With no end to the cryptocurrency price seesaw in sight, the war, inflation, and shifting monetary policy in the U.S. will likely continue to drive more volatility in the coming weeks and months, experts say. With LUNA crashing, speculations were ripe on Bitcoin soon being banned in places where it had already gained some form of acceptance.
Launched over ten years ago in 2009, Bitcoin is a virtual currency powered by blockchain technology. Satoshi Nakamoto created the coin to overcome the shortcomings of government-issued currencies without requiring a controlling authority. Bitcoin acts as a store of value and a payment method for any transaction process in the markets.
The price of Bitcoin has risen less than 1% over the past 24 hours to $19,800. The largest crypto tumbled in tandem with stocks on Wednesday, touching $19,150, but has since rebounded to levels seen earlier in the week. Bitcoin continues to struggle to consolidate above the key $20,000 mark, having rallied as high as $22,000 less than a week ago before falling back.
For the first week of July, the Bitcoin price was choppy. The sustainability of the bounce-back rally of Bitcoin towards $22,800 is in question. The price has been falling towards $20,680 and the bears have been successful in bringing down the BTC/USD price. the support at $20,000 may be tested as the short-term rally sputters.
Will crossing $24,000 only complicate matters on the front of the technical indicator. Only aggressive buying by the bulls will shift the picture towards buying side. The daily charts also indicate a sideways movement for the upcoming week in absence of any massive volume-driven change. On the lower side, the $18,500 support is likely to support the pair well.
Today’s Bitcoin price is $20,646.45 with a 24-hour trading volume of $29,316,673,936. Bitcoin is up 4.63% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $394,214,162,012. It has a circulating supply of 19,093,556 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin Price Overview
According to expectations, BTC prices could rise and hit as much as millions. This rise could happen eventually as, only during February, the price change of one BTC increased by more than 70 percent leading to its all-time high. You might recall that the Bitcoin price reached a new all-time high of $50,000. Bitcoin is back above $60,000 as Coinbase gets ready to go public on the stock market. The all-time high price of $64,800 was reached on 14 April 2021.
According to analysts, the cryptocurrency industry saw a massive surge in investment and crypto for payments and trading this year.
Central banks from all over the world have been trying to push regulations for Bitcoin investment. The Bitcoin network has become quite popular with teens, youth, and adults, including women, as they indulge in Bitcoin trading.
This year has been crucial for Bitcoin and cryptocurrencies in general, wherein countries like El Salvador, China, and South Korea have played significant roles. Recently, we saw that the news of the China ban led to a massive drop in the price of Crypto King, from 53K USD to $42K, which scared almost everyone, except those who want in.
What is Bitcoin?
Launched over thirteen years ago in 2009, Bitcoin is a decentralized virtual currency powered by blockchain technology. Satoshi Nakamoto created the coin to overcome the shortcomings of government-issued currencies without requiring a controlling authority.
Bitcoin (BTC) was created out of the need for a cryptography-based e-payment system rather than the conventional trust-based system. The cryptocurrency acts as a store of value and a payment method for any transaction process in the crypto space. It is often dubbed “digital gold.”
Bitcoin’s cryptography is based on an algorithm (SHA-256) designed by the United States National Security Agency. This algorithm makes it impossible to crack the Bitcoin network.
Since the launch of Bitcoin in 2009, its value has risen dramatically, from less than 0.01 USD in May 2010 to over 65,000 USD in November 2021. Bitcoin is expected to attain newer feats in the coming years as more institutional investors and traders continue to turn to cryptocurrency.
What Influences Bitcoin’s Price?
Several factors are responsible for the price movement of cryptocurrencies. These price-determining factors include demand and supply, investor sentiments, availability, economic cycles, adoption rate, functionality, regulations, news, etc. Although Bitcoin is a mainstream digital currency, its price movement is also subject to these factors, as with other currencies.
24 February 2022 sell-off was sparked by Russia’s invasion of Ukraine, which also saw global stocks fall sharply. Bitcoin has been correlated with other risk assets like stocks for several months. More institutional investors get involved, and short-term investors who trade bitcoin like other risk equities have entered the market.
In 2021, the crypto industry saw a massive investment surge, with Bitcoin, Ethereum, and several altcoins hitting their all-time highs. Also, in the same year, Central banks from all over the world tried to push regulations for Bitcoin investment. There were severe clampdowns on cryptocurrency-related activities in some other countries, especially in China, with trading and mining outrightly prohibited. These pronouncements by the Chinese government dealt a blow to the market valuation of Bitcoin, and massive sell-offs became rampant due to fear of the unknown. In addition, the news of the Chinese ban led to an enormous drop in the price of Bitcoin, with the crypto losing over 50% of its value between April and August 2021.
In the clampdowns, El Salvador played a significant role in the continuous adoption of Bitcoin, as the country remains the only one to have declared the asset a legal tender. By October 2021, Bitcoin regained massive momentum by reaching $67,700 from $40,693, just after another round of crackdown in September by the Chinese government. Bitcoin hit its current all-time high at $68,789.63 on 11 November, after investors’ attention turned to the cryptocurrency again.
The cryptocurrency market, in general, has faced heightened uncertainties in the past month, with crypto investors selling off their assets. Consequently, Bitcoin dipped by about 50% from its current all-time high, affirming the effect of investor sentiments, news, demand, supply, etc.
Key Bitcoin moments to note
The development of Bitcoin is the first successful application of Blockchain technology for digital currency and payment infrastructure. As Bitcoin (BTC) enters its 13th year, it has garnered widespread adoption amidst stringent government regulations and uncertainty. Here are some of the critical bitcoin moments to note.
- European Endorsement
Although Bitcoin was birthed in the US, it was quickly embraced in Europe. In 2011, Bitcoin Central, a French-based cryptocurrency exchange, became the first platform to earn a license under EU regulations. Bitcoin Central subsequently provided customers with a maximum balance of 100,000 EUR and debit cards to access Bitcoin (BTC) balances. In 2014, Finland and Belgium declared a VAT exemption for crypto trades to encourage their adoption. Also, in 2017, Falcon, a Swiss-based private bank, became the first financial institution to sell BTC directly to customers.
- Time Magazine 2011
In April 2011, Bitcoin was featured in a Time Magazine article titled “Online Cash Bitcoin Could Challenge Governments, Bank.” This piece examined the potential of BTC, its use cases, the revolutionary concept of the Blockchain, and government barriers. In addition, the article, alongside others from Time Magazine, gave the cryptocurrency some mainstream media endorsement.
- University of Nicosia Accepts Bitcoin
In November 2013, the University of Nicosia started accepting BTC payments for tuition to ease the transmission of particular students. The CFO of the university, Dr. Vlachos Christos, was a proponent of cryptocurrencies. He wanted the institution to be one of the first to learn about blockchain technology. He also argued that the adoption of Bitcoin will aid the spread of financial services around the world while also creating a more efficient system.
- The Price Boom of 2013
In September 2013, Bitcoin’s (BTC) market value skyrocketed by over 780% due to progressive media coverage, crypto expansion in China, and the entrance of bullish investors. The rapid boom was soon cut short by negative publicity resulting from the collapse of a leading Chinese exchange (Mt.Gox), numerous cryptocurrency hackings, and the closure of illegal marketplaces. By April 2014, BTC had fallen below 400 USD, and by January of the following year, it had bottomed to less than $200.
Regardless, the Bitcoin boom of 2013 showcased the price potential of the coin, and by 2017 the optimism around the digital asset became evident as its price rose to about $20,000.
- Microsoft Adoption
2014 brought more mainstream adoption for Bitcoin as Microsoft jumped on the crypto bandwagon. By December 2014, the mega-corporation struck a partnership deal with BitPay and began accepting Bitcoin payments for digital purchases. Microsoft also offered the ‘Redeem Bitcoin’ feature that allowed customers to add BTC to their accounts.
- Banks and Institutional Adoption of 2015
Without a doubt, Bitcoin had enjoyed much success up to 2015. The perspective of banks, the government, and other financial institutions changed, and they began investing and researching the technology. In May of the same year, NASDAQ – an American stock exchange, began utilizing blockchain technology for transactions. JPMorganChase, Goldman Sachs, the BOA, and other banks soon followed suit in September 2015.
By March 2016, ICAP – a leading market broker – became the first institution to utilize Blockchain for data distribution. The coming months also saw Santander – a leading British bank – adopt the Blockchain to keep global payments records. The United States government was also not left behind. By 2017, they began investing in tech for healthcare data protection. Dubai also declared its intention to have all government transactions powered by the Blockchain.
- The 2017 Price Surge
2017 was a significant year for Bitcoin. The crypto started the year at just about 1000 USD and closed out at almost 20000 USD. This massive price leap saw the coin forcefully dash out of obscurity into the limelight.
The boom led to new investors joining the moving train, and news outlets began spewing controversies and unverifiable facts under the euphoria of the recent phenomenon. Despite the boom, some investors were burned by the volatility of the cryptocurrency. However, the point was established – Bitcoin’s potentials are endless.
- Adoption by El Salvador
In June 2021, El Salvador became the first country to adopt BTC as a legal tender, while China once again caused a stir in the market by shutting off mines. The President of El Salvador, known for his passion for virtual currency, gave the green light to any store that wanted to accept payment in the form of cryptocurrencies. The increase in payments using Bitcoin as a store of value and the involvement of partners have all helped El Salvador. Analysts say that the demand for Bitcoin and its large-scale adoption will boost economies.
Also, the establishment of Bitcoin mines in El Salvador was viewed internationally as a bold move owing to environmental concerns. But the President had a solution for that as well. He claimed the country would be harnessing volcanic energy to mine BTC. Bitfury founder George Kikvadze applauded the move by the President of El Salvador and claimed it could potentially be the most lucrative project for the entire country and Central America.
- Bitcoin and Social Media
In July 2021, Jack Dorsey provided hints about the platform’s potential Bitcoin integration. He also mentioned that the company was keen on integrating with Bitcoin payment systems to facilitate value transfer across the micro-blogging platform. The introduction of Twitter’s Tip Jar is just a peek into the future. Twitter is not the only social media platform keen on Bitcoin integrations; Meta’s Instagram also explores the technology.
- The Late 2021 Boom
The latter part of 2021 saw Bitcoin hit a new all-time high at over 68000 USD per coin after touching above 63000 USD some months before. This significant price movement of 2021 was primarily due to increased adoption and the activities of retail and institutional investors.
Despite its success to date, Bitcoin has faced several criticisms, most especially its energy-hungry mining system. According to an energy consumption tracker developed by the University of Cambridge, Bitcoin mining was estimated to consume 100 TWh per year, about one-third of the UK’s total energy consumption in 2016.
In addition, BTC’s criminality potential has positioned it for more scrutiny, as it has facilitated numerous dark web dealings, such as the acquisition of illegal weapons, money laundering, etc.
The most significant and long-standing challenge of Bitcoin is scalability. Bitcoin’s underlying technology limits its performance in terms of transaction completion timeframe, with an insufficient capacity of 3-7 TPS. As more transactions are initiated on the network, processing delays will surface. Several proposals have been put forward to nip this concern in the bud, but a favorable long-term fix remains unclear.
Bitcoin Price Overview
For the first time since the July 2021 massive crypto sell-offs, Bitcoin has dipped below the USD 30,000 mark. With the current series of events in the market, especially the collapse of LUNA and TerraUST that dragged BTC along, traders and investors alike have been forced to dump their positions.
At the time of writing, Bitcoin is trading at $29,534.48, a loss in value of about 57% from its current ATH of $68,789.63. The 24-hour trading range of Bitcoin is $28.79k to $29.58k. Its 24-hour trading volume has slumped by 32%. It remains to be seen where the market goes from here and if this is the right time to invest in Bitcoin long–term or sell short for profits.
- BTC breached $40k and $42k,
On 9 March 2022, Bitcoin cleared some significant obstacles that investors were hopeful for when it rallied by 10.84%. Bitcoin was trading at $38,031 yesterday and is now trading at $42,155. In these 24 hours, BTC breached $40k and $42k, which have been vital support and resistance levels.
Although the Parabolic SAR’s white dots indicate a downtrend, they will soon change their position to move underneath the candle and indicate an uptrend. This is backed by the rising bullishness of the MACD indicator, which is preparing for a bullish crossover.
Bitcoin, the earliest utilization of blockchain technology, has received massive acceptance and paved the way for other projects like Ethereum. In addition, Bitcoin has provided investors with considerable gains to date, but what does the future hold? This piece provides an in-depth opinion on BTC, its price history, Bitcoin price analysis, key moments, prospects, and price predictions.
With the current crypto winter in 2022 which started in May, Bitcoin’s price jumped back up above $30,000 last Thursday (19 May 2022), a near 3.5% increase. The leading crypto has been fluctuating near the $30,000 mark over the past week as both traditional financial markets and cryptocurrencies struggle to regain upward momentum.
Will Bitcoin survive the onslaughts of criticism and regulations? Let’s do some critical thinking while we review historical Bitcoin price predictions. The crypto community out there will push and pull whom they wish to favor; crypto is the epitome of POWER
Bitcoin Technical Analysis
Bitcoin is still finding strong support at the peak of the 2017 cycle at around $19,500, seeing several weekly closes near or at the 2017 peak levels in recent weeks. If the price breaks past the $19,500 region and touches the bullish order block shown on the bitcoin price chart, it could potentially be an opportunity to long BTC with a target of $21,221.32.
Bitcoin Price Predictions 2022-2031
According to Wallet Investor, Bitcoin is an excellent long-term investment option. Their projections indicate the token could reach $36,424.90 within a year and $97,875.80 in five years. Nevertheless, BTC could maintain its current downtrend for the time being, as Wallet Investor states the crypto will be worth $19,029.40 in two weeks.
TradingBeasts predicts a continuous downturn in the price of Bitcoin for the remainder of the year. By December, they expect the coin to have an average value of $20,904.377, with a minimum price of $17,868.720. This bearish run is projected to continue throughout 2023, closing the year at a mean market price of $17.487.075.
By July 2024, a Bitcoin market price reversal is anticipated, and by December 2024, the crypto could reach a maximum price of $25,213.505 and an average trading price of $20,170.804.
According to the Bitcoin price forecast by TradingBeasts, the BTC market will remain bullish in 2025 and could reach a maximum price of $34,663.222, an average price of $27,730.577, and a minimum value of $23,570.991 by the end of the year.
Longforecast expects BTC’s value to plummet by about 30% by this year’s end, predicting a closing market price of $13,946. Next year, they anticipate a trading range of $9,761 to $16,946. However, Longforecast predicts the”digital gold” could make a stunning recovery in 2024, with a potential to trade as high as $39,686 by November 2024. After that, BTC is expected to close the year at $31,156.
For 2025, the minimum and maximum prices of $26,472 and $31,156 are expected in January. And by the end of the year, they forecast a trading range of $32,614 to $38,899. Longforecast’s Bitcoin price forecasts for 2026 provide a bearish outlook throughout the first half of the year, resulting in a price range of $19,905 to $23,561 and a closing market price of $21,133 by August 2026.
|Year||Minimum Price ($)||Average Price ($)||Maximum Price ($)|
BTC Price Prediction 2022
Our BTC price predictions indicate Bitcoin could soon begin an upward trend ending 2022 with an average price of $26,047.13, a maximum value of $27,458.75, and a minimum price of $24,083.06. Last month, Bitcoin lost over 37.3% of its market value due to Celsius, a prominent U.S crypto lending firm. Claiming “extreme” market conditions, Celsius suspended withdrawals and transfers on its platform, leading to widespread market panic. While Bitcoin is still yet to recover, the token is known to be resilient and still maintains a large community of users.
Bitcoin Price Prediction 2023
For 2023, investors could also expect minimum and average prices of $26,206.49 and $29,077.52, respectively. Over 15,000 businesses accept BTC as a payment medium for goods and services. The continuation of this trend could contribute to Bitcoin trading as high as $31,681.51 by 2023.
Bitcoin Price Prediction 2024
According to our 2024 price predictions, BTC could fall to an average price of $28,714.73, with the least possible price being $24,089.16. However, we predict a slight rise in the maximum market price to $31,820.
Bitcoin Price Prediction 2025
In 2025, we anticipate a positive price movement up to a minimum of $34,133.82. Also, the average and maximum market prices could increase to $38,653.02 and 45,063.46, respectively. In March 2022, Wall Street titan Goldman Sachs became the first U.S bank to make over-the-counter Bitcoin trading options available for its clientele.
Bitcoin Price Prediction 2026
Our price predictions for 2026 indicate the BTC market will witness price pullbacks throughout the year. Traders should apply extra caution, as Bitcoin prices could fall between $32,252.95 to $38,188.33, with an expected average price of $35,436.64.
Bitcoin Price Prediction 2027
By 2027, we expect the crypto market to recover from the previous year, with BTC trading at an average price of $46,654.61 and a minimum price of $38,153.23. We also anticipate the coin could attain a maximum BTC price of $52,232.54.
Bitcoin Price Prediction 2028
According to our Bitcoin price prediction for 2028, we expect Bitcoin to witness a massive boost, leading to a minimum market value of $57,713.85 and an average price of $64,479.81. If the market is bullish enough, BTC could surpass its all-time high of $67,566.83, trading as high as $70,355.39.
Bitcoin Price Prediction 2029
Bitcoin could trade between $77,516.10-$84,325.30 by 2029, with a mean market price of $81,582.24. Late last year, the Proshares Bitcoin Strategy ETF (BITO) became the first Bitcoin ETF commissioned by the U.S Securities and Exchange to trade on a U.S major exchange. So far, the fund has been a success, with more Bitcoin ETFs being listed on U.S exchanges. If this trend continues.
Bitcoin Price Prediction 2030
By 2030, Bitcoin is expected to maintain its bullish trend from the previous year, attaining an average price of $90,898.03, a maximum value of $94,028.99, and a minimum price of $87,437.52.
Bitcoin Price Prediction 2031
Despite the current market conditions, Bitcoin is poised to remain a significant financial asset.
We expect the coin to have grown tremendously in nine years, exceeding the $100,000 mark with a projected maximum price of $108,687.91. If this prediction is attained, Bitcoin could gain a 550.5% increase in its current value by 2031.
Bitcoin Price Prediction by Market Experts
According to experts at The Times Money Mentor, “Bitcoin’s price is mostly speculative, and predicting its future worth exactly is almost impossible. Invariably, the price action of the asset will be driven by sentiments. However, if bitcoin price history is anything to go by, there are chances of a full recovery in the future. Bitcoin plummeted by 83% in 2018 before blazing to record highs in 2020 and 2021.”
They added that “there are no guarantees of the coin reaching $69,000 as seen in late 2021. Anyone currently invested in bitcoin might want to hold on to their hats for the time being. And for those awaiting a BTC quick bounce back, you might need to be very patient.”
According to a tweet from Kevin Svenson, a crypto market analyst, he exuded caution on a swift rebound in the market price of BTC. He went on to refer to the market downturn of 2018. Apparently, Bitcoin’s recovery to its ATHs in the short term could be an unrealistic ask.
Here’s an analysis from More Crypto Online, a YouTube Bitcoin Analyst.
The round table discussion of 7 blockchain experts ended with their 2022 Bitcoin predictions. O.J. Jordan sees a peak of $120k this year, while Nikolai Shkilev predicts $100k. Hans Koning quickly pointed out that speculators for both extreme ends of the price fluctuations between $20k and $1 million exist, but the actual value will lie somewhere. Ultimately, many intriguing trends are evolving as we watch, and they are far more interesting to observe than the Bitcoin price.
Bitcoin is historical, according to Nick Szabo, reputed to be the true “Satoshi Nakamoto”:
The Bitcoin public blockchain implements a global settlement layer (“layer 1” in bitcoin parlance). The closest historical analog to the Bitcoin settlement layer is not to the bank notes, nor even to the coins (despite its name), it is to the monetary metal that for most of monetary history from ancient civilization to the 20th century ultimately underlay the IOUs.Nick Szabo
Business as usual according to Gavin Andresen: one of the leaders of Bitcoin’s early development:
The Bitcoin ecosystem is incredibly rich and robust these days. I can’t keep track of all the development that is being done, and I’m excited to see multiple implementations of the Bitcoin protocol slowly starting to gain acceptance. It will be a long process, but moving away from One True Implementation will be very good for Bitcoin in the long run.Gavin Andresen
If you can tolerate a bit of Bitcoin history, here’s a video on BIP from a Bitcoin connoisseur, Andreas Antonopoulos:
Bitcoin has continued to flow into exchanges, indicating that the bearish market could persist in the short term as BTC holders continue to sell off their assets. BTC on exchanges rather than wallets means that holders can initiate liquidation anytime and quickly so. This current market status is typical of the 2017-18 scenario; however, the market is more mature now, and recoveries might be in the offing soon as investors reignite interest in cryptos as a safe haven.
While Bitcoin BTC price predictions are overwhelmingly positive in the long term, and investors could rake in profits in the future, it is essential to conduct your research and seek the advice of investment advisors before investing in any digital asset. If you must invest, do so wisely—using only what you can afford to lose.
While Bitcoin (BTC) price predictions are overwhelmingly positive in the long term, and investors could rake in profits in the future, it is essential to conduct your research and seek investment advisors’ advice before investing in any digital asset. If you must invest, do so wisely—using only what you can afford to lose.
Following its creation in 2009, Bitcoin has transcended from a mere store of value to a form of financial freedom, gaining consistent global interest in the process. Currently, the crypto market and world economies are launching into very rough waters due to rising interest rates and inflation. And in turn, crypto investors are beginning to dial down their risk levels, selling off risky assets.
However, we think Bitcoin could find its footing soon, returning to the glorious price levels of previous years. Regardless, it is important to state that the Bitcoin price prediction above is not investment advice, and all market actions by traders should be preceded by comprehensive personal research.