With the cryptocurrency markets losing over 80% of their overall value since the beginning of 2018, we have to admit that 2018 was more than a challenging year for Bitcoin and the wider cryptocurrency industry. The big question now is: 'Will Bitcoin recover in 2019?'
After reaching an all-time high at the start of 2018, the number one cryptocurrency entered a bear market, hitting one low after another, while taking the entire cryptocurrency market with it.
Throughout the first 6 months of 2018, everyone was expecting Bitcoin to recover. Unfortunately, it didn’t and things only got worse, crashing from an all-time high at the beginning of 2018, towards a price point between $3200 and $4000 by the end of December 2018.
Now, as we are about to greet 2019, crypto enthusiasts all around the world are looking forward to the Bitcoin recovery this new year could bring.
Companies like Fidelity, ICE, NASDAQ, Microsoft, Starbucks, and Facebook, just to name a few, have all either started their own crypto initiatives or have invested in it, and each of these companies has the potential to ignite a significant bull run.
A solid foundation has now been put in place for institutional fund managers to enter the crypto space in 2019, while the fundamental drivers of the decentralized technology network keep on growing at a rapid pace.
As Bitcoin maximalist Anthony Pompliano points out, crypto prices are just one measurement of value for an asset. Even though the price is important, It is not an important measurement of future value.
'Don’t be distracted by the noise', he says. 'Focus on the fundamentals. Bitcoin isn’t going anywhere.'
Bitcoin's fundamentals are strengthening. Don't let the price distract you.— Pomp 🌪 (@APompliano) November 30, 2018
The best performing asset in the last 10 years isn't going anywhere.https://t.co/avY2WrA1q0
However, the founder of Morgan Creek Digital Assets, does hint to the fact in the video below, that he and his company expect a fairly long bear market, saying that they wouldn't be surprised if the bear market would persist into Q3 and Q4 of 2019.
One of the most important reasons why Bitcoin could rally to unseen all-time-highs in 2019, is Bakkt, the first futures contract platform which pays out entirely in cryptocurrency, rather than settling in cash, and which is expected to launch in early 2019.
Many cryptocurrency enthusiasts, see contracts like Bakkt, as a crucial step towards the maturation and stabilization of the cryptocurrency market and are expected to push the Bitcoin asset forward as institutional investors are brought back into the fold. According to them, Bakkt will drive the adoption of Bitcoin and other cryptocurrencies to a whole new level.
Samuel Leach, CEO and founder of Yield Coin had this to say in regards to the plans to launch Bakkt:
'The Intercontinental Exchange, the operator of the New York Stock Exchange is planning to launch Bakkt. A federally regulated market which will seamlessly and safely enable institutions and consumers to buy, store and sell crypto assets. Bakkt is supported by corporate leviathans like Microsoft, Starbucks and the Boston Consulting Group, and stands to bring levels of trust and transparency to the market currently unseen.'
Further saying that he believes that 'Bitcoin will recover to a value of between $10,000 to 15,000'.
The move of Bakkt into the cryptocurrency market early next year will undoubtedly see the price move upwards and continue to find newer highs as time passes, a moment all HODLers are hoping to see in 2019.
Most agree that Bitcoin is improving fundamentally and that it is only a matter of time the prices too would start reflecting those improvements.
Clement Thibault, senior analyst at Investing.com. said that 'Bitcoin hasn't changed in the past year and it remains the same asset, whether it's worth $20K or $3K. It's potential and usefulness haven't diminished with the price.'
Read more: Is Bitcoin dead? 8 reasons why it is NOT
Unfortunately the future remains inherently unknowable, but as we hear increasingly positive voices coming out in favor of Bitcoin, cryptocurrency investors might see Bitcoin reaching for new all-time-highs in 2019.
Wherever Bitcoin is headed by the year's end, it is going to be an exciting ride getting there.