The cryptocurrency industry performed nothing less than wonder in 2017. But, 2018 proved to be a troubling one for the industry of cryptocurrency. But regardless of the falls faced last year, we talked trust that 2019 is a promising year for the cryptocurrency sector.
Even though the presence of all the losses in this industry lead few to doubt the future promises of cryptocurrencies, the upcoming year is surely going to be one of the trends changing and up heading year for the industry of blockchain. Various factors related to cryptocurrencies are changing and these factors are promising a positive impact on the market in the upcoming year. So, let’s have a glance at the future predictions of cryptocurrency having a positive impact in 2019.
Expectations in 2019
Blockchain stocks did not’t appear to be doing well last year, The reason was the low interest of companies toward it. But by the end of last year, the situation changed dramatically. Nowadays, most of the companies are spending or budgeting huge amounts of money on blockchain initiatives, also, the amount and trend are continuously increasing. According to a survey, the demand related to blockchain services is expected to be around $1.7 billion in 2019 alone and by 2022, it could reach about $12 billion!
We believe bitcoin is heading for a major recovery
Generally, lots of analysts in the cryptocurrency space expect the correction of the asset class to be extended throughout the first half of this year. And it is no news that Since November 2017, Bitcoin has shown a lack of momentum, it has been struggling to break out of key resistance levels in the $5,000 – $6,000 range. But we strongly believe that it would surpass that this year.
Even if the price of Bitcoin and other crypto assets might continue to decline substantially in the first two quarters of 2019, crypto-enthusiasts see the market massively recovering by the end of 2019. The lack of strength in the short-term trend of the dominant cryptocurrency led other digital assets, especially cryptocurrencies with low market caps and volumes, to perform poorly against the U.S. dollar.
In the latter half of 2019, one crypto technical analyst said that based on the historical price movement of Bitcoin, the asset could demonstrate large gains in 10 to 12 months.
‘The future lies in the study of the past’ he says. “We are approaching the 420th day mark which ended the 2015 bear market and if history repeats itself, we will be moving toward several months of accumulation and a new bull cycle starting late 2019. From history, Bitcoin has taken on average a 62 weeks period to recover from an 85 percent correction throughout the past nine years. 15 months since the start of the bear market in January would be March of this year.
The normal trends of the crypto market continue, as institutional money will finally enter into cryptocurrency in this year. The sign of entrance of this money in the market began to be felt in the last months of 2018 and surely in 2019, this will take place. Various kind of cryptocurrency investment platform for institutional money is already present in the market whereas a huge number of such platforms are under development with additional features. Institutions seem to be more interested in cryptocurrencies rather than the retailers. However, they were not having a sufficient amount of efficient investments platforms to perform. The existing tools were not so good to meet their security expectations. While 2019 has already given birth to a lot of such platforms, the share of institutional money in the crypto industry is surely going to be a huge one. The no. of transactions in the crypto market is increasing considerably. The capable software developers are providing easier and secure platforms for these transactions. These signs altogether indicate that 2019 could be that year of entry of institutional money into the market and would ignite the down valued loss of the crypto industry that it faced in 2018. To wrap this all up, What few people fail to recognize is the fact that, thanks to the 2018 price declines, most of the weakest hands in the market have fallen off. Meanwhile, stronger believers have held firm and even accumulated more Bitcoin.
Moreso, Distributed Ledger Technology has continued to advance, as major progress was made in fixing known deficiencies in first-generation cryptos and overall, the groundwork was laid for a new bull market.
This simply means that in 2019, much as it did after prior bear markets, Bitcoin will again rise up and head for new all-time highs.