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How Accurate Were Bitcoin Price Predictions for 2019

How Accurate Were Bitcoin Price Predictions for 2019

     Of the many cryptocurrencies out there, Bitcoin is the proudest exponent of blockchain technology. From 10,000 Bitcoins being valued to the equivalent of 2 large Papa John’s pizzas on the 22nd of May, 2010, to being a multi-thousand dollar commodity today, Bitcoin has seen its fair share of highs and lows. 

     Bitcoin was subject to many ludicrous predictions in 2019. How did Bitcoin fare in 2019? How accurate were Bitcoin price predictions for 2019? How will Bitcoin fare in 2020? Read on to find out, and learn much more. 

Bitcoin’s Journey in 2019

     After a dismal end to 2018, Bitcoin needed to gather steam in 2019. While Bitcoin did not take off to unchartered territory in due course of the calendar year, it performed admirably well. From starting the year at $3,798.62 on the 4th of January, 2019, to being valued at $7,177.36 on the 31st of December – Bitcoin witnessed great growth in 2019. That being said, what did experts predict for Bitcoin in 2019, and were they right?

Expert Predictions – Bitcoin 2019

     Mike Novogratz is a banker who has previously worked on Wall Street. Novogratz is among the few experts, who have made accurate Bitcoin predictions for 2019. According to him, Bitcoin was to cross $6,800 in 2019, and it did. While this may have seemed like a conservative prediction at the time, he was right! Bitcoin ended 2019 just above the mark he predicted. 

     Luke Lombe, the Head of Blockchain at PlayChip Global predicted Bitcoin to touch $12,600, come the end of 2019. Kyle Fournier, a Crypto Analyst, and Hans Battle, the CFO of Incremint, believed that Bitcoin would hit the $10,000 mark in 2019 (which it did), and settle there (which it didn’t). 

     According to immediate edge bot review 2020 there were also experts who got their BTC predictions completely wrong. Among one of such experts it is definitely worth mentioning Fran Strajnar, the CEO of Brave New Coin. He saw improving infrastructure and strong fundamentals as a basis around an upcoming surge in the price of Bitcoin. That being said, he predicted Bitcoin to hit the $200,000, come the 1st of January, 2020. Not only was he wrong, but he was way off the mark with his prediction! 

     John McAfee is another expert who believed that Bitcoin would hit astronomical numbers in 2019. According to him, Bitcoin would hit the $1 Million mark, at some point during 2019. Much like Strajnar, McAfee was well off with his predictions.

Bitcoin in 2020

     Bitcoin has enjoyed a strong start to 2020, and this may be an omen for good things to come. That being said, Bitcoin Halving is around the corner, and this may see Bitcoin’s price taking off, or falling. The last two incidents of Bitcoin Halving saw Bitcoin’s price increase exponentially, over the course of 12 months, and 18 months respectively, and if this is an indication of things to come, Bitcoin could indeed reach unchartered territory. 

     That being said, while Bitcoin’s price may rise, it is to be seen how long it takes, or whether it will rise at all. Some experts are touting Bitcoin to reach up to $100,000, by the end of 2020, while others are predicting its price to fall to $4,000. While we cannot accurately predict Bitcoin’s price, Bitcoin might just have a good year. If that’s the case, it is important to choose the right crypto broker or exchange to trade with. According to forbino broker reviews, there is a vast number of companies offering Bitcoin trading that are not regulated and their operation is very shady at best.

Conclusion

     While Bitcoin did not hit enormous heights in 2019, as predicted by many experts, Bitcoin had a good 2019, and this is a good omen for 2020. Bitcoin is to undergo Bitcoin Halving in 2020, and this may lead to an increase in its price in the long run. If the last two incidents of Bitcoin Halving are anything to go by, we may be in for a treat!

     That being said, the Bitcoin price predictions for 2020, see some experts arguing over Bitcoin hitting the $100,000 mark, while others believe that Bitcoin will fall below its valuation as of the 31st of December, 2019, and sink to the $4,000 mark. Only time will tell where Bitcoin finds itself, come the end of 2020. 

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