Price Analysis

Bitcoin Price Analysis: Prominent Venture Capitalist Raises Doubts on Bitcoin (BTC)’s Future

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  • Jason Calacanis, a prominent venture capitalist, has recently downplayed the importance of Bitcoin.
  • The price prediction of Bitcoin for 2019 remains subject to volatility, if performed really well it is likely go beyond the highest resistance price $9000 to set a new height.

The whole crypto market was taken to the shock when Bitcoin price showed its true potential. After a disastrous year of high fall and devaluation, Bitcoin (BTC) managed to grow by a good margin. It should be noted that Bitcoin (BTC) had lost over 80% of its value in the last year. But the last two weeks’ price variation is aiming towards the possibility of price correction phase likely to come real soon. However, Jason Calacanis, a prominent venture capitalist, has recently warned that Bitcoin’s importance may be lost once there is a substitute technology to counter it. He said, “My position remains the same, Bitcoin will likely be replaced by new technology… It’s possible [bitcoin is] built to last, but not probable, so keep your position to an amount you’re willing to lose. For most, that’s 1% to 5% of net worth.” But the coin now doesn’t seem to stop. It is gaining a huge margin over the past few days. Let us look at the current figures of the coin.

Bitcoin Price Statistics-

Bitcoin Price Chart

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Bitcoin (BTC) 04th June 02:44 UTC
Rank 1st
ROI (Return on Investment) 5,848.83%
Coin Circulation 17,739,175 BTC
Market Cap 142,659,675,793 USD
Bitcoin Value in USD 7974.71 USD
All-Time High 20,089.00 USD
24h Volume 22,962,967,235 USD

BTC Price Comparison-

The king of the crypto market, Bitcoin (BTC) has performed with great stability in the market since the starting of the year. Baring a few instances of sudden falls, the coin has shown an overall growth. The lowest point of the coin was on 07th February at 3353.33 USD. However, a large gain can be noticed on 25th April when the coin gained 59.14% in just 20 days. The market cap of BTC value on 04th May was 103,156,048,789 USD, and the value of each coin was 5740.27 USD. The current market cap and the value of each coin in USD are respectively 38.29% and 38.92% more than the figures for last month.

Bitcoin Price Prediction-

As mentioned earlier, the price of bitcoin may get as high as 12,000 USD by the end of 2019. The next resistance may be faced after 9000 USD mark. The investors should be ready for facing huge variations in the price.

Conclusion-

Diving into the coin’s shine is not recommended as the attraction may fall soon. Existing holders should for realizing at least 50% of their current investment before walking out.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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