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Will bitcoin hit $10,000 by November 2019?



 

Will bitcoin hit $10,000 by November 2019?

 

Bitcoin is the first cryptocurrency and the first real-life blockchain implementation. It took only several years for the coin to become the main driving force of the new technological revolution, despite the initial ironic view of some traditional financial analysts on the Bitcoin price predictions.

 

When Bitcoin came to the scene 10 years ago, it opened the floodgates for a multitude of cryptocurrencies. While 2017 saw the master coin (Bitcoin) hit an unprecedented price range close to the $20,000 mark, throughout 2018, the overall cryptocurrency market was hit by a bear market streak that seemed endless.

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Only a few coins (mostly exciting new ones like, for example, the BitTorrent managed not to have their price graphs following the same of Bitcoin’s in an almost identical manner. Any effort at making Bitcoin price predictions automatically makes the forecasting much more wide-scaled since Bitcoin’s price singlehandedly dictates the entire market.

 

 

Bitcoin (BTC) Price Analysis

 

 

 

Bitcoin (BTC) All-time Price Chart. Source: Coin360

 

The events that were saturated in 2010 gave an impetus to the first serious growth of bitcoin. It all started with the launch on February 6 of the name jet crypto exchange, where 1 bitcoin initially cost $0.003.

This was followed by the first online purchase of a physical product with payment by bitcoins. On May 22, 2010, that same legendary story happened with the purchase of pizza for 10,000 BTC. Jacksonville, Florida resident Laszlo Hanyecz ordered two pizzas from Papa John’s through the Bitcointalk forum, transferring these coins to the user who started the delivery. According to various estimates, at that moment Hanyecz paid only $25–40 for his order.

 

A truly significant event took place on July 11th. Then Bitcoin was mentioned on the popular news resource Slashdot, which provoked a 10-fold increase in its price over the next 5 days – from $0.008 to $0.08 for 1 BTC.

 

On the same days (07.17.10), the Mt.Gox exchange was launched, which subsequently was destined to repeatedly have a fatal influence on the cryptocurrency market.

 

After several months of fluctuation in the range of $0.06–0.07 in early October, the cost of bitcoin began to grow rapidly. Within a month (November 6), the BTC rate reached $0.35 on the Bitcoin Market and $0.5 on Mt.Gox. At this point, bitcoin was worth 16.67 times more expensive than at the beginning of the year, and its capitalization reached $1 million.

 

After the rapid growth to $0.5 and the same rapid decline to $0.15, Bitcoin continued to consolidate in the price range of $0.2-0.3 until the beginning of January 2011. Then the rate continues to move upwards and on February 9, 1 BTC at a cost of $1.

 

This is facilitated by the growing popularity of Bitcoin due to its mention in the Hacker News and Twitter, an increase in the number of miners, as well as the launch of the Darknet site Silk Road, where BTC has become the main payment system.

 

In mid-April, when an essay was published on Bitcoin in TIME magazine, its course finally breaks the $1 mark and rises upwards so that it will never return to it.

On June 2, 1 BTC was already worth $10. Over the next 6 days, a jerk was made to ~ $32 (June 8). After another 4 days, the exchange rate again fell to $10 and then jumped sharply to $25.

 

As expected, the increased volatility of bitcoin in the summer of 2011 was accompanied by a negative news background. On June 19, the Mt.Gox crypto exchange was hacked, as a result of which hackers stole and made publicly available data from more than 61 thousand exchange customers.

Despite the relatively small losses, the news about this hack took effect, causing Bitcoin to fluctuate seriously on other exchanges.

Then, in the first week of August, the cost of BTC dropped from $15 to $6. After a quick recovery to $12, the correction of the summer Bullrun lasted until November, ending at around $2.5.

 

For the next year and a half, the price of bitcoin was in the accumulation stage with a gradual increase to $14. The only serious depreciation during this period (from $16 to $7) occurred in August 2012.

In mid-January 2013, a new cycle of rapid growth in the cost of bitcoin begins, which reaches its peak on April 11; for $1 BTC is equal to $266.

 

The new bull run starts at the same level in early November and by the end of the month. The price of bitcoin reaches $1240. This happens against the backdrop of positive news about the acceptance of tuition at one of the universities in Cyprus in bitcoins. Also, the announced support for Bitcoin payments by Zynga, a giant in the field of online game development, has a positive effect.

 

Started in late 2013, the corrective downward movement of the course became the longest (at that time) in the history of bitcoin. Cryptocurrency winter lasted 411 days until mid-January 2015. During this time, BTC fell 86% from $1240 to $160.

On February 28, the owner of Mt.Gox, Mark Karpeles, announced at a press conference about the bankruptcy of the exchange and the loss of 744.4 thousand customer bitcoins “due to system deficiencies”. At this point, on the exchange itself, the BTC price dropped to $100.

 

In early January 2015, the Bitstamp crypto exchange announced the hacking and theft of 19 thousand BTC. At this point, the Bitcoin rate drops to $170, but after the resumption of the work of the exchange, it begins to recover, reaching $300 in late January. Then begins a long period of consolidation in the range of $200-300.

In early August, hackers broke into the Bitfinex exchange and stole 120,000 BTC. The price drops below $500 for a short time and then, until the end of October, the exchange rate flies around $600.

Then, by the end of the year, steady growth is observed at up to $1000.

 

 

 

 

Bitcoin in 2017

 

In early January 2017, the cost of bitcoin for the first time since the end of 2013 reaches $1,150 but then falls to $750 during the week. By mid-March, the course is storming new heights, briefly reaching $1300-1350. By the end of March, the price of BTC drops to $900, but within a month it finally breaks the level of $1350. In the last weeks of May, bitcoin is trading at $2,500-2,600, then adjusted to $1,800, so that in the first decade of June it comes close to $3,000.

The course growth is facilitated by the rapid increase in the number of network users and the recognition of bitcoin as a legal tender by many companies and financial institutions around the world. An important role was also played by the opportunity given to BTC holders to receive Bitcoin Cash (BCH) coins for free as a result of a hard fork on August 1.

Then, on the news of the launch of BTC futures by major US exchanges, almost recoilless rapid growth begins and on December 7, bitcoin is trading at $16,500.

 

 

 

Bitcoin in 2018

 

Throughout 2018, a correction of the rapid BTC-bullrun of 2017 has been observed. The maximum BTC rate in 2018 was a mark of $17,000. The subsequent fall is again accompanied by a fling of negative news from Korea, where authorities have advocated banning the anonymous trading of cryptocurrencies.

The fall in the rate continues until the beginning of February and reaches a minimum of the 6th day ($6000). Unfortunately, the breakdown of the bearish trend does not occur, and from this mark, the exchange rate rises again and drops to $5,800 by the end of June. Over the next 4.5 months, the Bitcoin chart continues to draw a triangle that has already become obvious to many, with a lower face in the region of $6,000.

 

After a slight rebound, the price continues to move down and on December 15 reaches an annual minimum of $3,200. Then, within 3 days, the price of bitcoin again returns to the region of $4,200.

 

 

 

 

Bitcoin in 2019

 

Until the beginning of February 2019, the price continued to move in a downward corridor, for which the resistance becomes the level of $3,300.

On April 2, a breakdown of the level of $4,200 takes place and within a few hours, the price of bitcoin reaches $5,100. Subsequently, the news appears that the reason for this was the purchase by one buyer on several exchanges of 20 thousand bitcoins at once. Many consider this a signal of the return of major players to the market.

 

 

Bitcoin Technical Analysis

 

Well, there is not actually any technical analysis expertise of Bitcoin cryptocurrency. However, here is the aggregate rating for BTC from several traders & analysts on TradingView.

 

 

Bitcoin (BTC) market projections on TradingView; the screenshot was taken on 09/25/19

 

 

Bitcoin Bulls & Bears

 

Undoubtedly, such giants of financial thought like Warren and Joseph Stiglitz are making very dark price predictions for Bitcoin. Nevertheless, a lot of powerful and successful opinion leaders are 100% certain of Bitcoin’s future success.


Source: Quora.com


Wednesday, 16 October 2019
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