cryptodailytrading.com

[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
You may also like:

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.

Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles

TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Market In Uncertainty or Bulls Are Back In The Game?

  • Denys Serhiichuk
    📈 Price Predictions

    Bulls are not going to pass the baton to bears. When should we expect a market reversal? The following price analysis will help you to answer this question


TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Market In Uncertainty or Bulls Are Back In The Game?
You may also like:

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 cryptocurrency market did not follow the scenario of last week and keeps trading near the zone of local maxima. Since the next pullback has not occurred and the growth continues, we can safely talk about the resumption of the qualitative upward trend.

At the same time, CME data show a decline in interest of investors involvement in Bitcoin futures.


As altcoins have recovered, BTC’s domination rate reduced and now is 52%.

BTC/USD

Technical analysis of Bitcoin shows moving to an important resistance level of $6,000. In the case of continued growth and breakdown of the upper boundary of the channel, we should expect the resumption of a full-fledged upward movement. In this regard, the RSI Prediction Band also indicates bullish tendencies.  

 BTC/USD chart by tradingview

Based on a 4-hour chart technical analysis indicates the formation of the Triangle pattern, which shows that BTC is unlikely to move below $5,250. In the case of the breakdown of the upper boundary of the model and closure above $5,500, one can expect continued growth with a potential goal of $5,700. An additional signal here is the test of the support line on the Relative Strength Indicator (RSI).

👉MUST READ Bitcoin Price Posts Four Years of Consecutive Gains in April
Bitcoin Price Posts Four Years of Consecutive Gains in April

The price of BTC is trading at $5,292.45 at the time of writing.

ETH/USD

The main altcoin synchronously with Bitcoin at night showed positive dynamics, as its price increased by more than 3%. The ETH/USD pair pushed away from the support of the 200th EMA at the level of $155 and rapidly soared above the fast 50th EMA at the area of $165.

ETH/USD chart by tradingview

One more resistance area is located at $174, the break of which will push the asset closer to a psychological zone of $190.00. A breakout of this level will indicate confirmation of a rise in
ETH/USD quotes.

👉MUST READ Ripple Price Prediction for April 2019 – Breakout Under Way
Ripple Price Prediction for April 2019 – Breakout Under Way

The price of ETH is trading at $171.63 at the time of writing.

XRP/USD

Among the top 3 coins, Ripple has shown the biggest growth over the past 24 hours. Investors and traders are showing interest in the coin, as its market capitalization has increased by around $300 million over the last day.

XRP/USD chart by tradingview

Taking into consideration a technical point of view, Fibonacci retracement shows a consolidation in the green area (61.8%) at $0.343, which serves a consolidation zone. The RSI indicator does not demonstrate the overbought and XRP has enough strength to conquer one more resistance level at $0.35. If the crypto market continues its bullish trend, Ripple will be able to come back to its previous highs.

The price of XRP is trading at $0.3396 at the time of writing.

'Illustration of the labyrinth on a black background' image by 123rf.

'Illustration of the labyrinth on a black background' image by 123rf https://ru.123rf.com/photo_10420402_illustration-of-the-labyrinth-on-a-black-background.html?downloaded=1
Join our Telegram channel to get news even faster!
👓 Recommended articles