Basic Attention Token has possibly been one of the most exciting projects to follow during 2019. After a crazy rate of adoption in 2018, which saw the year starting with just 1 million users that continued to extend to 5.5 million users by the end of the year, the data only suggests that this rate of adoption is only picking up.
The cryptocurrency may have dropped out of the minds of some investors in recent times after BAT dropped out of the top 30 projects to where it currently is ranked at 32 with a 323 million market cap. However, investors need to remember that BAT is one of the few cryptocurrency projects that has an actual ACTIVE use-case that can be used today and it seems that more and more are starting to use the Brave browser created by BAT that is 22% faster than other browsers. The fact that there is a use-case with increasing adoption is a strong enough catalyst alone to make the statement that BAT can hit $1 by the time 2020 comes around.
Data from https://batgrowth.com/ shows that the number of publishers on the Brave platform has continued to increase during 2019. In all of these cases for Twitch, YouTube and Website Publishers, the rate of publishers signing up has increased - particularly during March and April this year. These statistics
Furthermore, the number of BAT addresses has also continued to increase steadily this year and has pretty much doubled in the past few months alone.
Basic Attention Token has been considered as one of the LEAST volatile cryptocurrencies on the market. In fact, at one point in time, BAT was actually the LEAST volatile cryptocurrency (excluding Tether) putting it ahead of Bitcoin, Ethereum and Litecoin. This was highlighted by twitter user Willy Woo who had posted the following chart;
BAT Price Analysis
BAT/USD - Long Term
Looking at the chart above we can clearly see why WillyWoo had highlighted the fact that BAT is 1 of the least volatile cryptocurrencies as the 200 day EMA has remained very stable (relative to other crypto assets).
The cryptocurrency had started a tear during March 2019 and continued to increase by a total of 381% to reach a high of $0.49 before rolling over and falling. A surprising thing about this price increase was the fact that BAT/BTC had managed to create a high above the 2018 peak during this time - making one of the only cryptocurrencies to break above the 2018 relative BTC peaks.
The recent Bitcoin price slump has aided BAT in breaking back beneath the 200 day EMA for the first time since March, however, BAT looks to be making another attempt to break back above.
The case for a $1 bat is not a stretch by any means considering the fact that it has already reached this level. To reach $1, BATUSD will have to contend with some serious resistance at the $0.35, $0.40 and $0.45 levels. Following this, the $0.50 level is expected to provide even more resistance. However, once BATUSD is successful in breaking above $0.50, I believe that there is ALOT of free space for BATUSD to increase into whilst experiencing relatively low resistance. Above $0.50, I can expect resistance at $0.60, $0.66, $0.76 and $0.88. After breaking above these levels of resistance the market will be free to hit the $1 level once again.
Conclusion
I can imagine many will assume that this price prediction is a bit of a stretch but we still have 5 months for this prediction to play out. To reach the target of $1, BAT needs to increase by a total of 290% from the current price. This analysis is based on the fact that the BAT network continues to grow month-on-month whilst at the same time the BAT & Brave development team continue to hit fresh milestones. If this rate of adoption & development can continue further at the same pace, this will eventually flood over into the BATUSD market which should be the main catalyst to help drive price action toward $1 (once the resistance at $0.50 has been breached).
