Bitcoin Price Predictions for 2019: From $0 to $36,000, Experts Make Their Cryptocurrency Predictions | The Independent

It’s been a bad year for bitcoin. After the highs of 2017, which saw the price of bitcoin rise to $20,000 (£15,700), the world’s most valuable cryptocurrency is currently trading close to its lowest point in 16 months.

Bitcoin has fallen 3 percent over the past 24 hours, adding to losses of 5 percent in the past week, 10 percent in the past month and nearly 80 percent over the past year – leaving little doubt that last year’s peak was indeed the result of an over-inflated bubble.

There have been five major price increases in bitcoin’s 10-year history, and after each previous crash the market has managed to recover to even higher levels. But the magnitude of the 2018 losses has led some cryptocurrency experts to question whether bitcoin will see another market swing.

Forecasting bitcoin’s fortunes in 2019 has thus divided analysts, with predictions from high-profile figures within the cryptocurrency industry ranging from a complete capitulation, to a 10-fold increase from today’s price of $3,650.

The most radical predictions come from bitcoin cash founder Calvin Ayre and Fundstrat co-founder Thomas Lee. Mr Ayre predicts bitcoin will become completely worthless and crash to $0 in 2019 as it has “no use”.

According to Ayre, bitcoin will be replaced by a more technologically advanced cryptocurrency that functions better than a real currency, such as bitcoin cash.

At the other end of the scale is Mr Lee, whose predictions about bitcoin have proven to be very optimistic in the past. As recently as November, Mr Lee predicted that bitcoin would reach $15,000 by the end of 2018, but appeared undeterred by more price declines in his prediction that bitcoin could reach $36,000 in 2019.

Those bullish on bitcoin’s future point to the general progress of the cryptocurrency and blockchain industry over the past 12 months, with one analyst suggesting that bitcoin is currently undervalued.

“In my opinion, now is a good time to buy bitcoin,” blockchain advisor Olver Isaacs told The Independent. “Bitcoin’s surrounding infrastructure has never looked better. Along with the likes of Coinbase, Cirlce and Blockchain, major traditional financial institutions are stepping into the market.”

It’s a sentiment shared by Misha Libman, co-founder of blockchain art lab Snark.art, who puts bitcoin’s price volatility down to the nation of the industry.

“Ultimately, we are dealing with a new technology and new asset that is highly speculative, illiquid and elusive, and drivers for its rise and fall are anyone’s guess,” he said. “But without a doubt, I believe blockchain and cryptocurrencies have a place in our future and the roller coaster volatility we’re seeing today is something we’ll have to live with for a while until we start using cryptocurrencies to chew gum for sale .”

“For those feeling nostalgic for the excitement they felt about bitcoin’s boom at the end of last year, keep the faith,” added Donald Bullers, who works for blockchain firm Elastos.

“The latter half of 2018 was a critical maturation point for the industry, and 2019 will bring viable products going to market. Crypto is far from dead.”