Bitcoin Price Prediction: Experts Expect 84% Increase for 2019 — Could They be Right?

  • Darryn Pollock
    🤷 Opinions

    Bitcoin has seemingly reached its bottom in the mid $3,500 range, so a host of experts are now predicting its price will almost double in 2019

Bitcoin Price Prediction: Experts Expect 84% Increase for 2019 — Could They be Right?
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Bitcoin has now been a part of its longest bear market ever and seems to have reached its bottom. For this reason, a host of experts are predicting that 2019 will be a year where the cryptocurrency increases in price by as much as 84 percent.

While 84 percent would be a good increase over a year for any stock or asset, it is a relatively small growth spurt for the classical volatile digital asset. Bitcoin has been known to increase 1,000 fold in a similar space of time.

However, an 84 percent increase would see the price fall just short of the $7,000 mark which would be a welcome growth pattern over the remaining 11 months in the year. The change in the market atmosphere is now much more conducive to slow and steady growth.

But, as things stand at the moment, even a 20 percent growth spurt feels unobtainable, so could the experts, who have been polled on their thoughts, be right about this prediction?

Reasons for some growth

Digital Capital Management CEO Ben Ritchie was one of the more bullish predictors of those polled. He tipped a year-end price of $9,500. The average price prediction was just under $7,000.

“Two things to look out for in 2019 will be whether we will see decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner,” Ritchie said, forecasting a “slow and steady rise in 2019”.

“The second is the impact of the traditional markets on cryptocurrencies. Will Bitcoin rise if the S&P drops? On-ramp and off-ramps to purchasing cryptocurrencies will improve in 2019 with Bakkt and Fidelity Group entering the market. However, I do not believe we will see many institutional investors enter for some time yet.”

Another consideration of the experts who were asked their opinion was the new emerging group of investors, the millennials.

“Millennials are particularly open to embracing crypto in order to accumulate wealth for themselves,” said co-founder Fred Schebesta. “They’ve grown up with digital technology, so it’s little wonder they want to get involved in digital currency. They are looking at investing very differently to their parents.”

A new dawn

The factors mentioned by some of the experts polled make clear sense as to why Bitcoin can indeed rise and become a solid and dependable asset. The speculative growth that was categorised by the coin rising up to $20,000 in a matter of months was not healthy for the market.

For Bitcoin to reach $7,000 in 11 months is solid growth, and growth that will not be compromised. It is the kind of growth that is also not out of the reach of the burgeoning asset.

Blockchain adoption is continuing despite the bear market, and there is an undercurrent of cryptocurrency education going on that is making people more savvy, rather than speculative, about buying into things like Bitcoin.

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XRP Price Surging in Bullish Trend: Did Forbes 50 List Boost Ripple to Be Taken Seriously?

  • Jack Thomas
    🤷 Opinions

    XRP is seeing some good gains, but could it be because Forbes has listed it among other major billion dollar companies in blockchain?

XRP Price Surging in Bullish Trend: Did Forbes 50 List Boost Ripple to Be Taken Seriously?
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Ripple, and its XRP token, have always had a hard time being taken seriously by the Bitcoin maximalists and other ‘true’ crypto aficionados. The company has been focused on partnering with banks, which has been for a long time the scourge of the crypto market.

However, there has been a change in the sentiment around cryptocurrency and blockchain, with media houses like Forbes calling 2019 the year of enterprise blockchain, and one of rebuilding after the speculative boom and bust in 2017/2018.

Forbes has now produced a prestigious list of 50 enterprise business valued over $1 billion that are doing good things with blockchain and crypto, and Ripple is one of the few startups that are on the list. Ripple finds itself in the company of businesses like Microsoft, IBM, BP, Amazon and other multinational conglomerates.

A reputation boost?

So, while XRP and Ripple have been mostly viewed with suspicion within the cryptocurrency community, it could be that their appearance to the mainstream through the lense of Forbes is a lot better and brighter.

The blockchain list by Forbes is intended to inform about how much enterprise use of blockchain is actually going on from major companies, and some companies many would never have thought were involved in the technology.

There is no doubt that it is a boost for the technology underpinning cryptocurrency, but it would seem that even the XRP token is receiving a boost from this unearthing of institutionalised interest.

Price prediction?

This legitimizing boost has been reflected in XRP’s increase in value of over six percent, but looking ahead, it appears as though there is chance for a bigger boom.

This upwards move firmly established XRP’s support level around $0.32, so one analyst believes that it may continue surging towards $0.48 in the near-future.

Ryan W, a popular cryptocurrency analyst, spoke about this possibility in a recent tweet, noting that XRP does face resistance levels at $0.38, $0.44, and $0.50, but also explaining that he expects the crypto to garner enough upwards momentum to break above at least two of these resistance levels with a price target set at $0.48.

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