We will be examining some of the historical price movements of the BitTorrent crypto in order to come up with a BTT price prediction for January 2020.
BitTorrent Overview
BitTorrent was a public venture company that had been operating since 2004 and provided the first widely adopted peer-to-peer technologies in the world. In 2018, BitTorrent was acquired by the Tron cryptocurrency project, which is owned by Justin Sun.
Tron then went on to develop a crypto for the BitTorent environment, based on the TRC-10 token standard, a TRON-based standard that enabled BitTorrent users to provide their services in return for said tokens.
TRC-10 is a lower standard to TRC-20, as the latter features built-in smart contract capabilities.
With BitTorrent and Binance supporting the project, Tron’s BTT sold out in just 15 minutes, amassing $7.2 million in the sale.
The main purpose of BTT is to encourage BitTorrent protocol users to seed and host files, activities that are rewarded with the tokens.
BTT is currently ranked 66th according to a market cap of $59.743.472, with a 24-hour volume of $83.397.371. The circulation supply is 212.116.500.000 BTT out of a total of 990.000.000.000 BTT.
BitTorrent (BTT) Price prediction: Analysis
After coming down from November $0.0004 levels, BTT opened December at $0.000310, dipping that day below the $0.0003 level, but then closed at the same value it started the day with.
Until December 7th, BTT fluctuated mainly between $0.0003 and $0.000310, with minor slips below $0.0003 but always rebounding towards the end of the day.
On December 8th, BTT saw a slight increase, as it began trading at $0.000317, with the upward trend continuing the next day. December 9th saw BTT opening at $0,000323, which was the month’s highest.
But bullish hopes were shattered, as on December 10th, BTT once again was trading at $0,000310, even going below the $0.00029 support, with a closing price of $0,000292.
December 11-13 had BTT trading between $0.00028 and $0.00029, with slight brushes at the $0.0003 level.
On December 14th, BTT recovered slightly by opening at $0,000301 and reached a new all-time monthly high of $0.000337. December 15th and 16th had promising opening prices at $0.000311 and $0.000315, respectively, but towards the end of BTT closed at $0,000288, below previous support levels of $0.00029.
December 17th also continued with the downtrend, the token reaching a new multi-month low of $0,000265. BTT closed and opened the following day at $0,000272. On December 18th, BTT peaked at $0.000292 but failed to get past the $0.0003 resistance level.
The calculated support, pivot, and resistance levels by WalletInvestor are:
- Resistance Level (R3): 000324
- Resistance Level (R2): 0003083
- Resistance Level (R1): 00030035
- Pivot Point: 000284
- Support Level (S1): 000276
- Support Level (S2): 000261
- Support Level (S3): 000253
Source: WalletInvestorDevelopments
The BTT coin became very popular after Tron announced its listing on Binance, a prominent exchange in the industry. Binance actually promoted BTTs initial delivery on their airdrop platform, Binance Launchpad. The coin later received support from crypto payment processor CoinPayments.
Not much has happened lately in terms of development for BTT, mostly just airdrop campaigns from Tron and lots of hype from Justin Sun.
BitTorrent is expected to receive backup from top companies in 2020, with rumors that there might be a collaboration with Spotify. But this is only speculation at this point.
According to Captainaltcoin, the “Bittorrent token (BTT) has been one of the most hyped ICOs in 2018. However, despite the big hype built behind it, there is a shroud of doubt around the token’s viability and general competence of Tron team to pull off the laid out plan. The only driving force for the BTT price is marketing gimmicks and speculation, two strong suits of Justin Sun which could cause a surge or two in the upcoming period; however, long-term BTT doesn’t seem to be a solid investment and price in 2020 might be artificially held around the same level as now – $0.0007.”
hackedBitTorrent Price Prediction: Market Opinion for January 2020
As a BTT price prediction was made by most crypto analysis and forecast sites, we have included some of them on our list to help you get a better sense of market sentiment.
TradingBeasts
TradingBeasts expected BitTorrent to reach $0.0003896 by the beginning of January 2020. The expected maximum price for January is $0.0004758, with a minimum price of $0.0003235. The site expects BTT to close the month at $0.0003806.
Digitalcoinprice
Digitalcoinprice believes BTT will hit $0.00054197 in January 2020, with an increase of 92.14 %.
Bitverzo
Bitverzo expects BitTorrent to have on January 1, 2020, a price of $0.001420, with a minimum of $0.001266, and a maximum of $0.001577. The site predicts that BTT will have on January 31, 2020, an average price of $0.001322, with a minimum of $0.001158, and a low of $0.001488.
Gov.capital
Gov.capital forecasted that on January 01, the BTT price will be $0.000386, with a minimum of $0.0003281, and a maximum of $0.0004439. The site expects BTT to close January with an average of $0.000369, with a low of $0.00031365, and a high of $0.00042435.
Buysellhold
Buysellhold projected that BTT will reach a price of $0.001745 at the start of 2020.
BitTorrent Price Prediction: Verdict
This has been our BTT price prediction for the first month of the year 2020. We hope that the information we provided will be of help to you and your trading endeavors.
Featured Image: coingape.com
Source From : Coindoo News