What Is Bitcoin?
Bitcoin is the cryptocurrency leader for several years now. Invented in 2008 and released at the beginning of January 2009 by a mysterious developer under the pseudonym of Satoshi Nakamoto, BTC has since have gained worldwide popularity as “the cryptocurrency”. It has been compared to digital gold and has attracted millions of investors across the globe.
Its simplest form is a decentralized digital currency, with the price set by trader and investor demand as in traditional exchanges. The founder – Satoshi Nakamoto, intended it to be as distributed as possible by using a public distributed ledger – also called a blockchain.
First, Bitcoins were received as a reward for mining, where computers solve mathematical equations to sustain the capability of the network to process and store transactions and their records. Today, BTC has a total capitalization of over $950 billion and a daily trading volume of over $45 billion.
Therefore, Bitcoin could indeed one day match such conventional financial asset classes as stocks in its size. As of writing in March of 2021, one BTC price is above $50,000 with the expectation that the coin price could hit as much as millions per BTC. This Bitcoin price prediction has famously been set by one of the best-known cryptocurrency supporters – Anthony Pompliano.
This could happen eventually as only during February, the price change of one BTC increased by more than 70 percent. Compared to conventional financial instruments, this volatility of Bitcoin and other cryptocurrencies has become a hot topic for millions of people worldwide.
Previously, much interest was drawn by bitcoin halving. Today, one of the main drivers for BTC is an increased interest from institutional investors, which continue trading increasing amounts on ever more accessible cryptocurrency exchanges and the latest platforms across the globe.
Bitcoin technical analysis and price history (2015-2020)
Bitcoin price is known to trade in cycles. The most notable ones being the move from $2.4 to $1,150 in fiat currency during 2012-2014 as well as the following and most popular pump of 206-2018 when Bitcoin price moved from a low of $200 to an incredible high of $ 16,000-day price, which beat all Bitcoin price predictions at the time.
What followed was the period of stagnation for BTC`s price as it ended both 2018 and 2019 with sharp pullbacks. However, the BTC price did regain much of its value after Feb and Mar of 2020, when a strong rejection was seen for further downside. Trillions of trading volume were traded by the end of the month, resulting in one of the greatest reversals in the history of cryptocurrency. BTC`s value soared back above $10,000 in the middle of 2020, surprising investors across the board. This was a notable increase and forced an update on many price predictions.
Over the past year, Bitcoins price has seen bullishness return as a new upswing started in Jan and Feb of this year. So far, Bitcoin price has moved from $30,000 previous major support to the high of $58,000. Exchange-traded volume has seen change across the board during this several-month upswing as the coin gets traded by short-term and long-term traders going for increased profits.
Over the past weeks, BTC`s price did see an extreme bull case, leading to a very strong close of Feb. It was a case of one of the largest recent price increases. Therefore the bull run for Bitcoin is still in place to date.
Predictions on Bitcoin price by top crypto traders and publications
Billionaire venture capitalist and Bitcoin speculator Tim Draper made a Bitcoin forecast when its price was just $20,000 that by the end of 2022 or the beginning of 2023 will reach $250,000. According to many at the time, this prediction seemed way too bullish and based on no reality. This Bitcoin prediction did prove million upon million people who did not believe such a dramatic spike in price could ever be possible wrong.
Ever since BTC’s price and market share have been debated among financial professionals with the latest price predictions and analysis updated frequently, one still holds true – BTC will reach a trillion-dollar cap soon, proving many predictions correct.
Some of the wildest predictions over the years have been made by John McAfee. He famously predicted that BTC would reach $1 million by the end of 2020. As we now see, this was not true as Bitcoin price experienced a sustained period of consolidation for most of 2020.
Other notable price predictions have been made by popular crypto space figures such as Anthony Pompliano, the founder of Morgan Creek Digital, Max Keiser, a filmmaker and broadcaster, and Joe Kernen, CNBC’s Squawk Box host. Further cryptocurrency price predictions are frequently made by the top crypto twitter celebrities.
Bitcoin price forecast
As mentioned before, price predictions vary dramatically across the cryptocurrency market. There are several predictions that estimate BTC to be worth at least $1 million soon. However, some price predictions predict the opposite – BTC will move below $50,000 and never recover. These predictions are usually made by people who oppose cryptocurrencies and deny their value.
Let`s take a look at some of our estimates for Bitcoin`s price over the upcoming years.
What to expect from Bitcoin’s price in 2021?
This year Bitcoin had seen strong bullish momentum since the end of January when support was found at $30,000. What followed was a very strong rally towards $58,000 during most of February, which set a clear high and indicated that the overall long-term momentum is very bullish.
After a more than week-long retracement, Bitcoin`s price did change by -25 percent and tested the previous high of $42,000 and support. After a quick rejection, the price reversed again. Since then, Bitcoin has continuously posted bullish daily candles as it looks to break the $58,000 all-time high and set further highs in the crypto exchange.
One of the simplest ways to predict where the price is going next would be to draw Fibonacci levels from the previous upswing. When considering that the 50 percent level was tested, we can expect the crypto market to move forwards to the 50 percent extension level. This would mean a potential target around the coin price prediction of $73,000. Furthermore, if we take into account a 61.8 percent extension, we can see a target of $77,000. This would mean a further upside change of around 30-35 percent from the current price level of around $56,000.
Bitcoin price prediction 2022
It is hard to predict what the Bitcoin price will be in 2022. Therefore, this Bitcoin price prediction 2022 is quite an estimate. Considering the previous cycle from 2015 to the end of 2017, when Bitcoin peaked just under $20,000, resulted in a gain of over 10,000 percent, we can make a basic estimate.
From the current lowest point at the end of month December 2019, when the Bitcoin price traded at $3,100, an equal gain of 10,000 percent would mean that the price target for the end of this cycle is $310,000, which means that the current price of over $55,000 is slightly more than 17.5 percent to the previously said target. Basically, this means we are still to see a six times increase for a single Bitcoins price.
Bitcoin price prediction 2025
According to Ballet wallet CEO Bobby Lee, Bitcoin`s price should exceed $500k by the end of 2028 and have a capitalization that exceeds the one of gold, which is currently estimated between $10 and $11 trillion. Recently, Bitcoin passed the $1 trillion mark, indicating that much of the work has already been done as Bitcoin is valued at more than 10 percent of what gold does.
Market cap of over $10 trillion?
Considering how fast the market capitalization of Bitcoin has grown over the last years, we can assume that another 1000 percent gain for Bitcoin’s future price is more than possible over the next five years. Therefore, the Bitcoin price prediction for the year 2025 should easily exceed the $10 trillion capitalization mark, which would mean a $550,000 price mark reached.
FAQs on Bitcoin price prediction
Is Bitcoin a good investment?
Based on many financial professionals, BTC is a very risky investment. However, the price activity over the past month does indicate the beginning of another several-month pump ahead. As we predicted, the price of Bitcoin could see new all-time highs soon, with a potential target of over $300,000 per single coin. This analysis is likely to be updated over the next months as the market is still very volatile. One thing is for sure, Bitcoin has been the best performing asset class of the decade, and we are likely to see it change many conventional financial market supporters to the side of crypto by the end of 2021.
What will Bitcoin be worth in 2030?
Bitcoin should exceed the $10 trillion cap by 2030, given the previous market momentum. If the several-year momentum continues, this estimate is very conservative and would only exceed Gold’s market cap. To think differently – Bitcoin still has a long way to go and what the price will be in 2030 depends on many factors. As of now, in 2021, Bitcoin has exceeded the $50,000 mark once again, further increasing interest month by month all across the world.
Therefore, the currency is hard to predict for such a long term as only a couple of years ago, by the end of 2015, we barely had any good exchange where to buy it from. Now, in 2021, there is a new fund after fund that looks to capture some price change – either by short-term strategies or by investing for the long term.
How much does it take to invest in Bitcoin?
As everyone has frequently said- invest as little or as much as you want. Exchanges since the beginning have offered to trade for positions as small as $10. Therefore, the exchanges have the aim of including any trader there is in the market. In 2021, this is even easier, as there are several trustworthy cryptocurrency exchanges across the world. Before, not anyone could open an account and trade. However, this started to change at the beginning of the previous cycle. Recent cryptocurrency trading rules on exchanges are welcoming for new traders to come with small balances.
How many Bitcoin tokens are left?
There are a total of 21 million Bitcoin to be ever created. 18.5 have already come out of the massive mining farms that perform hashing algorithms that help Bitcoins blockchain network to do its work.
Therefore, most of Bitcoin has already come into existence, and one would think what would need to change to get more Bitcoin after the total maximum is exceeded. The answer is – you will have to BTC on an exchange. Mining cryptocurrency has become increasingly difficult due to Bitcoin Block halving happening roughly every 4-5 years. Therefore, this will be one of the main catalysts for further price increase. The supply of Bitcoin will decrease while demand will likely continue to grow.
Can Bitcoin crash?
Certainly, there is no guarantee Bitcoin will grow forever. However, right now, the demand for Bitcoin exceeds its supply, and a further price increase is expected. As McAfee says – it will reach $1 million ultimately.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.