There have been many BTC price predictions based on various assumptions, from adoption levels to mining rig purchases to technical chart analysis. Let’s look at some of the more well-known BTC price predictions for 2019 from crypto celebrities and financial advisors.
Billionaire and former hedge fund manager Michael Novogratz predicted that BTC would break $10,000 by the end of the first quarter of 2019 and finish 2019 at around $20,000. The price of bitcoin broke $10,000 in the second quarter of 2019, so this estimate might not be far wrong. Novogratz said that the increased involvement of institutional investors will facilitate the rise in the price of BTC.
Echoing the sentiments of Michael Novogratz, Bitpay COO Sonny Singh believes that the price of BTC will hit $20,000 by the end of 2019. This is because new companies will start developing cryptocurrency products which will result in a rise in the price of BTC. Singh predicts that when BTC rises to $20,000, it will not drop below $15,000 and a new level will be reached.
Fundstrat’s Tom Lee is perhaps one of the biggest and most outspoken BTC bulls. Based on the growth of the underlying mining infrastructure, Fundstrat predicted the price of BTC to rise to $36,000 by the end of 2019. The range is predicted to be between $20,000 and $64,000.
Ronnie Moas believes that Bitcoin will reach a price of $28,000 in 2019. Moas has issued a warning to retail investors, saying that while they caught the move from $600 to $6,000, they will likely miss the move from $6,000 to $60,000. Institutional investors are buying en masse and will be the beneficiaries of the price move. The price of BTC will rise due to the increasing demand and diminishing supply in 2019 and beyond.
The CEO of the Brave New Coin media outlet, Fran Stranjnar, believes that the price of BTC will hit $200,000 by January 1, 2020, at the latest. This prediction is based on the rising levels of adoption, and that these adoption levels have a strong correlation to the price.
There have been many erroneous predictions about the price of BTC in the past, with several revised estimates. Analysts measure a number of different metrics to determine their figures. It is not an established industry with official data and clearly recognizable correlations and patterns. There are a number of unknowns that dictate the movement of crypto prices.
On the other hand, there is a lot to be said for ‘hodl’ing and investing in BTC. The upside is bigger than the downside and it has hit $20,000 in the past. If it does hit $50,000 and beyond, investors who sold at $10,000 will be quite unhappy. Selling this asset class could prove to be a foolish move.