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Bitcoin Predictions for 2019: Weiss Ratings forecast and expert thoughts

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Weiss Ratings has come out with a new report citing reasons why they are very bullish about their bitcoin predictions and cryptocurrency forecast for 2019.

The guys over at Weiss Ratings have come out with a new report citing some of the reasons why they are very bullish about their bitcoin predictions for 2019 or other cryptocurrencies heading into 2019. In particular, Weiss Ratings is looking on the overall market trends, looking back on 2018 which was a total disaster for the price of cryptocurrencies but when we start to look at the big picture of the crypto economy, the price is one metric and although the price is important without a doubt, a lot of things have happened; more users, more investments into the industry overall. One of the biggest trends of 2018 was the downturn in the ICO utility market as utility tokens are not proving so useful after all, unfortunately. The Weiss Ratings team figured out their bitcoin predictions for 2019 by looking at market cycles and also at their particular rating models which looks to identify coins with a combination of risk, reward, technology, adoption etc. With that being said here are the forecasts and bitcoin predictions by Weiss Ratings along with the writer’s thoughts:

1. Bitcoin will increasingly be used as a store of value:

Bitcoin will be used as a store of value because bitcoin costs virtually nothing to store, extremely efficient transport and of course it is very secure. It cannot be confiscated by any government and really no other asset provides that kind of security or those particular unique properties when it comes down to it.

Bitcoin is amazing when it comes to cross-border payments, storing wealth, even though we had an 8-% decline in 2018, but that doesn’t look at people who bought bitcoin in 2016 or 2015 and are still holding.

 

2. Bitcoin will reach its new all-time high in 2019:

Weiss Ratings is specifically focusing on looking at the previous trends and how bitcoin has had major runups followed by intense corrections and 2019 might be the year we might see another runup.

Understanding that the markets do move in cycles and the future may be very different from the previous cycles but chances are that it’s not going to be as different as a lot of people might like to think that it’s going to be. All the people out there calling for bitcoin to go to zero miss the point on the whole idea of this technology. 2018 might have been a good year in terms of being able to clear out some of the tourists who were here just for the quick games and not for the technology or the wider movement or the wider industry as a whole and those tourists will be back when the new all-time high starts happening. They will be the ones who will be buying bitcoin from you when its more than $20,000. The groundwork has been laid for the next bull run to happen.

 

3. Select Altcoins will rise from relative obscurity to new all-time highs:

An important thing they mentioned here is ‘a select group of altcoins‘. There are some amazing altcoins in the market without a doubt. In terms of some of the utility tokens, for example, remember they are startups and 90% of startups fail. These utility tokens may not have so much utility, they may not have a network and if there is no network, there is no utility so allot of utility tokens might disappear and exchange tokens will probably continue to be incredibly popular.

 

4. A select group of cryptocurrencies will reach a multi-trillion dollar market caps:

Particularly the cryptocurrencies which are focused on building the internet of the future can reach a multi-trillion dollar market cap.

We do need a more sustainable and equitable internet that is censorship resistant and takes the power away from major corporations which have taken over the internet. The internet of the promises of the 90s and the internet of the reality of today are two very different things. It was very hard to predict in the 90s what could have become of the internet. A lot of new exciting things are being developed.

 

5. A select group of cryptocurrencies will start to disrupt banking:

A select group of cryptocurrencies particularly Stellar Lumens and XRP will start to disrupt banking.

This predicting and the 4th predicting, we are not sure if this is actually going to happen in 2019, maybe we are going to see the start of this happening and these are long-term trends that we are looking at for 2020 and beyond to see really see big shake-ups happening in terms of something like XRP or Stellar Lumens overthrowing the current banking order to the extent that they can. Perhaps we can really see SWIFT, for example, being put on notice by XRP. It seems that XRP and SWIFT are the biggest competitors to each other and if banks actually start using XRP it could be very big.

 

6. Bitcoin Me-Too coins may fade away:

The bitcoin alternative versions are going to have a very hard time moving forward. So much damage has already been done to the communities of Bitcoin Cash and Bitcoin Satoshi Vision for example and others such as Bitcoin Gold or Bitcoin Diamond don’t even have a big community to be mentioned about. The recent drama behind Bitcoin Private’s secret pre-mine etc. The bitcoin knockoffs will continue to struggle.

 

7. New coins will skyrocket to the top 10 spots:

Perhaps even coins like Litecoin which actually Weiss Ratings put in their Bitcoin Knockoff or Bitcoin Me-too category which is an interesting thing to see but perhaps litecoin will be knocked out of the top 10 by new chains moving forward even though not a lot of people are talking about these currently but not a lot of people were talking about most things before they became the next big thing.

 

What are your bitcoin predictions for 2019 and your thoughts on the Weiss Ratings forecasts? Tell us your thoughts in the comments section below.

 

Disclaimer: The following article is not financial advice. It depicts the thoughts of the writer on bitcoin predictions and cryptocurrency forecast and not coinnounce.com or any of its associates. The readers are advised to do thorough research and analysis before investing or trading in any digital assets such as bitcoin.

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Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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