Bitcoin has been firm and strong throughout the 2018 bear market, although it has lost relatively 80% of its value since it attained its milestone in December 2017. Plummeting from it last year high value – $9,986 against US Dollar, BTC has lost close to 60% of its value within a year to be valued $4,120.
Bitcoin has been receiving much adulation since its emergence in 2009 for its stability to compete with VISA as a global option. Bitcoin subsequently became the subject of scrutiny as its limited network space was made more obvious, this brought about the rise in transaction fees to almost $40 during the December glaringly obvious improvement.
The combination of Bitcoin’s improved blockchain capacity, experience and the release of Segregated Witness (SegWit) network upgrade that got activated on August 23, 2017 to checkmate the scrutiny, helped Bitcoin managed its competition with high throughout blockchain technologies in the space.
Bitcoin experienced fewer drops during the bear market compared to other top ten cryptos. Therefore, BTC is indeed a formidable crypto, and it is expected to maintain its usual strength in this bear market which bottomed to around $4,000 in 2018.
Bitcoin is well known as the most popular and the first cryptocurrency ever released. Invented by a mysterious figure which can only be decoded by its pseudonym, Satoshi Nakamoto. BTC was created to allow users transfer and store values without government interference or without requiring centralized institution like banks.
Basic Analysis of Bitcoin Price
Basically, Bitcoin shines brighter than most cryptos, since it’s the blockchain that has really proven itself among others and it’s the most widely accepted cryptocurrency by a glaringly obvious margin. BTC is also the base cryptocurrency to which all others are exchanged against, making it the most successful in terms acceptance.
Bitcoin was part of the first blockchains to implement a second layer solution, releasing the lightning network beta version early this year. The lightning network is regarded as the second half of the solution to scaling issues facing Bitcoin that were initially addressed with Segregated Witness (SegWit).
Bitcoin’s development welcomes any skillful mind since it is an open source protocol. Over 350 developers are presently contributing to the growth of Bitcoin which is by far lower than about 10,000 working on Ethereum.
Technical Analysis of Bitcoin Price Prediction
We are liable to conclude that year 2018 is relatively bad for cryptocurrencies, but Bitcoin still maintains its relative strength and popularity despite losing almost 80% of its market value.
Bitcoin suffered a lot of losses in the space of a year as several BTC exchanges (ETF) faced rejection from the U.S. Securities Exchange Commission as it negatively affected the value of the digital currency significantly.
However, Bitcoin in 2018 drew more attention than ever. Its market dominance gradually increases throughout the year, with 50% for the last 3 months.
Bitcoin Price in 5 years’ time
Since the inception of Bitcoin in 2009, we have witnessed the master of cryptocurrecies explode both in valuation and user interest. During this period, Bitcoin has indeed experienced obvious fluctuations in price and value and has again risen to greater heights with each blow.
Competition is expected to increase in years to come as next generation blockchains are launched, which would shine where Bitcoin struggles while implementing some features that Bitcoin is not really designed for. Bitcoin will likely retain its supremacy as the most popular cryptocurrency in year 2020 and subsequent years, DApp-capable blockchains like Etheruem, Tron and EOS could also test an marketcap overthrow race, even though they won’t be able in the long run.
The competition obviously increases nearly every day, so seeing Bitcoin (BTC) price hit beyond $50,000 in 5 years’ time is not an impossible height. Although it will take monumental changes in both adoption and functionality before such could be achieved.
What a Bitcoin (BTC) Pundit Has to say
With a lot of incidents that are emerging lately in the cryptocurrency world, experts and influencers are quite expected to air their take on the situation.
Virtually everybody was dumbfounded last year, including John McAfee, who made a prediction in a post that Bitcoin (BTC) would rise to $1,000,000 by 2020 while putting himself simultaneously in a bit of a situation if he is wrong.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
Our Prediction for Bitcoin Price
Judging with the present situation in the cryptos market, we predict that Bitcoin will continue to enjoy its crown of supremacy at the top of cryptocurrency table in subsequent years and will unlikely continue its drop in value far into 2019.
However, how Bitcoin will fare depends on whether it can keep pace in an environment increasingly diluted by blockchains looking to be next Bitcoin or Ethereum.
