What’s Next in 2019 for Bitcoin?
Everyone wondering whether there’ll be a new bull run or so. Despite an overwhelming sense of bearishness, many developments could kick off another bull run, similar to the run that happened last year. The adoption and infrastructure seem to be happening at a pace never before seen in the space but the prices have yet to respond to those fundamentals.
2018: The Reality Check
2018 has been something of a reality check for many Bitcoin investors and enthusiast. After last year’s fairly strong bull market, it seems the market sentiment is now less optimistic than ever as a lot of people who’s invested in Bitcoin in early 2018, has suffered huge losses.
Despite that, some in the sector still think another bull run is a possibility and they even say that next time it’ll be a lot bigger than the previous bull run, which upped Bitcoin to the $20,000.
Twitter user ConanOBitcoin stated:
#bitcoin hit $20K last year..
– without Goldman Sachs
– without Morgan Stanley
– without Citigroup
– without ETFs
– without the #lightningnetwork
Relax… the next rally will be bigger than you can ever anticipate.
Conan might be right because we have a lot to be optimistic about Bitcoin at the moment. First of all, after a bull run back in 2017, the traditional finance industry’s biggest players have started to show an interest towards Bitcoin.
Going forward to the future, there are also many events that will led to another price increase of Bitcoin, like Bakkt platform, with the backing from the Intercontinental Exchange (ICE).
Microsoft and Starbucks are also in the frame for Bakkt, according to reports and the new product is expected to make getting exposure to Bitcoin easier than ever for both retail and institutional investors. Bakkt to be launched in this November as a lot of people very optimistic about it.
Like Bakkt, Goldman Sachs are still exploring and experimenting about Bitcoin. The Wall Street giants’ looking to bring both a trading desk and a custody solution to the market. Under the brand of Goldman Sachs, these two developments will surely suggest that Bitcoin is not going to disappear anytime soon.
Goldman Sachs are not the only Wall Street giants who’s interested in Bitcoin, of course. Like Goldman Sachs, Morgan Stanley and Citigroup are also looking to launch futures and derivative products surrounding BTC. Analysts expect these moves will bring the much-needed price stability to the Bitcoin, who’s considered as a highly volatile asset and rightfully so. If that happens, it’s safe to say that this will, in turn, make investing Bitcoin much more appealing and could lead to price to the new highs.
SEC’s new commissioner Elad Roisman also giving a renewed hope to the cryptocurrency industry. Roisman, who’s known to be supportive of cryptocurrencies, will now face a decision about Bitcoin ETF on 30 September. Many expect Roisman to the support cryptocurrencies and that may eventually lead price to the new heights.
Also, speaking technically, there are a lot of interesting movements in Bitcoin. Lightning Network, for example, continues to make advances and more channels open by the day. If another bull run kicks off in the future, LN will allow Bitcoin to handle a far greater number of transactions. Remember, during the last bull run, Bitcoin fees rocketed at the same time as price did.
You’ll never know what will happen next in this highly exciting field but worth noting that we have positive news on the agenda. The launch of Bakkt, probably the most important thing across the cryptocurrency investors and many hoping ETF approvals could boost the price, but some consider it’s highly unlikely due to recent developments.