If everything was to go to plan ( but it never does with ) with the launch of BAKKT in Jan 2019 and the release of futures by NASDAQ by first quarter 2019, we could see a rally come mid January in anticipation of BAKKT release. As is oversold at the moment it is till looking and will continue in a downward trend and continue to trade sideways until then. Looks like setting itself up for between $2000USD and $1200USD, similar to its last significant sideways movement before the massive rally of last year. If everything lined up and was executed as per intended, could reach new by mid next year. If on the other hand, there where set backs we could see all new lows, driving the price down due to an anxious market. It seems as though the market is in the hands of large financial conglomerates, the very people was intended to escape. Do not be surprised if there where setbacks in releasing BAKKT, thus pushing the price of down even further. This would enable the whales to jump in at a lower price and to push all the weak hands out of the market. Keep an eye out for massive amounts of FUD between now and mid January and HODL ON !!!!!!!
Without sounding like a broken record, the bitcoin network fees are getting more ridiculous. Although this issue has been present for some time now, things are not improving. In fact, the average transaction fee is now well over $50. This is the highest it has been for quite some time. When and if this solution will be resolved, remains to be determined. Right now, it seems unlikely anything will change soon.
Using bitcoin is expensive beyond belief. It is not what envisioned originally, that much is rather evident. In fact, the goal was to make bitcoin scale and accommodate more transactions over time. So far, that hasn’t happened. This is mainly due to companies struggling to integrate Segregated witness support. In some cases, they are purposely delaying this development as well. Something will have to give before the average transaction fee surpasses $100.
Average Transaction fee Keeps Rising
Although most people stopped caring about these high , it’s still an important issue. After all, if the average transaction fee keeps rising, things will get out of hand very quickly. Right now, it’s far too expensive to use bitcoin as a payment method. Nor is it a suitable way to combat high remittance fees. bitcoin has become too expensive for its own good and people grow tired of it. Unfortunately, paying this average transaction fee is the only solution right now.
Surprisingly, none of this is affecting the number of transactions. With nearly 350,000 processed in the past 24 hours, things are still looking good. Moreover, nearly 11% of the total market cap was in the past day. Those numbers are still positive despite the glaring issues bitcoin brings to the table. It also seems the average transaction value is on the rise. This may be due to the average transaction fee mounting. Otherwise, it would make little sense for users to even spend BTC.
How all of this will pan out, is a big question. After all, it is evident this average transaction fee has to come down. Enforcing such a change will not be easy whatsoever. In fact, it may require some drastic changes no one is willing to pursue. All of this also makes bitcoin Cash look far more superior. The next few days and weeks may very well be critical to bitcoin’s survival in terms of being a “useful currency”. For now, things can easily go either way. It’s still a good store of value if you can stomach 30% dips overnight.
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