months, and its price could rise again quite quickly. So, when will Bitcoin go up again, and will upcoming events and market forces drive up Bitcoin’s price?
Over the course of 2018, Bitcoin faced many challenges, as the entire crypto market faced crashing prices. However, with the latest Bitcoin rise, things are looking up once again: during the first quarter of 2019, BTC has maintained a reasonably stable market value. The price of Bitcoin has surpassed $4000 at various points over the last few months. This is an improvement over mid-December, when the coin was worth just $3200. So, when will Bitcoin go up again?
The future looks good. Bitcoin will likely be driven up as the coin hits major milestones this year. One event that is highly anticipated is the release of Bakkt, a specialized trading platform that is operated by the same company that runs the New York Stock Exchange. Bakkt is expected to attract plenty of investment in Bitcoin, and this will lead to a Bitcoin price increase as a result.
New developments in the market that will push the Bitcoin rise
Bitcoin will also be driven up as it becomes more viable for payments. Traditionally, Bitcoin has performed transactions quite slowly. However, a Bitcoin add-on called the Lightning Network has been speeding up crypto payments, and many merchants will adopt it this year. As more people use Bitcoin for commerce, there will be more demand for Bitcoin—which should drive up the coin’s price.
With these and other things in mind, some sources are predicting that Bitcoin’s price will increase noticeably. BeInCrypto makes a modest prediction: based on historical data, it predicts that the coin will reach a price of $6500-$7500 this year. Meanwhile, Arthur Hayes of BitMEX forecasts a somewhat higher price: he believes that Bitcoin will hit $10,000 this year.
Bitcoin’s potential market value looks even better over the next five years. Long-term predictions are difficult, but that hasn’t stopped some experts from predicting rapid rises. Tim Draper, a venture capitalist who has made accurate predictions in the past, believes that Bitcoin will sell at $250,000 in less than five years—more than it has ever been worth before.
Although Bitcoin’s future accomplishments will drive up its price, the coin will also continue to be valuable because of what it has already accomplished. Bitcoin has always been the largest and most important cryptocurrency, and it will never lose its relevance. Now is a better time than ever to start investing—the lull in the market is a great opportunity to buy Bitcoin while it is still inexpensive.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.