The BitTorrent price has struggled throughout the year and is currently down by 67 based on year-to-date data. However, despite the steep yearly decline, July has been one of BitTorrent’s best months, with the month already up 12 percent.
The BitTorrent token was launched in January 2019, after the purchase of one of the most popular torrent downloading platforms was acquired by Justin Sun for $140 million. Since then, the platform has moved into providing users with a paid file storage service, where users can permanently store their files on HDD or SDD memories.
However, the growth of BitTorrent has partly been fueled by the large userbase of the BitTorrent platform. After the platform was purchased, users were awarded BitTorrent tokens if they stored torrent trackers running on their local computers. The BitTorrent token awards were done as a way to motivate users to keep their trackers, which would, in turn, improve the download and upload speeds when using the platform.
BitTorrent Price Prediction
Despite having huge funding and a large user base, BitTorrent’s price has struggled in the markets since its launch. Today, its prices are only 20 per cent above its all-time low, a level it reached on June 18, 2022. Today, BitTorrent is down 3 per cent. The prices are also looking likely to continue with the strong bearish trend throughout the session.
My BitTorrent price prediction also expects the current bearish push to the downside to be long-term. Therefore, I expect the prices to continue falling, with the possibility of setting a new price low when prices hit the previous low of $0.000000705. My BitTorrent price expectations also see the current monthly gains reversing and prices falling further down.
My analysis will, however, be invalidated if prices trade above the $0.0000010 resistance level. At that level, the bullish trend will have been established. The level will also signal a long-term trend reversal to the upside, which may see prices start to recover.