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[02/19] Bitcoin (BTC) Price Prediction: Bitcoin Value Promises to Remain the Same

  • Vera Thornpike
    📈 Price Predictions

    Short-term Bitcoin price prediction: What should we expect in February?


[02/19] Bitcoin (BTC) Price Prediction: Bitcoin Value Promises to Remain the Same
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

With so much hype around Bitcoin, it may seem that the bearish trend is over, and its price will soar in 2019. However, crypto experts have diverged opinions about the future of BTC, so it’s hard to come to some firm conclusion. In this case, the crypto community seeks information through technical analysis. Technical analysis for crypto price predictions is based on:

  • overall and recent historical data;


  • price fluctuations;

  • the history of its market cap;

  • trends in the crypto market.

So, what are we to expect from Bitcoin in February 2019?

Technical analysis shows less than satisfactory results

A few crypto experts have said the bearish trend will prolong, and technical analysis of the Bitcoin price proves it. Here is the February 2019 Bitcoin forecast provided by 30rates.com:

Bitcoin seems to be stuck
Technical analysis of Bitcoin’s price in February 2019 from 30rates.com

Most likely, the Bitcoin price will continue holding in the range from $3,100 to $4,000 – that’s what we have been witnessing throughout the last few months.

Longforecast.com gives pretty much the same information:

Technical analysis of Bitcoin’s price in February 2019 from Longforecast.com
February 2019 won’t bring significant changes

Its February 2019 Bitcoin price forecast is $3,243, and it seems to be more than realistic. Its general Bitcoin 2019 prediction also isn’t optimistic: the currency might devalue by 50-60%.

Recently, analysts from JP Morgan predicted that Bitcoin may fall to $1,260 this year if financial institutions and banks don’t benefit from its blockchain within the nearest 3-5 years. If the true value of Bitcoin isn’t proven, it shouldn’t expect bright prospects ahead.

What else keeps Bitcoin from growing?

As for the short term Bitcoin prediction, the main factor holding its growth is a prolonged bear market. However, it’s not the only aspect that hinders cryptocurrency development:

  • Problems with scalability. Slow transaction times and high transaction fees repel potential Bitcoin users. These factors influence the demand for the cryptocurrency, but if Bitcoin developers solve the problem, things can change for the better.

  • Low mining profitability makes crypto enthusiasts switch to other, more profitable coins.

  • High market competition. There’s a legion of advanced blockchains and coins that are superior to Bitcoin from a technical standpoint.

  • The danger of increased regulation. Cryptocurrency still isn’t mature enough, and governments don’t want to lose their chance to impose tight regulations over digital assets. The announcements about Bitcoin laws and regulations have made Bitcoin’s value drop by 20% in January 2018: the Chinese government was going to ban crypto.

  • Bad news. Recently, the release of Bitcoin futures was rejected by the SEC. That greatly discouraged the crypto community to invest in BTC.

  • Lack of adoption. Bitcoin has yet to achieve widespread implementation. It’s viewed as a store of value, but not as a regular payment option. Lack of cryptocurrency acceptance affects its value.

  • Disagreements among Bitcoin developers can also impact its price. For instance, the conflicts around Bitcoin blockchain upgrades and technological changes can potentially lead to the formation of hard forks, as it happened with Bitcoin Cash (BCH) in August 2017.

Summing it up, the Bitcoin price prediction 02/19 can be called neutral: we should expect minor ups and downs. However, the crypto sphere is highly volatile and unstable, so you can’t be 100% sure.

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The situation on the cryptocurrency market has not changed a lot comparing to Thursday. Prices of most coins out of the top 10 have been reduced, however, there are 2 exceptions from the rule. Binance Coin and Litecoin are those ones that keep going up when other coins are ’’relaxing’’.   

Especially it is remarkable for BNB, whose rate has exceeded $20.


BTC’s domination rate is stagnating and now constitutes 52%.

BTC/USD

Friday, Apr. 19 has started for the main cryptocurrency with a red bullish candle, pushed down BTC from $5,274 to the $5,200 mark. Currently, the quotes are trading in the $5,200 - $5,250 corridor.

BTC/USD chart by tradingview

Yesterday, the main cryptocurrency managed to overcome the resistance of the Fibonacci level and tested the mark of $5,276 (61.8%).

If today we manage to return to this level, then the path to the $5,300 mark is possible. The target level of bulls will be reached, after which a pullback will start to fix positions.

On the whole, the BTC maintains an upward priority, but in the coming days, a flat range is also possible.

The price of BTC is trading at $5,256 at the time of writing.

ETH/USD

A general picture for Ethereum is even better than for BTC, as its price has not reduced so much.  Yesterday, the asset touched the $176 mark but was not able to consolidate it and rolled back to $170.

ETH/USD chart by tradingview

On the 1-hour chart, ETH has all efforts to come back to the $180 mark, which was achieved on April.10. That is confirmed by the RSI indicator and trade volumes.

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However, taking into account fundamental factors, some Ethereum based projects have started to migrate to Binance Chain network. If such a trend continues, it could negatively affect the ETH’s rate.

The price of ETH is trading at $171.89 at the time of writing.

XRP/USD

Ripple is the biggest loser from the top 3 coins, as its rate has dropped by more than 2% over the last 24 hours.

XRP/USD chart by tradingview

The price of XRP is trading at $0.33 and continues to move within the growth and the downward channel. The quotes XRP/USD are moving inside the Ichimoku cloud, which indicates the presence of a lateral trend for Ripple.

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An impetus for growth renewal can be the recent news concerning the Huobi exchange which added 3 more trading pairs for XRP.

The price of XRP is trading at $0.3322 at the time of writing

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