We are going to examine some of the historical BitTorrent crypto price movements to produce a BTT price prediction for January 2020.
Bit torrent overview
BitTorrent was a public company that had been in business since 2004, providing the world’s first widely used peer-to-peer technologies. In 2018, BitTorrent was acquired by the Tron cryptocurrency project owned by Justin Sun.
Tron then developed a crypto for the BitTorrent environment based on the TRC-10 token standard, a TRON-based standard that enabled BitTorrent users to provide their services in exchange for these tokens.
TRC-10 is a lower standard than TRC-20 as the latter has built-in functions for smart contracts.
With BitTorrent and Binance backing the project, Tron’s BTT sold out in just 15 minutes and had sales of $ 7.2 million.
The main purpose of BTT is to encourage users of the BitTorrent protocol to do so Seed and host files, activities that are rewarded with the tokens.
BTT currently ranks 66th on a market cap of $ 59,743,472 and a 24 hour volume of $ 83,397,371. The circulating supply is 212,116,500,000 BTT out of a total of 990,000,000,000 BTT.
BitTorrent (BTT) Price Prediction: Analysis
After falling to $ 0.0004 in November, BTT opened at $ 0.000310 in December and fell below the $ 0.0003 level that day but then closed at the same value it started the day at.
As of December 7, BTT was mostly hovering between $ 0.0003 and $ 0.000310, with minor slip-ups below $ 0.0003 but steadily bouncing towards the end of the day.
On December 8th, BTT saw a slight increase as it started trading at $ 0.000317, with the upward trend continuing the next day. On December 9th, BTT opened at $ 0.000323, its highest value for the month.
Bullish hopes were dashed, however, as BTT re-traded at $ 0.000310 on December 10th, even falling below the $ 0.00029 support with a closing price of $ 0.000292.
From December 11-13, BTT was trading between $ 0.00028 and $ 0.00029, with slight brushes at the $ 0.0003 level.
On December 14th, BTT rebounded slightly, opening at $ 0.000301 and hitting a new monthly high of $ 0.000337. December 15th and 16th had promising opening prices at $ 0.000311 and $ 0.000315, respectively, but closed at $ 0.000288 towards the end of the BTT, below previous support levels of $ 0.00029.
December 17th also continued the downtrend, hitting a new multi-month low of $ 0.000265. BTT closed and opened the following day at $ 0.000272. On December 18, BTT hit a high of $ 0.000292 but did not cross the resistance level of $ 0.0003.
The support, pivot and resistance levels calculated 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
The BTT coin became hugely popular after Tron announced it was listing on Binance, an exchange known in the industry. Binance actually advertised BTT’s first delivery on their Binance Launchpad airdrop platform. The coin was later supported by the crypto payment processor CoinPayments.
Not much has happened lately in terms of BTT’s development, mostly just airdrop campaigns from Tron and a lot of hype from Justin Sun.
BitTorrent is expected to get backups from top companies in 2020, with rumors that it might be partnered with Spotify. However, this is only speculation at this point.
According to Captainaltcoin, the “Bittorrent Token (BTT)” was one of the most hyped ICOs in 2018. Despite the huge hype behind it, there are doubts about the viability of the token and the general competence of the Tron team to pull it off the plan. The only driving force behind the BTT award is marketing gimmicks and speculation, two powerful suits from Justin Sun that could cause a spike or two in the time to come. Long-term BTT doesn’t seem like a solid investment, however, and the 2020 price could be artificially held at the same level as it is now – $ 0.0007. “
Bit torrent Price prediction: Market opinion for January 2020
Since most of the cryptanalysis and forecasting sites have a BTT price prediction, we’ve included a few of them on our list to give you a better sense of the market sentiment.
TradingBeasts expects BitTorrent to hit $ 0.0003896 in early January 2020. The expected maximum price for January is $ 0.0004758 with a minimum price of $ 0.0003235. The website expects BTT to close the month at $ 0.0003806.
Digital coin price
Digitalcoinprice expects BTT to hit $ 0.00054197 in January 2020, up 92.14%.
Bitverzo expects BitTorrent to have a price of $ 0.001420 on Jan 1, 2020 with a minimum of $ 0.001266 and a maximum of $ 0.001577. The website predicts that on Jan 31, 2020, BTT will have an average price of $ 0.001322 with a minimum of $ 0.001158 and a low of $ 0.001488.
Gov.capital forecast that the BTT price will be $ 0.000386 on Jan 1st, with a minimum of $ 0.0003281 and a maximum of $ 0.0004439. The website expects BTT to close January with an average of $ 0.000369, a low of $ 0.00031365 and a high of $ 0.00042435.
Buysellhold predicted that BTT will hit a price of $ 0.001745 in early 2020.
Bit torrent Price prediction: judgment
This has been our BTT price prediction for the first month of 2020. We hope the information we have provided will help you and your trading endeavors.
Featured image: coingape.com
Note: The information in this article and the links provided are for general informational purposes only and should not constitute financial or investment advice. We encourage you to do your own research or consult a professional before making any financial decisions. Please note that we are not responsible for any loss caused by information on this website.