Quote from: ECOS_CloudMining on September 29, 2019, 10:25:33 AM

What is going on with Bitcoin?

The exchange rate of one of the most popular cryptocurrencies has failed to 3,59% in last 24 hours.
Now its price is $8131,14, according to Coinmarketcap. What does it mean for the market?

To answer this question, we need to learn expert studies about it.

According to Digital Asset Research, Bitcoins price will hit $60,595 by May 2020. It will be worth 7 times its current value. In this case, market capitalization of the coin will be about $1,25 trillion.

Experts say, that one of the key factors, which will influence on the cost, is Bitcoins block reward halving. They explain, that in 2020 the reward for mining blocks will cut in half. So, Bitcoin will rise.

The history of the cryptocurrency normally repeats itself.

First time in 2012 the reward was cut in half. A year later the Bitcoin price increased 407 times!
A little notice about the reward, its ammount halves every four year.

In Digital Asset Research they notice the tendency to peak every third of the way through each halving reward cycle. If the forecast is wright, the Bitcoin price will reach $60,595.

Otherwise, the forecast is modest in comparison to other predictions. For example, American venture capital investor Tim Draper expects, that by 2022 the cost of Satoshi Nakomotos coin will hit $250,000. And it will have about 5% market share of the world of currency. The billionaire comments, that now Bitcoin faces complexities, which are related with accepting it.

It is the reason, why consumers still prefer to pay with well-established monetary instruments. Although, in the long-term people will choose digital coins. The traditional capital is closely connected with the political influence; the investor explains.

Also, Tim Draper mentions, that people would use Bitcoin for its decentralized ecosystem. Probably it could work in US. Moreover, the investor has high hopes for Argentina, where plenty of entrepreneurs lose their fortune in local fiat currency market due to manipulation and devaluation. Meanwhile, billionaire believes, that the digital market does not have such kind of problems.

So, what is going on with Bitcoin? It is expecting to grow. And now is the best time to invest in the cryptocurrency, isnt it?

What is your own prediction?

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