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Bitcoin Predictions: The Top 5

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Top 5 Bitcoin Predictions: John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million

Bitcoin

Bitcoin is a digital currency and it also referred to as a cryptocurrency. Bitcoin is best known as the world’s first completely decentralized digital currency. Bitcoin is traded on a distribution ledger of peer-to-peer basis, called the Blockchain and the Bitcoin exchange rate to the US Dollar and other major currencies are determined by supply and demand according to other global exchange rates. The trading value of Bitcoin has proven volatile through various ups and down in demand. This eventually, may see Bitcoin as a store of value against government-backed fiat currencies.

 

Bitcoin Predictions by Famous Investors

As there is a volatile condition experienced by the market, we should have a backup as a prediction with the market experts, who have been the mind and heart of the cryptocurrency market.

 

So, let’s have a look at the famous Bitcoin predictions:

 

  1. John McAfee Bitcoin price prediction

John McAfee, the founder of the popular McAfee software and an ardent Bitcoin follower predicted that Bitcoin will hit $1 million by 2020 following last year’s prediction of $7000, which was well surpassed.

According to John’s tweet

“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5000 at the end of 2017. BTC has accelerated much quicker than my model assumptions and now I predict Bitcoin at $1 million by the end of 2020.”

 

  1. Kenneth Rogoff

Kenneth Rogoff, is a Harvard professor and also known as an ex-international Monetary Fund (IMF) chief, puts ice water on the hopes by saying that the Bitcoin bubble will burst and it would reach from low to $100 and not, $100,000

 

  1. Tom Lee

According to reports, on 28th August 2018, The Bitcoin price has increased by $200 and this increased in just a matter of 35 minutes. It is noticed that this sudden increase happened just after the statement of Tom Lee, who is the head of research at Fundstrat Global Advisors. He said in an interview that ‘Trading Nation’ that Bitcoin ‘could end the year explosively higher’, targeting a year-end price as high as $25,000. The motto of this prediction is to predict the correlation between the price of emerging market equities and Bitcoin. This could be lead to a major rally for Bitcoin.

 

  1. Tim Draper

In the year 2014, when BTC was valued at $413, none but Tim Draper, the popular Venture Capitalist predicted that the Bitcoin would reach up to $10,000 in a period of three years. Although he didn’t categorically predict that the Bitcoin price $100k in 2018, but rather he said, he was expecting the Bitcoin to continue its growth drastically, in an interview with Bloomberg last year.

 

  1. Finder

Finder sought opinions from 13 cryptocurrency experts and concluded that Bitcoin price will witness a 300% growth to land at $43,000 by December 2018

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#Bitcoin

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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