April Update: Technicals
BTTBTC daily chart on Binance looks dreary – Bittorrent is slipping through every crack on its support lines, dropping to 12 sats. If it continues like this, it might reach the first day, listing price on Binance of 6 satoshis.
It is currently on a crucial level of 12 sats – if it fails to defend it, BTT is heading down to the zero levels with a lot of uncertainty around it. Bollinger Bands are tightening, which is traditionally an indication of a new trend initiation. Considering other market indicators, that trend is more likely to be bearish than bullish.
Considering the Tether scandal currently unfolding, we are very likely to see a drain of the whole market, led as always by the declining price of BTC. Should this be the case, BTT and majority of other altcoins are bound to suffer serious losses. When we add another Justin Sun, Bittorrent’s token founder, gibberish he tried to pull of on his other project, Tron (claiming they entered a partnership with Liverpool FC, even though they only received a mass-emailed invitation to some sort of a meetup), Bittorrent’s already low reputation among the more educated stratum of crypto investors took another dive.
It’s been a while since we saw a token possess the market in a way BTT did. The hype created by Justin Sun, BitTorrent and Binance putting their names behind the project ultimately led to the thing’s entire ICO selling out in just 15 minutes (earning $7.2 million in the process).
BTT token is envisioned (and now already realized) as your average TRC-10 token, a TRON-based standard which allows BitTorrent users to offer their services in exchange for said tokens.
This standard is “lower” than the TRC-20, which has built-in smart contract capabilities. The token has a total supply of 990,000,000,000 units which will be divisible into smaller increments for additional liquidity (although one wonders how much more liquidity you need when you have almost a trillion tokens).
BTT’s main purpose is to incentivize BitTorrent protocol users to offer infrastructure services like file seeding and hosting in return for the token.
Bittorrent Token (BTT) Roadmap for 2019
Bittorrent Roadmap is transparent and feature packed. Some of the highlights for 2019 include:
- Complete on-chain / off-chain exchange server-side development
- Complete swarm analysis framework
- Issue TRC-10 BTT tokens
- Share Wallet UI to early test group
- Launch complete Wallet UI to stable client
- Expose Wallet with on-chain/off-chain exchange to an early access group
- Complete BTT airdrop to existing BitTorrent protocol over 100M users
- Publish BEPs related to BTT and tokenization of the BitTorrent protocol
- Add wallet support for TRX, and any TRC-10 or TRC-20 tokens.
- Experimental dApp integration
General Market Movements and Sentiment Shift
The downfall of altcoins that were mainstream media darlings at the start of the year, BTT among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it.
Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.
These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.
Some altcoins will continue to have some speculative value for the foreseeable future. But just like the now infamous tulips, the hysteria will eventually subside. We are already witnessing the first phases of that slide and even though most of the bag holders react emotionally to articles that criticize their coins, I am just observing the developments on the market. You better start emotionally detaching yourself from your “great sounding” coin because if goes nowhere, ideas are worthless without execution and real users that see value in the project.
2018 was a very interesting year overall for the broader DLT community, “ICO projects” came and burst in a similar fashion to the firework that painted the evening sky tonight.
While the mass death of barely-alive-in-the-first-place projects causes some uncertainty and skepticism among the newcomers, it is something veterans and pioneers of this space have been longing for.
In order for DLT to become established, we need quality over quantity, we need convergence on standards and consolidation of communities to bring to life what we’ve been working on for years. With less noise, 2019 will act as a Darwinian selection mechanism, much like that of which the IT companies post-dotCom Bubble experienced.
This is a good thing and absolutely necessary for the real maturation of the space.
Our BTT Token Price Prediction for 2019
BTT, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, BTT can hope for one as well. Since that is very unlikely, don’t expect much to change for BTT price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.
When Bitcoin goes up swiftly, it will likely:
- Suppress or depress altcoins as money flows into Bitcoin;
- Or, take altcoins along for the ride
In cases when Bitcoin plunges, it will likely:
- Depress altcoins as money flows into fiat;
- Or, cause altcoins to boom as money flows into them, but this is rarely the case.
When Bitcoin moves sideways, it will likely:
- Cause altcoins to mimic that as traders wait for a clear sign on the direction of the market;
- Or, cause altcoins to flourish as traders look for returns in altcoins and try to get favorable trades in terms of BTC pairs.
To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.
The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
Bittorrent Coin (BTT) Future Outlook
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will BTT be among those 5%?
BTT token creators hope that the promise of financial rewards will make more people seed the torrents they download.
The whole investment thesis for BTT is unconvincing. Most people who download torrents do so through publicly available swarms. These people simply don’t have to care about their upload/download ratios and therefore don’t have an incentive to seed more.
Additionally, TRON’s blockchain simply wouldn’t be able to handle the levels of throughput that come with a user base that BitTorrent has, around 100 million users.
Moreover, the torrenting scene, the one community that should be buzzing about this project, doesn’t seem to be interested in BTT at all. Torrenting forums make barely any mentions of the project and most experienced members of these communities will tell you that they love the Bittorent protocol, but at the same time despise the company behind it (due to a history of misguided and almost malicious behavior).
The interest for the most part seems to be coming from the cryptocurrency world, which suggests that there aren’t many fundamentals for BTT to lean on.
Most people who are promoting this token are closely tied to the cryptocurrency scene and are considered as “influencers” more than anything else.
That being said, we have to consider the involvement of Justin Sun and Changpeng Zhao (of Binance fame) in this entire project.
Both of them are known in the blockchain community for taking part in some highly sketchy activities that likely robbed many crypto investors off their money. Sun in particular is someone who falls under the “influencer” tag much better than the one of a “developer” and this is a stick people often use to beat him with. The way both of them hyped the BTT token up without addressing the negatives it clearly has doesn’t give us belief that their latest project won’t end up as a failure.
All of this summed up means one thing: BTT might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect BTT will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Market prediction for Bittorrent Token – BTT Price 2019
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the BTT price, which will give us another point of view to consider:
Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies and traditionally has a skeptical outlook for most coins but not for BTT. According to them, BTT is expected to soar by a whole order of magnitude and reach $0.0015 per token in one year.
Trading beasts is even more bullish on Bittorrent token and forecasts that BTT can climb to around $0.06 within a year which means it will essentially grow 20x in value in the next year.
Digitalcoinprice gave a moderately optimistic prediction saying that by 2019 end, BTT might be worth two times more than now – around $0.0012 per token.
Bittorrent Coin Future: 2020, 2023, 2025
BTT Price Prediction 2020
BTT Price Prediction 2023
BTT Price Prediction 2025
Realistic BTT Price Prediction
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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.
The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com