Bitcoin prices have climbed more than 200% over 2019, reaching $9100, its highest level in 13 months, and many investors are betting on more growth ahead.
Over the course of last year, Bitcoin faced many challenges as the entire crypto market faced crashing prices. 2019 has proven substantially different and things are looking up once again. For example, during the first quarter of 2019, BTC has maintained a reasonably stable market value. However, the price of Bitcoin has surpassed $8000 at various points over the last few months, and it is noticeably increasing every day. Despite this, it is a great improvement over mid-December, when the coin was worth just $3200. So, when will Bitcoin go up again?
Well, 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 as a result, will lead to a Bitcoin price increase.
Furthermore, Facebook just announced Libra — a sort of crypto PayPal. With such big players joining the game, this can definitely be the turning point for the mass adoption of cryptocurrencies.
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 are adopting it. 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, 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 cryptocurrency while it is still inexpensive.
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