With 2018 being less than kind to Bitcoin and the crypto markets, investors and traders alike have got their fingers crossed for 2019 to be the year that sends Bitcoin to its once all-time high of $20,000. But the thing is, we know the highs Bitcoin has potential to reach but what about the lows? Investors are still wondering where the bottom exactly is for Bitcoin.
The co-founder of Union Square Ventures, Fred Wilson believes that the bears grip on the market and the losses that many people have had is nearly over saying, “I expect we will see some bullish runs, followed by selling pressures taking us back to retest the lows.” Wilson goes on to say that the bulls will run once more in 2019 and that the end of the bear market is just around the corner saying: “I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.”
Ever since the leading cryptocurrency was created, Bitcoin has kept its value on what investors think it could potentially deliver in the future. As reported by ZyCrypto, soon after the inception of BTC, the ICO fad arrived and investors were getting excited and were picturing all of the use cases that utility tokens would deliver. Nevertheless, Wilson explains that in the end, the use of cryptocurrency will be the thing that pushes the price next time around.
“I think the catalyst for the next bullish phase will come as the result of some of the many promises made in 2017 coming to fruition in 2019.” The co-founder has also said that as the technology develops the value will become more clear. “I think we will see a number of ‘next-gen’ smart contract platforms ship and challenge Ethereum for leadership in this super important area of the crypto sector.”
In a similar sense, experts such as Paul Veradittakit (partner at crypto investment fund Pantera Capital) and Anthony Pompliano (founding partner at Morgan Creek) have made predictions on the market saying that a lot of players in the sector will fade away. They contend that cryptocurrency firms without valid use cases will struggle and entities like hedge funds will disappear as the market makes it way to the bottom.
What are your thoughts? Let us know what you think down below in the comments!