If you are an avid Bitcoin fan, you might still be holding on hope that the pioneering cryptocurrency will break into a bull run soon, but can Bitcoin possibly reach $20000 in 2019?
If you look at the Bitcoin price history, you will see it has always followed a tumultuous path.
Let’s find out, we all know that Bitcoin had neared that incredibly high standard back in December 2017 but since then, it has mostly been a downward ride since then.
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Unless you are a crypto enthusiast that has been living under a rock or a complete newbie altogether, you would know that Bitcoin has performed rather disappointingly over 2018.
Even in 2019, shattering the hopes of optimistic market insiders and experts, Bitcoin steered clear of a bull run, even dipping below $3,500. At press time, it is priced at a little above that level, at $3,668.37.
Although some had been hopeful that Bitcoin couldn’t possibly bottom any further, Bitcoin has remained firmly within the grasp of the bears, proving analysts such as Willy Woo right.
Will Bitcoin Price Reach $20,000 in 2019?
While common wisdom suggests that the Bitcoin price making it to the stars is a faint possibility, there are indeed some staunch proponents who think it can.
The naysayers are equally vehement in their opinion that Bitcoin will not touch that glorious mark again, anytime in the near future.
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Let’s have a look at the major opinions on both sides of the lines:
Some major experts in the crypto and tech scene have reasserted their faith in the ability of Bitcoin to bounce back and gain a momentum never seen before.
Some of the key names in that regard that pop into our minds include the Winklevoss Brothers of the Gemini Exchange, John McAfee of the eponymous cybersecurity brand and venture capitalist Tim Draper.
John McAfee seems to be the most hopeful of the lot, believing that Bitcoin will reach $1 million price point by 2020, which would ideally suggest that it would easily breach the $20,000 mark this year itself.
Although he could just be saying that 2020 will be the dream year for Bitcoin, we can’t help but hope some of that glory extends to this year as well, propelling Bitcoin to $20,000.
He had earlier said that Bitcoin will touch $7000 in 2018, which it briefly did. This makes us wonder if we should have more faith in what he is saying.
The Winklevoss Brothers also commented that Bitcoin will reach a $7 trillion market cap, literally the gold standard soon, suggesting that a major price rise was necessary for the same.
Tim Draper, known for having taken successfully correct decisions with brands like Tesla and Skype feels that Bitcoin will continue following the same path and pace it had envisaged for the crypto coin in 2014. As per that path, Bitcoin is expected to easily breach a six digit figure.
Unfortunately, this camp is as heavy as that of hopefuls. Former IMF Chief and Harvard alum Kenneth Rogof believes that Bitcoin will bottom at the level where it plummets to a $100 price point.
While not all naysayers are as pessimistic, Fundstrat’s Robert Slyumer also feels Bitcoin will soon bottom even further.
Kristjan Dekleva, a Swiss crypto expert believes that this year holds no promise for Bitcoin. If any improvement has to come, it will come over at least a decade.
So, according to her, Bitcoin might have a price rise, but a stable price point will only be possible after at least another decade.
What’s The Takeaway?
The takeaway from all these opinions seems to be that while Bitcoin is an incredibly promising form of currency, it would require heavy investments on the part of institutional investors to be able to drag it out of the sludge it currently is in.
However, it goes without saying that institutional investors are not too interested in Bitcoin at the moment, at its current level of performance.
Therefore, it does seem like Bitcoin will not reach the $20,000 price point, at least in 2019, even if it does so later.
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