After an extremely strong depreciation, as a result of which the price of Bitcoin fell from the region of 13,000. USD up to around 9,000 USD, we are seeing price increases again from Wednesday. As a result of this appreciation, the quotations of the oldest virtual currency were again above the psychological barrier of 10,000. USD. Will Bitcoin be more expensive in 2019 and in 2020? Is there a chance for a higher price?
Bitcoin be more expensive (probably)
Looking at the BTC quotations, we note that from a purely technical point of view, overcoming the $ 9,900 barrier could lead to much higher price increases. I can reach a (fixed rate) 10k USD, because there is another significant resistance, in the area where we would expect a greater supply reaction. Check best platform to buy Bitcoin here.
Specialists believe that the recent decline was the result of negative information coming from the US in connection with the Senate committee dealing with the interrogation of people associated with Libra. Specialists believe that the recent decline was the result of negative information coming from the US in connection with the Senate committee dealing with the interrogation of people associated with Libra. We wrote about it here.
When will the BTC price be higher?
To find out when Bitcoin will be more expensive, investigate the current trend in the stock markets. According to many people (see comments on Reddit), a sudden sale led to a panic that was used by the players of the crypto-bank market. The price below 10,000 usd was so attractive that the buyers entered the game and during the two sessions the demand raised the price. At that time, Bitcoin returned to the growth channels, which it has been creating since the beginning of April 2019. Large volume commitment gives the basis for strengthening Bitcoin over the line 10 thousand usd. So whether Bitcoin is more expensive is obvious. Because if it was not for Libra, it would probably be BTC that would not drop below 10k. USD.
Taking into account the volatility in the entire market, we notice that in the last 24 hours it has gained not only Bitcoin. An equally strong price increase could also be seen on the Litecoin, Stellar, Trona and Monero ratings.
What are the predictions for 2019 and 2020?
The year 2019 is clearly out of the question. As we read on the Internet, people say that this year BTC will fight with Libra. Therefore, we are waiting for the price. Probably the end of 2019 and the beginning of the 2020 will be groundbreaking and will show a new price for Bitcoin. there is an interesting comment on Reddit on this subject:
“It is known that nothing unusual will happen this year, now people are cautious because they know that BTC will be jumping in price, all through Libra. When people get bored with Libria, Bitcoin will come back to the throne!”
The price increase Bitcin also depends on China!
The price of Bitcoin is also influenced by China. Because there, Bitcoin has been recognized by another domestic court as a property, which further strengthens the status of cryptocurrencies in this one of the most difficult legal environments in the world. This may mean that in the coming days we will see a rise in the BTC price.
According to investor Dovey Wan, who is associated with local media, the online court in Hangzhou formally described Bitcoin as a virtual property. The new ruling is part of a dispute between the now-defunct stock exchange and one of its users who lost funds on it.
The case is a huge breakthrough for the Bitcoin market (and other cryptocurrencies) in China, where for almost two years there has been a general ban on digital currency trading.
China and BTC
China has long been interested in cryptocurrencies and Bitcoin. This applies to both individual citizens and those who are governing, but who are quite suspicious of the digital currency.
Despite the fact that the cryptocurrency trade was banned two years ago, there was evidence in China that consumers found alternative methods to use traditional exchanges. These include, for example, buying Tether (USDT) stablecoina through over-the-counter transactions.
According to the local English-language newspaper Global Times, the Chinese central bank, the People’s Bank of China (PBoC) – which introduced a ban on cryptocurrencies in 2017 – did not explicitly oppose the Hangzhou decision.