin will probably be used more often by more and more people; it will most likely increase real-time use cases that will make it even more powerful.