Bitcoin is the most globally recognized digital currency that first ever unleashed the concept of electronic cash. It is a consensus network that emerged in 2008 after the incident of Occupy Wall Street which accused many banks of misusing money of the borrowers, rigging the system, fooling the clients, etc. Bitcoin emerged as a decentralized system where a user can control his funds and can know what activities were going on over that platform. Within a very short span of time Bitcoin caught the attraction of majority global investors and this is the reason why its value is the biggest than all other cryptocurrencies.
Current status of Bitcoin :
- Bitcoin is currently getting traded at USD 3,856.44 (UTC time 05:53)
- It holds the first position in the cryptocurrency market.
- Its present market cap has a value worth of USD 67,720,836,682.
- At present, 17,560,462 BTC is available in the cryptocurrency trading sphere.
- Compared to its yesterday’s price, the value of bitcoin has deterred by -0.06%; it is currently following a bearish trend line.
Price analysis of bitcoin on the basis of the bitcoin charts :
From the above chart, it is seen that the currently, Bitcoin has a market value of 3,856.08USD (UTC time 6:00). Its current market cap has a trading value of 67,714,561,553 USD with 7,767,689,497 USD as its 24h volume. From the same chart, it is noted that nearly one month back, bitcoin has been traded at 3417.12 USD. So, within this approx. One month period the price of BTC has been increased by 12.84% with 3,662.91 USD as a very good support level. Thus, if we consider this one month, it is evident that BTC price is on a bullish trend, but if we consider its price of past few days, then, it is cleared that BTC value is on a negative or a bearish trend line.
Future price prediction of BTC :
The crypto analysts think that 2019 is not that bad for BTC as at the beginning of the year, BTC has touched $4000 mark and this has been its highest value ever over a month. Bitcoin, being the market leader, the analysts assume that although there will be volatility in the cryptocurrency sphere, BTC has the ability to regain its value again and again and thus, they believe that by the end of 2019, BTC can even reach a value of $23,500 mark. This indicates that soon the bearish trend line can be converted to bullish trend line giving positive hopes to its investors. The first quarter of 2020, can see a major upsurge in BTC price and its value can be as high as $25,000 and then, it can even jump to $30,000. After five years, it is predicted that the price of BTC can be $50,044.6
So, it is pretty much transparent, that BTC price will soon regain its value and its price will soon be on a higher side. This indicates that investors can expect a very good return on their BTC investment in the upcoming days.
From the above price predictions, it is cleared that the BTC price will soon hike. Moreover, with limited BTC coins available in the crypto market, it creates extra attention to the investors to greatly splurge on BTC. They can then wait for the right time to trade with this crypto and gain higher returns from it.