BitTorrent Price Prediction: Is it a good buy? Should you invest?

New Delhi: BitTorrent’s price has struggled in the past few weeks after a good bull run in March which accumulated more than 700% in less than a month’s time. Right now, BTT is trading at $0.0025 which almost 80% of its all-time high.

BTT price has already plunged more than 400% since its peak. Despite these conditions, the price still aims for a massive upswing in the coming days, says Coinpedia

What is BitTorrent?

BitTorrent is a popular peer-to-peer (P2P) file sharing and torrenting platform that has become more and more decentralized in recent years. The platform also helps people stream content like music and movies. According to its website, BitTorrent has more than 2 billion global users and more than 100 million monthly active users.

Originally launched in July 2001, BitTorent was acquired by blockchain platform TRON in July 2018.

Since its acquisition, BitTorrent has added several tools, along with BTT, a custom native cryptocurrency token launched in February 2019. BTT was launched on TRON’s own blockchain network using the TRC-10 standard.

According to the official statement, BitTorrent is currently the “largest decentralized P2P communication protocol” in the world.

BitTorrent price prediction

The current chart shows that BTT price has been under bearish pressure in the past weeks. The BAT pattern formed is pretty huge and hence a massive uptrend could be on the cards. The analysts predict a 500% jump in the price and if all goes well, the price may revisit the levels around ATH soon, says CoinPedia

The future price will depend on whether bulls will be able to push the price above the upper side of the descending channel. If this happens, the next key resistance level to watch will be at $0.0040, which was the highest level on June 4. The alternative scenario is where the coin retests the lower side of the channel at $0.0017, says Investingcube

How to Buy BTT

If you are looking to buy BTT or any other coin, you can use these apps:

WazirX

Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.

Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.

2. CoinSwitch

CoinSwitch is another notable and safe cryptocurrency exchange in India that lets you purchase and trade Dogecoin in India. You need to install the app, signup using your phone number, and add your bank account. As the app deals with crypto trading, you also need to do KYC. Once you have added your bank account, you can purchase the Dogecoin using Indian currency.