Bitcoin has created a great upsurge in the world. It is the first digital currency that infused the concept of cryptocurrency among the merchants and leading investors around the world. It is the most recognized cryptocurrency and has the largest market cap among all digital tokens. Even today, when people talk about cryptocurrency, the first thing that comes to their mind is Bitcoin or BTC. It came into being as a decentralized platform that can help people make digital transactions around the globe without any clutches of government over public finances. The leading technology behind this concept is the blockchain technology.
Current status of BTC
BTC is the largest cryptocurrency among all. It has the largest market cap in the cryptocurrency arena, and its own price ranges impact the values of other cryptocurrencies. BTC is currently getting traded at USD 3907.29 (UTC time 03:43). Its circulating supply is 17,578,300 BTC which is worth of $68,683,440,421 USD. Compared to its yesterday’s price, the value of BTC has been decreased by -0.22%, and it is currently on a bearish trend.
Price analysis of BTC on the basis of bitcoin charts
On the basis of the above chart, it is seen that the current trading value of BTC is 3912.70 USD (UTC time 03:54). Its present market cap is getting traded at 68,778,534,604 USD. Its 24h volume is worth of 10,828,309,048 USD. The same chart shows that the value of BTC, approx. One month earlier, was 3652.99 USD. So, considering these two price points, we can say that the value of BTC in this duration has been raised by 7.10%. The price range of BTC in this one month has been on a bullish trend with the price point 3832.14 USD as a good support resistance.
What the future holds for BTC?
After the great price hikes of BTC in 2017, it suffered a massive loss in the following year. This left crypto experts guessing if it can make a good turnaround in this year or the upcoming years. According to Thomas Lee, co-founder of bitcoin cash, BTC can reach a height of $36,000 in 2019. His predictions have been optimistic until now regarding BTC price ranges. So far its long term prediction is concerned, Zhao Dhong has said that BTC is expected to be trading at $50,000 by 2021. This indicates that if you invest in BTC currently, then, after three years, you can have a 100%-200% return over your current investment. According to Anthony Pompliano, BTC price can even deter to as low as $3000 this year, but after that, it will again start getting higher by the end of this year. Bitcoin is stronger than before, and its price is expected to be on the bullish trend from the end of 2019.
Bitcoin is the most influential cryptocurrency. Due to extensive fluctuations in the cryptocurrency market, its price ranges ought to be in turmoil but, as per the above analysis, BTC can be a good option for long term investment.