Mid May Update: Technicals
Charting BCN is foolish. The chart is ridiculous – it basically represents BCN scraping along the bottom of the market, unable to lose any more value since there are simply no buyers. Bytecoin couldn’t lift its behind even if a hungry wolf was on its tracks chasing it – it is just completely helpless.
If you are thinking of buying BCN – you are a fool. If you are stuck with a bag of bytecoin – I am sorry, that was a bad decision.
Below is our long-term forecast where we cover general market movements and sentiment shifts before delving deeper into the specific predictions for BCN.
Bytecoin is one of the first post-Bitcoin, privacy-focused cryptocurrencies that implements CryptoNote, also used by other privacy coins like Monero.
The Bytecoin team believes Bitcoin’s on-chain transactional privacy is insufficient for a widely used, peer-to-peer value transfer network. Borrowing the CryptoNote white paper, Bytecoin implements one-time ring signatures which enable complete transactional unlinkability between network participants.
Unlinkability is one of two primary transaction data privacy goals for Bytecoin, the other being untraceability. Bytecoin believes Bitcoin does not sufficiently, if at all, meet these privacy requirements, and they aim to build a protocol that does.
BCN Roadmap for 2019
You can see full roadmap for BCN here. It is generally a list of technical updates, improvements and tweaks around their reference client. In the second part of the year, there are plans for some new innovations and features like Gateway technology, the technology required to form a bridge between Bytecoin and another blockchain and Copper v3.6.0 that will bring messaging functionality to Bytecoin.
General Market Movements and Sentiment Shift
The downfall of altcoins that were mainstream media darlings at the start of the last year, BCN 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.
Our BCN Price Prediction for 2019
BCN, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, BCN can hope for one as well. Since that is very unlikely, don’t expect much to change for BCN 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”
BCN 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 BCN be among those 5%?
Almost certainly NO.
After getting canned from Binance and other big exchanges, there are couple of team members (probably some freelance community manager) still surfacing from time to time to promise the “new roadmap” before diving back to obscurity and opaqueness of the Bytecoin desert.
One of the BCN users had a pretty plausible explanation what happened with Bytecoin and where are the developers and core of the team:
“The devs left the ship, did not you notice? the last move they made was, list in binance, send their bcn there, disable all bytecoin portfolios with a DDOS (the Bytecoin wallet allows a DDOS attack that leaves the network dead, if almost no hashpower) and while everyone was trying resuscitate the portfolios they culminated one of the biggest scams of cyptomundo, they sold all their coins and now they do not need to say anything, they have achieved their goal, do not you see?”
If you recall, the top exchanges listing caused the price of this coin to jump to $0.018 and its market cap to go over $3 billion before the issues began. The “private and untraceable” Bytecoin apparently wasn’t prepared to handle this much of an investor interest, as the network “crashed” with no explanation immediately after this massive price spike. No one was able to withdraw or transfer their BCN tokens and the panic kicked in.
Why will Bytecoin (BCN) succeed?
Why will BCN fail?
Will BCN reach $1?
Probably not. It is more likely to reach zero than one dollar.
Is Bytecoin dead?
No, but it is on a life support machine waiting for someone to pull the plug and declare it officially dead.
All of this summed up means one thing: BCN might live through couple of orcheBCNed 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 BCN 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 BCN – BCN 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 BCN 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. According to them, BCN is expected to grow to $0.002 per token in one year. That is highly optimistic and surprising prediction.
Cryptoground predicts that BCN might rise to $0.002 by the end of 2019. They even added their version of BCN price prediction 2024, where they stated that BCN might reach $0.013 by 2024.
Bytecoin Future: 2020, 2023, 2025
BCN Price Prediction 2020
Bytecoin (BCN) will struggle to be alive in 2020 with chances of that to be the case being very high.
BCN Price Prediction 2023
If BCN is still around in 2023, John McAfee will eat his transplant new genitalia and then eat it again.
BCN Price Prediction 2025
Chances of nuclear war are way higher than BCN being live in 2025.
Realistic BCN Price Prediction
Realistically, this coin should’ve been dead long time ago. Realistic price is for that reason zero.