While Bitcoin is down over 81 percent from its peak, crypto-enthusiasts still hold a firm belief in the leading cryptocurrency. Experts are calling out a bottom to be near and a good year ahead for the crypto market.
2019 Crypto Bull Run
Bitcoin is expected to go lower than its current position at $3,670. It is a possibility the leading cryptocurrency will finally hit the bottom this year. The Bitcoin bottom call is made by Dollar Vigilante, Jeff Berwick, who believes either crypto prices have already hit the bottom or near it. Despite this, he is not bearish on Bitcoin prices and expects it to remain in a lull throughout this year.
Despite the negative bitcoin price action, this hasn’t stopped the popularity of bitcoin trading through applications like the Bitcoin Trader.
Berwick has a strong belief in crypto and believes bitcoin has the potential to gain traction of revolutionary level as he explains,
“Once even some people understand [Bitcoin’s potential], I couldn’t even possibly imagine where this movement could go.”
Moreover, according to the Delphi Digital firm’s research, the selling pressure is about exhausted and it is likely, the market will hit bottom in Q1 of 2019. As for the next peak, it is expected around April 17, 2020, which is based on the previous cycles.
This price appreciation line up with the block reward halving as “miner’s selling propensity is reduced.” The research also notes, “this will be the last reward halving to have a very significant impact on price.”
According to the crypto friendly investor and venture capitalist, Fred Wilson who holds shares in Twitter and Kickstarter noted that we are actually nearing a bottom,
“We are in the process of finding the bottom on the large, liquid, and lasting crypto-tokens. But I think that process could take much of 2019 to play out. I expect we will see some bullish runs, followed by selling pressures taking us back to retest the lows. I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.”
This all might seem pessimistic but according to Wilson, he is just being “incredibly optimistic” as he further discusses the catalyst for the next bull run will be “the result of some of the many promises made in 2017 coming to fruition in 2019.”
Stablecoins, NFT/crypto assets/crypto gaming, and earn/spending opportunities will see meaningful progress and consumer adoption this year, according to Wilson. He further shares that there will be pressure and bad actors will remain persistent in the market in the form of scams, hacks, failed projects, and losing investments. But these bad actors are part and parcel of the promise this nascent technology has as “Permissionless innovation produces the greatest gains over time but also comes with the inevitable bad actors and actions.”
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
