Bitcoin Price Prediction: Bitcoin Heading Towards New All Time High In 2019
Price predictions in any market can be quite dicey, to say the least, and when it comes to emerging markets that are still finding a footing, such as the cryptocurrencies, the degree of skepticism comes into play. For 2018, Bitcoin (BTC) was expected to observe a market correction, however very few expected it lose over 80% in 2018. So, what’s in stock for 2019, Weiss Ratings just released their predictions, let’s check them out.
While BTC did slip down from its perch of 2017, the fundamentals for crypto in 2018 were extremely good. The adoption rate was on a high, a few institutional investors like the Citigroup, Morgan Stanley and Goldman Sachs showed interest in the market. Furthermore, Nasdaq and Bakkt planned to launch crypto – derivatives to invite other institutional giants. Notably, many countries rolled out regulatory frameworks to protect investors while opening their doors to crypto.
In terms of market price declines, 2018 was a disaster. What about 2019? Here are our 7 forecasts for this year: https://t.co/MQgzg6nnhm #WeissRatings #crypto #cryptocurrency #altcoins #bitcoin #btc #xrp #ada #holochain
— Weiss Ratings (@WeissRatings) January 4, 2019
Bitcoin – The digital gold
The inferences drawn by Weiss is based on their trend cycles model and their crypto coin rating model which rates the assets in terms of risk, reward, technology, and adoption.
The first prediction is that Bitcoin will become digital gold. BTC Is considered the top digital store of value, as it costs nothing to store, can be easily transferred, it is secure and can’t be confiscated by any government or regime. Taking reference from the previous bear markets in 2015, where BTC lost a similar amount, Weiss predicts that BTC will emerge stronger again.
While some believe that the token is spiraling towards death, Weiss asserts that the big bear has only cleaned the market of weak hands and newbie traders. Those who believe in the technology and its long-term benefits have survived and will aid in BTC rising up to its all-time highs in 2019.
The future of Altcoins
The report predicts a similar future for certain altcoins, though specific names were not mentioned, the report reads:
“But among them, a select few with superior technology will get traction in the real world with increasing adoption. They will ultimately return to their all-time highs.”
Creation of a new kind of internet, internet 3.0 is predicted, which will be based on a few cryptos such as EOS, Cardano and Holochain which are mentioned. Though why the platform dropped of the responsibility to just these three tokens, while several others such as Ethereum, Tron, Neo, Iota and Icon seems to be equally worthy is unexplained.
Weiss predicts that most altcoins will ‘eventually fail’ and a number of new ones will enter the fray and make it to the top ten. AS for Ripple’s XRP and Stellar Lumens, Weiss predicts that they can disrupt the banking world only if they are truly decentralized. Regardless that XRP isn’t truly decentralized, it is predicted that if Ripple can replace SWIFT it will become the world’s premier cryptocurrency.
The report finally claims that Bitcoin copycats will fade away as there is no real need for them. Included in this list of soon to be dead coins according to Weiss are Bitcoin Cash, Bitcoin SV, and Litecoin.
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